Definition
Debt incurred from healthcare expenses, like hospital bills or surgeries. Managing medical debt is important for maintaining overall financial health.
What to consider
- Keep detailed records of your medical expenses and payments.
- Negotiate with providers if bills seem too high.
- Explore assistance programs if you’re struggling to pay.
Real world scenarios
- After an unexpected surgery, Diego works with the hospital to set up a no-interest payment plan, avoiding collection notices.
- Kiana reviews her bills for billing mistakes or duplicate charges, lowering the total amount she owes for recent treatments.
- By consolidating multiple medical bills, Cameron negotiates a reduced lump-sum payment, relieving his family’s strain.
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