How Can I Settle Debt from My Hospital Bills?
Health care costs are rising across the United States — this includes the cost of health insurance premiums as well as the cost of health care services provided. According to recent data reported by the Kaiser Family Foundation (KFF), approximately 50 percent of Americans report difficulty affording the high costs of health care, and about 30 percent of adults have taken on medical debt over the last year due to the inability to pay the full cost of care in a given situation. Prescription drug costs, including some life-saving drugs, are also rising. As a result, many Georgia residents are also going further into debt to pay for the costs of prescription medications while others simply report skipping doses because they cannot afford their medications.
Hospital costs, along with other health care costs, are also on the rise. Even Americans with health insurance coverage often go into debt after incurring tens of thousands of dollars — or more — in out-of-pocket costs after a hospital procedure. Can this type of debt be settled? Often, it is possible to settle debt from your hospital bills. Consider the following information from our Georgia debt settlement attorney.
Hospital Bills Are Unsecured Debt That Can Often Be Settled
Generally speaking, unsecured debt is the type of debt that can be settled. Since there is no property or asset securing the debt, the creditor cannot repossess anything. Accordingly, the creditor may be more likely to accept a lump-sum payment for a portion of the unsecured debt in a settlement agreement.
Hospital bills and other forms of medical and dental debt are unsecured debt and typically can be eligible for settlement.
How Debt Settlement Works for Hospital Bills
How does debt settlement work for medical bills? While you can attempt to settle medical debt at any point, the creditor or debt collector is most likely to agree to a settlement if you are delinquent or in default. At that point, the creditor may not be expecting to receive payment in full. As such, the creditor may be willing to accept only a portion of the debt you owe and, in exchange, to forgive your remaining debt.
Your attorney can negotiate a settlement amount, which will be only a percentage of the total hospital debt you owe. In exchange, the creditor will agree to forgive your remaining medical debt.
Contact a Lilburn Debt Settlement Attorney for Help Settling Your Hospital Bills and Other Medical Debt in Georgia
Millions of Americans are struggling to repay medical debt. For many, including residents of Georgia, hospital bills due to unexpected medical events and costly surgeries have resulted in tens of thousands of dollars in debt. That debt often feels insurmountable, especially when you are dealing with other household debt due to rising utility costs and grocery bills, among other expenses. If you have some savings, you may be in a position to settle debt from your hospital procedures — even if you are only able to repay a portion of the debt you owe. An experienced Lilburn debt settlement lawyer at Konn Law Firm LLC can discuss your financial circumstances with you today and can help you to negotiate a debt settlement agreement so that you can get out of medical debt. Contact us today for assistance.
Source:
kff.org/health-costs/americans-challenges-with-health-care-costs/
