How to Negotiate a Medical Bill without Taking on Debt

As people in the U.S. deal with ever-climbing medical bills, a little negotiation may kick your debt to the curb.

Before the coronavirus pandemic, more than 137 million Americans struggled with rising healthcare costs. Now more than a year into the global healthcare crisis, these bills are no easier to handle.

For many people facing these expenses, their first thought may be to borrow money.

While you could take out an installment loan to help you with an emergency medical expense, consider it a backup when all else fails. That advice comes from the installment loan experts at MoneyKey. They provide installment loans for bad credit in unexpected emergencies when you're without savings or any other alternatives.

This perspective could save you money. When you think of an online installment loan for bad credit as a safety net, you're free to explore other avenues before you commit to borrowing money. Check out these four ones below.

1. Request a Level of Care Review

Right off the bat, you'll want to ask for a level of care (LoC) review. This review examines the hospital's claims, comparing the severity of your illness with the degree of service you received.

There are five levels of care. One is reserved for minor health issues like a sore throat, while five denotes more severe problems like a broken arm.

While your level of care will usually match up with your ailment, there's a chance it doesn't. An LoC review will catch these mistakes and adjust your bill.

2. Ask for an Itemized Bill

Your medical bill can feel as though it's final, but you may have room to negotiate. Before arranging a payment, ask for an itemized bill that shows every single charge.

Your request for an itemized bill forces them to justify their pricing, which can help spot human error or negligence. Without any transparency, hospitals can charge a lot of money for basic items, and they may even charge different prices from patient to patient.

If they did overcharge you, your request could knock off a considerable portion of your bill.

3. Check the Hospital's Financial Assistance Policy

Many hospitals in the U.S. run as non-profits. This status affects how the hospital runs from top to bottom, including how they charge healthcare to low-income patients. To keep their non-profit status, they must provide charity care or financial assistance.

Under a hospital's charity care policy, they legally have to provide healthcare for free or at a reduced cost to those in need. Charity care provides a sliding scale of financial assistance that forgives your medical debt if you make under a certain amount.

4. Pursue Other Financing Options

Even if your hospital doesn't offer charity care, get in touch to discuss other financial help. When it comes down to it, most healthcare practitioners would rather work with you to find a manageable payment plan rather than receive no payment at all.

An astronomical bill with your name on it may arrive with a sense of finality, but you could negotiate the price down. Contact the billing department and discuss your options. If all else fails, you may consider a financing plan for help in this unpredictable and challenging situation.

Remember these tips, even if you have the cash to spare - they could help you pay less and keep more of your hard-earned money in your pocket.