For most Americans, even the mention of medical bills is enough to make them cringe.
Indeed, with over 75 million currently in debt solely connected to medical treatments, being able to raise the cash to pay for your health care bills is a big deal.
The good news is there are several options to consider. Keep reading to discover what they are and find out which solution is the best for you.
One of the most common, and sensible ways of meeting any medical bills you may come across is with insurance.
This is when you pay a premium to your insurance provider which covers you for a range of illnesses, medical conditions, and treatments.
The best-case scenario here would be choosing the most comprehensive insurance that would cover just about all of your costs.
Although, the high cost of this, and the practice of having to pay a premium ( a fixed amount before your coverage kicks in) can mean you must still find some money from your own pocket to receive the care you need.
Another option and one that many people find themselves using is to go into debt to their medical provider. Indeed, most hospitals make credit for treatment available. Of course, the main issue with this is that it causes patients to go into debt because they have no other choice, something that often makes their financial situation even more difficult.
Some people choose to use their savings to cover their medical costs. The good news here is that if they have enough to cover their entire bill, they will not need to go into debt and pay the charges associated with this. However, savings are often earmarked for other things such as a deposit on a home, and so by using this option, the patient’s financial health can be seriously affected.
Indeed, it is these less than satisfactory situations that encourage patients to make a legal claim for compensation, when the incident they were involved in wasn’t their fault.
After all, sacrificing their own money because of someone else’s mistake is the definition of unfair.
Yet, not even this solution is always ideal as there are instances when compensation is awarded, but paid out via a structured settlement.
That is rather than as a lump sum that would allow the patient to pay off all their medical debt it is paid out in installments over time.
The good news is that it is possible to sell structured settlement if you do find yourself in this position.
The benefit of which is that you will gain access to a cash lump sum that can help you clear your medical bills, and so improve your financial standing and credit score.
Last, of all, many people are turning to crowdfunding to help them pay their medical bills.
This is when platforms like go fund me are used to publish the situation of the patent on social media, and get friends, acquaintances, and strangers to make cash donations to help pay for treatment.
(Disclaimer: This content is a partnered post. This material is provided as news and general information. It should not be construed as an endorsement of any investment service. The opinions expressed are the personal views and experience of the author, and no recommendation is made.)