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Get Financially Fit: 6 Tips for Managing Medical Debt December 10, 2024

As we approach the new year, our minds will be focused on getting financially fit. Now is a great time to tackle medical debt and regain financial control. Here are six tips to help you consolidate and manage medical bills more effectively: 

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Explore Lower-Interest Consolidation Loans

Consider a loan with a lower interest rate to combine and pay off debt faster. Credit unions (like Nymeo) often offer competitive rates, but ensure the new rate is lower than what you're currently paying.

Try a Debt Management Program (DMP)

DMPs combine debts into one payment and may reduce interest rates without requiring a loan or good credit. This option can help pay off debts in 3–5 years.

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Request Payment Plans from Providers

Before using a credit card, ask your provider for a no- or low-interest payment plan. Avoid high-interest options like medical credit cards unless you’re certain you can pay off the balance during the promotional period.

Communicate with Billing Departments

Work directly with your provider’s billing team. Request an itemized bill to catch errors and negotiate a manageable payment plan.

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Review Insurance Benefits

Check for lesser-known insurance benefits, such as pet insurance or additional prescription coverage, which can reduce out-of-pocket costs and prevent large bills.

Know the Risks of Non-Payment

While medical debt under $500 doesn’t impact your credit, unpaid bills can lead to collections or other legal actions. Stay proactive to avoid these consequences.

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Take Control of Medical Debt

Consolidating medical debt can reduce financial stress and help you focus on what matters most. Nonprofits like our partners at GreenPath Financial Wellness can guide you through repayment options to make this your year of financial wellness.

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Category: Financial Literacy & Safety

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