Did you know that around 200,000 to 500,000 Canadian residents have no health insurance? As a result, half a million people are at a high risk of facing rocket-high medical bills. In fact, emergency medical situations leave millions of people homeless, hungry, and drowned in debt. More than 38 million people in Canada declared bankruptcy due to medical bills. Yet, this doesn’t have to be the case for you too. Several methods can help you get out of debt, including fast loans Canada.
Keep reading to learn more about this matter!
Check to See If Your Bill is Accurate
Medical bills are overwhelming. Hence, it’s normal to miss essential details when browsing them. Ordinary people won’t even care to think that there might be an error.
Yet, around 71,000 medical procedure codes and 70,000 diagnosis codes are used in billing. Given the number of codes to sift through, the billing office may have made a mistake.
True to this, research shows that around 80% of hospital bills in the U.S alone contain errors. So imagine how high that percentage can get when we vamp the coverage?
One wrong code can lead to an overcharge by the thousands. Hence, check the accuracy of your medical bills. Consult with your hospital’s billing office, or visit a financial adviser.
Aside from errors, it’s also vital to check if the medical procedures charged to you are correct. This is because there are medical expenses that specific government programs cover.
The Alberta Adult Health Benefits program, for instance, covers prescription drugs and emergency ambulance services. Yet, these benefits are only accessible to low-income households.
Negotiate Your Bill
After ensuring your bill is accurate, negotiate your account. Do this immediately, and don’t wait until your emergency medical bill is in the collection. Otherwise, there’s a high chance they’ll grant you lower discount rates.
You’ll make the most persuasive case if you prove that paying the due amount would be very difficult. For example, you can provide your debit or credit card balance and income tax return. It would also be helpful to show that you don’t have anyone else to help you.
Another way to get a discount is to remit a considerable payment. For example, if you agree to pay at least 10 to 30% of what you owe, your provider may offer you a flat-rate discount. This is acceptable for most providers because they’re at least at ease that they got a huge deal of what is due to them.
Set up a Feasible Payment Plan
Another way to eliminate debt is to create a workable payment installment plan. Many medical care providers offer installment plans for financially-troubled patients.
In addition, most providers offer income-driven hardship plans. Depending on how much money you make, you can minimize your monthly due. Especially if you’re eligible for the zero-interest payment plans.
Note that interest-free plans only work if you can prove that you can fulfill your part of the deal. Otherwise, it’s time to ask for external support to get out of debt.
Seek Financial Help from External Bodies
Due to the efficiency of financial transactions, most health care provider partner with the government and private sectors to get access to their financial assistance program. Hence, ask your medical care provider if there are programs you qualify for.
Some private-funded institution you should follow includes CancerCare. This organization offers financial support limited to costs associated with cancer treatments.
If things get worse, you can seek help from the people in your community. For example, you can ask your relatives to help you organize a for-a-cause event to help you raise funds. This option, however, can take time, a lot of effort, and resources on your part.
Aside from financial programs, you can also seek help from professionals such as lawyers. They can work with your medical provider to help you reach a fair payment agreement.
They will check to see if there are any discrepancies on your bills. They’ll also contact their connections to help you find a sponsor.
Declare Bankruptcy if You Must
If you’ve exhausted the options above, you can declare bankruptcy. When one declares bankruptcy, authorized officials measure and evaluate the debtor’s assets. They’ll then use these remaining assets to repay a part of the debt.
Once completed, the debtor will no longer carry their debt obligations. Yet, this is not an easy path to take when paying emergency medical bills.
Declaring bankruptcy has lasting effects, especially on your financial state. It may make it difficult to get new credit and workable interest rates. It can also cause a problem with your employers, primarily if you work in the financial sector.
Fast Loans Canada: Get Out Of Debt Now!
If you don’t want to go through the trouble of declaring bankruptcy, consider fast loans Canada. There are a lot of private individuals or groups who can give you quick cash under certain conditions.
If your own a home with some equity, they can grant you a home equity loan or provide you with a line of credit. These loans have low-interest rates and are repayable for five to 20 years. The downside is that you may lose your home if you cannot pay what you owe.
You can also get a personal loan to cover excessive medical bills. Your creditor will give you as much money as you need, payable for a certain period.
The problem is that if you have a bad credit score, you’ll get a high-interest rate on your personal loan. Hence, you might be unable to save money for yourself until after you pay the loan.
King cash: Delivering You from the Hell of Debt
Aside from the financial struggle, emergency medical bills will cause serious harm to your social and psychological life. You’ll experience anxiety and severe stress, which can lead to anxiety. This can also make you irritable and aloof to your peers.
We at King cash understand the hell that emergency medical bill brings. Hence, we’re resolved to provide you with an easy and fast solution to your medical bill problem.
No long waiting times, flexible payback periods, or amortization. We give reliable, fast loans Canada a piece of cake for anyone! Contact us today to learn more about how we can help you.