Medical Bill Strategy

[Anonymous]

Any guidance on strategies to handle upcoming medical bills?

Was hoping to put off gallbladder removal until January to maximize insurance/fsa benefits, but alas, it wasn't to be.

Now I'm just trying to strategize how best to minimize the impact of such large medical bills.

Initial thought was something along the lines of trying to find some 0% offer to make payments until third quarter, them get a new discover and use paypal key pay it off for 10% cb.

Somewhat new to credit world and this stuff can get confusing and complex. Any other ideas?

TIA

[Anonymous]

Since you have insurance, what do you think your maximum out of pocket costs will be?  What credit limit do you think will be needed?

[beutiful5678]

You can often set up payment plans (usually 0% interest) with the medical providers themselves.

Personally, I would be hard pressed to finance a medical procedure using a credit card or loan for two reasons:

1) Putting it on a credit card unnecessarily raises utilization given medical providers willingness to set up payment plans as stated above.

2) If your finances go south for whatever reason, heaven forbid, medical collections are easier to deal with and FICO formulas treat them less harshly than other collection accounts.

Call your medical providers and see if they can work with you.

[adelphi_sky]

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@beutiful5678 wrote:

You can often set up payment plans (usually 0% interest) with the medical providers themselves.

Personally, I would be hard pressed to finance a medical procedure using a credit card or loan for two reasons:

1) Putting it on a credit card unnecessarily raises utilization given medical providers willingness to set up payment plans as stated above.

2) If your finances go south for whatever reason, heaven forbid, medical collections are easier to deal with and FICO formulas treat them less harshly than other collection accounts.

Call your medical providers and see if they can work with you.

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I agree with this. I had a large medical bill from being in the hospital. Usualy, the health provider's billing portal allows you to set up your own payment plan at 0% interest. They don't care as long as you pay something. They understand a lot of people don't plan on being sick or ill and can't afford this country's outrageous medical bills. So, they are more than willing to work with you.

The only way I would put a medical bill on a credit card is if I am stacking rewards and can pay it off before the statement is cut.

[beutiful5678]

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@adelphi_sky wrote:

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@beutiful5678 wrote:

You can often set up payment plans (usually 0% interest) with the medical providers themselves.

Personally, I would be hard pressed to finance a medical procedure using a credit card or loan for two reasons:

1) Putting it on a credit card unnecessarily raises utilization given medical providers willingness to set up payment plans as stated above.

2) If your finances go south for whatever reason, heaven forbid, medical collections are easier to deal with and FICO formulas treat them less harshly than other collection accounts.

Call your medical providers and see if they can work with you.

---

I agree with this. I had a large medical bill from being in the hospital. Usualy, the health provider's billing portal allows you to set up your own payment plan at 0% interest. They don't care as long as you pay something. They understand a lot of people don't plan on being sick or ill and can't afford this country's outrageous medical bills. So, they are more than willing to work with you.

The only way I would put a medical bill on a credit card is if I am stacking rewards and can pay it off before the statement is cut.

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Depending on the medical provider you might even be able to set up a payment plan on a credit card giving you the best of both worlds -- 0% interest payment plan and credit card rewards!

[sxa001]

I agree with the others, you may be able to set up a payment plan with your providers.  Most hospitals/surgical centers will have someone who will act as an advisor, they will help you understand your benefits plan and what your costs are going to be.