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*Clients that are able to make the monthly program payments generally experience a 50% reduction of their enrolled balance before fees, or approximately a 29% reduction after payment of fees over a 24-48 month period. Individual results may vary based on ability to save sufficient funds and complete the program, the creditors in your individual portfolio, and amount of debt enrolled. Statements made are examples of past performance and are not intended to be a guarantee that your debt balances will be lowered by a specific amount or percentage, that you will be debt free within a specific time period, or a guarantee of future settlement results. Debtmerica, LLC guarantees it will not receive any fees until the terms of your debt have been altered with one or more of your creditors. While our programs work aggressively to reduce your debt balances, creditors are under no contractual obligation to negotiate or accept settlement offers. We do not assume consumer debt, make monthly payments to creditors or provide tax, bankruptcy, accounting or legal advice and we do not provide credit repair services. Please contact a tax professional to discuss tax consequences of debt settlement. By providing your contact information, you agree to receive return telephone calls, emails or other communications from Debtmerica, LLC and/or its affiliates and expressly waive any “No Call” preference or registration. Photographs used are not actual clients. Debtmerica, LLC is not affiliated with MSNBC, Fox, CBS, 500/5000 or OCBJ and logos used are registered trademarks of their respective owners. Programs not available in all states. Read and understand all program materials prior to your enrollment.
How to Reduce Your Medical Debt
How Can you Reduce your Medical Debt?
Health care costs in the U.S have skyrocketed in the recent years. If you are one of those few lucky people who have sufficient medical insurance coverage then this might not be a major concern for you. However, a large number of people are experiencing financial crunch since recession and find it difficult to allot funds for medical insurance. Thousands have sub par medical insurance plans while many others do not have any insurance cover at all. Sudden medical emergencies can compel these people to look for debt consolidation options. There is no need to worry though. There are financial aid programs available for people who are in monetary trouble. Most hospitals have a financial assistance department which can forgive medical bills partly or even completely.
Check if you are eligible for reduction in medical bills
If your annual income is less than 200% of the federal poverty level, only then you would qualify for complete elimination of your medical bills. However, if you do not meet the requirement, you would still be eligible for a reduced bill. Usually, if your medical bill is more than 30% of your annual income, the financial aid department of the concerned hospital will come to your rescue.
You should keep in mind that medical debt to income ratio can vary with hospitals. Also, you would qualify for financial assistance from hospitals only when all your options are exhausted. For instance, you can’t expect any aid if you have not used your medical insurance or have not applied for public medical benefits.
How to apply for reduction in bills
To begin with, you have to find out whether the hospital maintains a financial assistance department or not. Ask the billing office or enquiry section to clear your doubt. If the hospital has provisions of providing assistance to financially struggling patients then you have to submit documents to prove your annual income. You would also need to inform the hospital authorities about all your assets including your savings accounts, CDs, IRAs etc. In case you are jobless or do not have any assets, the financial aid department will make you sign an affidavit stating that fact.
If you want your medical debt to be forgiven then you would need to contact the hospital within 6-12 months. Otherwise, your chance will be lost.
Reducing your medical bills is not as difficult as you think
Applying for reduction in medical bills does take a few hours of intimidating paper work but it can save you a lot of money at a time when you need it the most. You might feel lost amidst all the paperwork and but do not lose hope. Your medical bills can be reduced more easily than you think but you have to be persistent and patient for it.
Medical debt can be a financial as well as psychological blow to you and can distress you immensely. In this situation, the reductions in your medical bills can save your day. So make sure to look for financial aid programs if you are facing mammoth medical bills but can’t afford to make the payments.
Author Description : Marc Brown is an Associate Editor of Oak View Law Group (OVLG) and has also written several articles on debt consolidation for various legal and business websites. He holds his expertise in the Debt industry and has made significant contribution with tips on how to get out of debt and give a fresh financial start.
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About Debtmerica
Debtmerica is a leading debt settlement company that offers assistance to individuals and families who are experiencing financial difficulties and hardship.
We offer debt resolution programs that specialize in negotiated debt settlement that assists clients by reducing debt balances while providing an affordable monthly payment.
Our professional and knowledgeable staff has helped thousands of consumers get back on their feet financially.
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Debtmerica has had one vision since inception - to help Americans nationwide attain financial independence. At Debtmerica, we're proud of our achievements and honors. They represent our commitment to our vision and clients. |
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Top Articles to Help You Lead A Debt-Free Life
- Debt Consolidation: “Debt Consolidation” is one of the most commonly misunderstood and misinterpreted personal finance strategies that consumers inquire about all the time. While some view it as a method of taking on new loans, others see it as a debt relief alternative. It is more important than ever for inquisitive consumers to have a very strong understanding of exactly what debt consolidation entails, and the impacts it can have on personal finances.
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