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What are some ways to deal with medical debt?

Medical debt is the source of financial hardship for many New Jersey families.

The price of healthcare continues to soar. Now, even procedures that might seem common or routine can costs thousands of dollars when all is said and done.

Furthermore, people usually need the medical treatments they seek. It is not easy to put off an important treatment or to find an option just to get by.

Many times, New Jersey residents may have to undergo a procedure without either having time to plan or knowing how much the procedure will cost.  This is so even if the person has low quality health insurance.

The end result of these circumstances can be significant medical debt which may seem overwhelming.

Patients may need to consider bankruptcy in order to discharge medical bills

Patients should remember that, despite scary collection calls, medical bills should not be a high priority to pay. Providers cannot take drastic steps like foreclosures, wage garnishments and the like unless they first go to court and get a judgment.

It is also important for patients to realize that they may be billed for what medical billing professionals call the chargemaster rate. This rate is the ideal price that a hospital or doctor would receive for services, and it can certainly be negotiated.

In fact, insurance companies routinely pay much less than the chargemaster rate. Private patients who are trying to pay for all or part of a bill out-of-pocket likewise can ask for a similar discount.

Some hospitals also have programs that may further benefit a family which meets income requirements. Many facilities also offer flexible payment plans to all types of customers.

However, these options notwithstanding, it is important to remember that medical providers do not have to compromise on anything. In a situation like this, or when medical debts are so high that compromise is no longer realistic, a New Jersey family may want to consider filing for bankruptcy in order to get the federally-backed discharge from its debts.