Skip to content
United Settlement
  • Manage Your Debt
    • get-startedGet Started
    • settlementDebt Settlement
    • consolidationDebt Consolidation
    • debt-managmentDebt Management
    • bankruptcyBankruptcy
    • credit-cardCredit Card Debt
    • businessBusiness Debt
    • car-loanAuto Loan Debt
    • student-debtStudent Loan
  • Understand Your Debt
    • credit-cardCredit Card
    • business-2Small Business Debt
    • medicalMedical
    • loansLoans
    • umbrellaCredit Card Relief
    • interest-ratesInterest Rates
    • student-debtStudent Debt
  • Tools & Resources
    • faqFAQs
    • credit-cardCredit Guidance
    • calculatorCalculator
    • call-usContact Us
    • contact-usAbout Us
  • More
    • Debt Settlement
    • Debt Consolidation
    • Reviews
    • FAQs
    • About Us
    • Contact Us
    • Blog
    • Sitemap
    • Debt Relief by State
    • Careers
Debt Relief & Settlement Programs
Logo
United Settlement
phone icon 888-574-5454
client icon Client Log In
  • More
    • About Us
    • Proven Results
    • Reviews
    • Contact Us
    • Debt Settlement
    • Debt Consolidation
    • Debt Management
    • Business Debt Relief
    • Credit Card Debt Relief
    • Debt Relief by State
    • FAQs
    • Blog
    • Sitemap
    • Careers
Qualify For Debt Relief
Debt Relief & Settlement Programs
  • Manage Your Debt
    • get-startedGet Started
    • settlementDebt Settlement
    • consolidationDebt Consolidation
    • debt-managmentDebt Management
    • bankruptcyBankruptcy
    • credit-cardCredit Card Debt
    • businessBusiness Debt
    • car-loanAuto Loan Debt
    • student-debtStudent Loan
  • Understand Your Debt
    • credit-cardCredit Card
    • business-2Small Business Debt
    • medicalMedical
    • loansLoans
    • umbrellaCredit Card Relief
    • interest-ratesInterest Rates
    • student-debtStudent Debt
  • Tools & Resources
    • faqFAQs
    • credit-cardCredit Guidance
    • calculatorCalculator
    • call-usContact Us
    • contact-usAbout Us
  • More
    • Debt Settlement
    • Debt Consolidation
    • Reviews
    • FAQs
    • About Us
    • Contact Us
    • Blog
    • Sitemap
    • Debt Relief by State
    • Careers
United Settlement » Blog » Tips for Consolidating Your Medical Bills

Tips for Consolidating Your Medical Bills

July 9, 2020

Coping with an unexpected illness or accident that forces an individual into the hospital can be challenging enough, but unfortunately, even for those with some form of health insurance, the financial burdens associated with medical care can escalate rapidly.

In fact, a majority of the debt listed on American consumer credit reports can be categorized as medical debt, and, as such, it remains one of the chief causes of consumer bankruptcy in the United States.

If you can’t afford to pay your medical bills, medical bill consolidation could make sense for you. However, before committing to a medical bill consolidation plan, it’s important to consider different options. Read on to learn some tips for consolidating your medical debt.

Tips for Medical Debt Consolidation

Medical debt consolidation is one avenue to consider when crippling medical debts have accumulated to a level that is beyond your ability to pay. Before entering into a medical bill debt consolidation plan, it is important to ask whether the plan makes appropriate financial sense.

You need to determine whether the medical debt consolidation will truly lower the amount of medical debt that you owe or if it will simply prolong financial suffering that could later still result in a bankruptcy filing.

You need to determine whether you have the patience and fortitude to commit to the process, which can often take years to complete. And finally, you need to recognize that since medical debt frequently does not come with interest rates attached, that it can easily not make sense to consolidate medical debt by paying it off through proceeds generated from a personal loan, credit card, or home equity line of credit.

Managing Your Medical Debt

Given the high cost of medical care, you must make every effort possible to responsibly manage your medical debt. Medical billing is complicated and mistakes do occur. Examine all bills closely for possible overcharges or billings for services that did not occur. Follow up with your insurance company regarding charges that were not covered and get clear explanations as to why you are being held financially responsible.

