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Debt management tips for reducing the cost of medical care

No one looks forward to having urgent or emergency medical care. Nor do they anticipate the financial fallout that will follow as the bills come rolling in. Figuring out how to cover the cost of a significant medical event can be almost as stressful as the event itself. The following tips are offered to assist Connecticut residents in medical debt management.

The ideal scenario is to have the ability to comparison shop prior to going in for a treatment or procedure. In reality, however, there is rarely time to shop for the best price when a serious medical event arises. Once those bills start rolling in, it is critical to take the time to look each one over carefully. Billing errors are more common than many people think, and resolving an error or discrepancy can save thousands of dollars.

Another way to effectively manage medical debt is by negotiating how bills will be paid. Care providers want to be paid. In order to accomplish that goal, they are often willing to work with patients to find a repayment plan that is acceptable to both sides. It may even be possible to negotiate lower monthly payments with some providers while paying down another account more aggressively.

With medical debt, as with so many other financial matters, the best way to achieve sustainable debt management is by taking a proactive approach. By following the advice laid out above, it may be possible to get medical debt under control. For those in Connecticut who are unable to climb out from under their debt burden, it may be time to look into other options, up to and including personal bankruptcy.

Source: USA Today, "3 medical debt mistakes to avoid", Sean Pyles, April 30, 2017

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