I work in the construction industry as a contractor and in 2008/2009 my average annual income went from $60,000-$80,000 to $24,000-$32,000.
During this tough adjustment I managed to hold onto my house and car but lost my health insurance in order to keep my kids insured, my retirement savings and racked up $90,000 in college loans putting two kids through college as a single parent.
Until this year I managed to juggle and keep my head above water. Three months ago I had an emergency appendectomy without complications. For one night in the hospital and one hour in the operating room my bills total around $41,000; more than I made in the entire year.
Apparently I don’t qualify for any assistence programs in my state but honestly I don’t know how to find even an extra $100 per month for these new bills. I don’t expect the construction industry to recover anytime soon.
In ordinary times I could possibly have refinanced my house but real estate values have plumetted around here and no banks are lending. Even if they were, after three years of uneven payments I doubt if I could qualify.
Any suggestions?
Elliot
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Eliot, please do reach out to the providers directly (the hospital billing office, the doctor’s office business manager) since there is a real opportunity to set up a payment plan with them directly that fits your needs. They will respect your situation — and your desire to pay your bills — and will work with you. Good luck!
One of the first steps is to contact your medical provider
and let them know about your situation. Most people in the medical industry
understand that this kind of scenario is very common. In order to handle it,
providers are putting discounts and payment plan options in place. Many
patients who can’t afford a lot of payments up front can work out some kind of
basic plan just by talking to their provider. If you need a little bit more
help, there are patient advocacy groups and medical debt counseling services in
most parts of the country. It’s important to be up front with providers and
others about exactly how your budget has been impacted and how you plan to pay
down debt over time. You’re on the right track with trying to come up with a
monthly payment amount that you can afford; a lot of the rest of the equation
involves negotiating with your medical offices. Even the smallest amount paid
toward a hospital debt can make a big difference, especially if you are in
close consultation with hospital or facility reps, because when you get right
down to it, most providers know that many patients won’t be able to pay a lot
up front.
Elliot,
Millions of others in the U.S. have fallen into the same pit. The irony is that the self-insured in America are charged hire rates for medical services than those that have insurance. It has to do with the rates the insurance companies have negotiated versus non-discounted fees.Â
Medical debts are one of the leading causes of bankruptcy and if the hospital is not willing to work with you or you simply can’t afford the debt then maybe is a real option for you.
I’d start with using the free How to Get Out of Debt Calculator to review your options.
Elliot,
Millions of others in the U.S. have fallen into the same pit. The irony is that the self-insured in America are charged hire rates for medical services than those that have insurance. It has to do with the rates the insurance companies have negotiated versus non-discounted fees.Â
Medical debts are one of the leading causes of bankruptcy and if the hospital is not willing to work with you or you simply can’t afford the debt then maybe is a real option for you.
I’d start with using the free How to Get Out of Debt Calculator to review your options.