For those charges not covered, you can attempt to negotiate and work out a payment plan with your doctor or hospital. Contacting your medical provider when you are not immediately paying your bill in full is a good idea, because this shows the billing office that you are not ignoring the debt. Plus, there is a 180-day waiting period before delinquent medical debt appears on credit reports to allow for sufficient time to resolve disputes with insurance companies.

How To Consolidate Medical Bills

If you can’t afford to pay your medical debt, settlement may be a viable option for you. Just as in the case with delinquent credit card debt, creditors may be willing to accept a lower payoff balance on an account that looks like it could soon turn into a non-recoverable asset for them.

A skilled and reputable credit counseling agency or debt settlement firm can help you navigate these waters by effectively negotiating with creditors. Ideally, you should initiate the settlement process as early as possible, prior to your medical provider turning your account over to a collections agency who will have significantly less incentive to settle than a hospital or doctor billing office.

Try to negotiate installment payments whenever possible and consult with a skilled professional debt settlement firm who can help negotiate further with creditors and work out a reduced payoff amount. In the majority of circumstances, paying off a settlement-reduced medical debt will result in the removal of the negative mark of collections activity from a credit profile. If medical debt settlement isn’t feasible for you, alternatives include pursuing a medical debt consolidation loan, personal bank loan, home equity loan or line of credit (HELOC), or as a last resort – paying your medical debt off with a credit card.

However, all of these alternatives will involve taking out additional debt with interest rates attached – so they can only make financial sense when you have a variety of different debts outstanding beyond the medical debt, all of which can be consolidated, some of which have higher interest rates attached than the new rate charged on your consolidation loan.

Plus, in the case of the HELOC, which is a form of secured debt, failure to repay in a timely manner could eventually lead to foreclosure on the underlying property.

Debt Management Plan

Remember, if you’re facing significant medical debt that results from an unforeseen illness or accident, there is always a way to solve the problem. Another option available to those facing a steep pile of medical debt is the debt management plan (DMP), which involves streamlining multiple monthly debt payments into one consolidated monthly payment, often resulting in a lower blended monthly interest rate and more readily managed monthly payment.

When medical debt is consolidated within a DMP, the resulting debt relief eases the aggregate burden on the debtor. Debt management plans often take three to five years to complete, so they should only be entered into with that longer-term time frame in mind. However, the unplanned nature of medical debt often makes it the debt that pushes someone over the edge financially – but with careful planning, budgeting and commitment, a DMP can be an appropriate vehicle for medical debt consolidation.

Need help with medical debt? Fill out our online form for a free debt consultation or give us a call at 888-574-5454.

About the Author: Steven Brachman

Steven Brachman is the lead content provider for UnitedSettlement.com. A graduate of the University of Michigan with a B.A. in Economics, Steven spent several years as a registered representative in the securities industry before moving on to equity research and trading. He is also an experienced test-prep professional and admissions consultant to aspiring graduate business school students. In his spare time, Steven enjoys writing, reading, travel, music and fantasy sports.

Gabriel Gorelik, CEO & Co-Founder
Gabriel Gorelik

Gabriel Gorelik paves the way for customer service and operations at United Settlement. He is passionate about numbers and holds a strong belief in helping anyone with their debt. Before United Settlement, Gabriel received his BS in Finance & Economics from Brooklyn College. After graduation, Gabriel went on to build his first financial services company where he managed over 1,000 business clients. He understands the importance of client satisfaction, professionalism, and exceeding expectations.

Share this:

  • Click to share on Twitter (Opens in new window)
  • Click to share on Facebook (Opens in new window)

Related

Search Blog

Are you in debt? we can help

  • Amount
  • Contact

How much do you owe?

Excellent

Based on 377 reviews.
Overall 4.4 out of 5 stars

View All Reviews

Annette Huggins

March 14

That when it seems like nobody can help United will.

This was a great experience for me. I am just starting but Madelene Gallon made me feel like we were friends for years. She tried to make me feel that she would help me and make sure I got the best deal...

Kiirstin

March 01

Kind and caring

Had been searching for a while for a company I could trust to get me out of crippling debt. Really didn’t think it was possible. Spoke to Ben at United Debt and he assured me that not only was it possible,...

Kiirstin

March 01

Kind and caring

Had been searching for a while for a company I could trust to get me out of crippling debt. Really didn’t think it was possible. Spoke to Ben at United Debt and he assured me that not only was it possible,...

