Having debt is never fun, but accumulating medical debt can be especially stressful. If you’re struggling to pay off your medical bills because you don’t make very much money, you might feel like you’re stuck in an impossible situation. But there are options available to help you get out of medical debt, even on a low income. Here’s what you need to know.
1. Talk to your creditors.
One of the first things you should do if you’re struggling to pay your medical bills is reach out to your creditors and explain your financial situation. Many times, creditors are willing to work with you to create a payment plan that fits your budget. If you can’t afford to pay your bill in full, see if your creditor will accept partial payment. It’s important to talk to your creditors because medical debt can affect your FICO score and lower your credit rating overall.
2. Apply for financial assistance.
If you’re truly struggling to make ends meet, see if you qualify for any type of financial assistance program. For example, people with low incomes may be eligible for Medicaid or other government assistance programs. There may also be assistance programs offered by the hospital or doctor’s office itself.
3. Negotiate your bill.
It’s also worth noting that you can try to negotiate your bill with the provider, especially if it’s a large amount of money. Sometimes, doctors and hospitals are willing to lower the bill if the patient is unable to pay the full amount.
4. Use crowdfunding platforms.
In recent years, platforms like GoFundMe have become increasingly popular as a way to raise money for all sorts of expenses, including medical bills. If you don’t want to ask friends and family for money directly, consider creating a crowdfunding campaign and asking everyone in your social network to contribute what they can.
5. Get help from a medical billing advocate
If all else fails and you’re still struggling with medical debt, consider seeking out the help of a professional medical billing advocate. These professionals can help negotiate with creditors on your behalf and may be able to get your debt reduced or even forgiven entirely.
Dealing with medical debt is never easy, but it’s especially challenging if you don’t make very much money. If you’re struggling to pay off your medical bills, know that there are options available to help you get out of debt even on a tight budget.
Talk to your creditors, work with a reputable credit repair program, apply for financial assistance programs, negotiate your bill, start a crowdfunding campaign, or seek out the help of a medical billing advocate—any of these strategies could help get you back on solid financial footing again soon enough.
Erika Finn, founder of Stacking Acorns, is an attorney who graduated from law school at University of California, Berkeley. She was a member and editor of the California Law Review and won the Prosser Prize for Legal Accounting. She holds a Master’s Degree from the University of Southern California (USC) and a Bachelor’s degree from Indiana University- Bloomington. Stacking Acorns is a personal finance website for women by women. We help mid-life women achieve financial freedom through real estate investing and other streams of passive income.