Paying over time: Whether or not you received a discount on your medical bill or received insurance coverage, you may still owe money to your provider. If you cannot or would prefer not to pay this off in full right away, ask your medical provider if they offer low interest loans or payment plans. Your provider may allow you to pay off your out of pocket balance in smaller monthly payments. Many hospitals will accept payment arrangements that range from six months up to, in some cases, ten years and often with no interest charged. If your provider cannot offer a good option, you can try contacting a local bank or credit union to see if you qualify for a loan or patient financing. Advantages of paying your medical bill over time with a payment plan or low interest loan: | 1 | Paying your bill in small monthly payments, whether $20, $50 or $100 a month, is often a much better option than paying a large bill up front and will allow payments that should fit within your budget. | | | | | 2 | This is a preferred option to putting your bill on a high interest rate credit card. You will save interest cost and possibly fees, and credit cards are likely to be more aggressive in collecting. | | | | | 3 | While a payment plan or loan doesn’t eliminate your debt, it can protect your credit score and keep your account out of the collections process. |
Again, even if you agree to a payment plan or medical loan, make sure to ask your provider if you qualify for a self-pay or prompt pay discount as well. |