Dylan

February 28

Quick, easy assistance!

I've been working with Ben at United Debt to help me organize and get out of debt for once - I've been dealing with debt for ages and Ben showed me some simple ways to begin dealing with things to keep...

Takota Carrie

February 14

I need help

I really appreciate

JONICA Amber PIRON

December 21

Great!

Renika went above and beyond today to help me. She is wonderful to work with! Thank you again Renika for all of your help today! Happy Holidays to you!

Jayvon

December 20

Paying back

They where great listeners

Shawn abetha

December 14

Everything

Thanks

Robert Phillips

November 23

Do your home eork

Paid several thousand dollars and nothing done. Ended up settling 90%by myself. This is a preatory company. So do your homework. This will never post.

Dm

November 18

Customer service is truly helpful

Renika was so helpful. My account was paid off but I kept receiving notifications. She cleared up the situation.

Jose Rosa

November 16

Great Customer Service

Renika did a wonderful job handling my questions and transactions. She is very patient on the phone and took care of my needs accordingly.

Russ

November 03

Very helpful

Renika did a great job in answering all of my questions in a timely manner. She was polite and friendly. Keep her on the payroll.

Anthony Desoto

October 31

What's Important to me is United Settlement Costumer service !

United Settlement Costumer service is Amazing Everyone is Professional . I am so happy choosing them with my card Debt. thank you all for helping me out .

Ri cky

August 23

That this company has integrity!

A responsive company that keeps it clients up to date and fully informed. I like the fact that I can send them a text and be guaranteed an answer within 24 hrs.

Jerry Bolandis

June 04

Professional and focused on facts and truth not hype. Excellent. We want to know facts.

Great work very professional and great updates. Communication is excellent.

janice head

October 25

trust them

Excellent. Also each time i call there they treat me with respect even though they are probably thinking jerk . You sure have made mess of your life. but they have been taught to smile smile smile. this...

Scott W O'Neill

August 01

Thanks for all your help and negotiations.

Thanks for the update! I have faith in you guys and will continue my payments. Thanks for all your help and negotiations.

Cassandra Robinson

July 30

That A Settlement Was Entered.

I Absolutely Love You All At United Settlements. You All Have Saved My Credit Solutions. I Would Refer Everyone To You Services.

Mildred Yvonne Sherron

July 16

The results of the settlement attempts.

So far, I have found United Settlement more than satisfactory. Very conscientious and very efficient in providing a service in debt settlement. Thank you and all the members of your team who are assisting...

Diana Cardona

July 16

Tough Financial Hard Times During Covid-19

I signed up with United Debt Settlement because of large credit card debts, which had taken a financial toll on my credit. UDS has an outstanding reputation assisting clients like me achieve financial recovery...

  • Contact Us
  • 240 West 37th Street
    Suite 400
    New York, NY 10018
  • (888)-574-5454
  • [email protected]
  • Privacy Policy
  • Terms & Conditions
  • Debt Relief Services
  • Debt Settlement
  • Business Debt Relief
  • Credit Card Help
  • Debt Consolidation
  • Debt Management
  • Student Loan Help
  • Careers
Learn more about debt relief


    • facebook
    • Google Plus
    • Twitter
    • YouTube
    • Instagram
    • Linkedin
    • facebook
    • Tools & Resources
    • Contact Us
    • About Us
    • Blog
    • Debt Calculator
    • Frequently Asked Questions
    • Sitemap
    • Reviews
    • Client Login
    Free Savings Estimate
    Apply Here
    Clients who stay according to debt relief program can realize approximate savings of 50% before fees, or 25% including fees, over 24 to 48 months. All claims are based on enrolled debts. Not all debts are eligible for enrollment. Not all clients complete our program for reasons such as: their ability to save sufficient funds. Estimates based on prior results, which will vary based on specific circumstances. We do not guarantee that your debts will be lowered by a specific amount or percentage or that you will be debt-free within a specific period. We do not assume consumer and/or business debt, provide tax, bankruptcy, accounting, legal or credit repair services/ advice. Our program is not available in all states. Please contact a tax professional to discuss tax consequences of settlement. Please consult with a bankruptcy attorney for more information on bankruptcy. If you have any additional questions please contact us. NMLS ID: 1947026
    Copyright 2023. United Debt Settlement, LLC