Medical Bills

[Doc Holiday]

So anyone here have any experience dealing with medical bills? I have surgery next week and am expecting my part after insurance to be anywhere from $5-$10k depending on everything. 

anyone know how this will affect my credit? will the amount be reported as debt? I know they cant charge interest and we can workout a payment schedule. but as someone who has been saving and building good credit for a while this could put a serious kink in my plans.

If it's not going to be reported I'm going to set up a payment plan for the smallest amount possible until I'm in a better situation to pay it off. and dont know if thats a good idea or if I'm better off paying it off as fast as possible, which would in turn ruin other plans I've had in the works for a while. thoughts??

[h0llywood]

What are you comfortable paying monthly?

[Ja Rhule]

4 hours ago, Doc Holiday said:

So anyone here have any experience dealing with medical bills? I have surgery next week and am expecting my part after insurance to be anywhere from $5-$10k depending on everything. 

anyone know how this will affect my credit? will the amount be reported as debt? I know they cant charge interest and we can workout a payment schedule. but as someone who has been saving and building good credit for a while this could put a serious kink in my plans.

If it's not going to be reported I'm going to set up a payment plan for the smallest amount possible until I'm in a better situation to pay it off. and dont know if thats a good idea or if I'm better off paying it off as fast as possible, which would in turn ruin other plans I've had in the works for a while. thoughts??

You can thank me later.  Apply for Citi credit card (or any other), some offer almost 2 years interest free APR with minimum payment of $30 a month (def shop around) $5k divide by 20 months is $250 per month.  No credit impact what so over.  You have 60 days to pay your medical bill so you have plenty of times to apply and receive your credit card.  It gives you a piece of mind.

Also, if for some reason poo got bad and you did not paid of your citi card, you can apply for another card and transfer remaining balance (do it within the same credit card company).  They usually charge 3%-5% commission on remaining balance and give you another 20 or so months interest free.

 

Most people have no idea you can do that.  

[stirs]

https://www.credit.com/credit-scores/how-medical-debt-can-impact-your-credit-score/

If no interest and it does not impact credit, then drag it out as long as possible

[pstall]

Medical bills have ZERO impact on your scores. NOT paying them ie debt WILL IMPACT  the score.

Arsen meant to say Citi Care credit card. That is a great way to finance a procedure. Why it's not promoted more is crazy.

Be dillegent and pay those jokers off.

[Doc Holiday]

4 hours ago, h0llywood said:

What are you comfortable paying monthly?

Honestly not a lot, if I pay $200 a month it's gonna kill most of my spending money every month and take 2-4 years to pay off. I want to get rid of it fast as possible but also don't want it to change my day to day life. I seriously may have to pick up a second job just to pay this off and I really don't want to have to do that.

[Ja Rhule]

6 minutes ago, Doc Holiday said:

Honestly not a lot, if I pay $200 a month it's gonna kill most of my spending money every month and take 2-4 years to pay off. I want to get rid of it fast as possible but also don't want it to change my day to day life. I seriously may have to pick up a second job just to pay this off and I really don't want to have to do that.

Can you apply for Obamacare and pay for it?  Most people do that.

[Doc Holiday]

1 hour ago, ARSEN said:

Can you apply for Obamacare and pay for it?  Most people do that.

I may make too much, and like I said before I already have insurance, its just that my part is still going to run between $5-$10k.

[ladypanther]

Sorry to hear you are having surgery..hope all goes well.

[Paa Langfart]

Most hospitals have their own financing.  For instance I have had 2 surgeries in the last 3 years and my part was several thousand dollars - I set it up with Novants finance dept to pay it off in installments.  they would have really let me drag out payments had I wanted but I opted to try to get it paid off in a couple years.  They have so many people default on paying anything they are happy to get your money no matter how long it takes.  By the way that high default rate is a large part of why hospital surgery and procedures are so expensive.  You are paying for the people who dont pay.

[Doc Holiday]

3 minutes ago, Paa Langfart said:

Most hospitals have their own financing.  For instance I have had 2 surgeries in the last 3 years and my part was several thousand dollars - I set it up with Novants finance dept to pay it off in installments.  they would have really let me drag out payments had I wanted but I opted to try to get it paid off in a couple years.  They have so many people default on paying anything they are happy to get your money no matter how long it takes.  By the way that high default rate is a large part of why hospital surgery and procedures are so expensive.  You are paying for the people who dont pay.

there are 3 people I always make sure I pay, the government, the doctors and the lawyers, you never want to be on the bad side of anyone that can screw you over more then you can.

[Davidson Deac II]

I had gall bladder surgery in July, finally got the bill for the remainder after insurance last month, around $1500.  I set the payments at 100 a month, but they were willing to go as low as 25, with no interest, with no impact on credit score.   Just do that, and pay extra when you have it.   

[h0llywood]

Solid advice from everyone. I was going to suggest exactly what Arsen said.

Good luck to you. Unexpected expenses suck.