Let’s Have A Look At The Reasons Behind Not Being Able To Pay Medical Bills On Time
A recent study found that over 137 million Americans are struggling to pay their medical bills. This is a problem because people do not take their health seriously and do not have money saved for emergencies. The only priority that people have on their mind is to get the treatment they need. ..
The Consequences That Someone Has To Go Through If After Not Being Able To Pay The Medical Bills On Time
If you don’t pay your medical bills on time, you may face some serious consequences. These can include higher premiums, being dropped from insurance plans, and even having to file for bankruptcy. ..
Increase The Interest Rates:
If someone cannot pay their medical bills on time, the interest rate on the medical debt will increase. The more delay someone makes to repay the debt, the higher interest rate they have to pay. Make sure you are paying your medical bills on time so that you can avoid increasing your medical debt.
Get Phone Calls:
After the time for paying medical bills has passed, the person will start receiving a lot of phone calls from the provider or medical staff. Whether you can pay the bills or not, they will not think about that; they will continue to call you and disturb you. Sometimes you might get some threatening phone calls as well. ..
Credit Score Go Down:
If someone does not pay medical bills on time, it can affect their credit score. After a certain period, your medical bill lender will inform the credit bureaus such as Experian, CRIF High Mark, Equifax, and CIBIL who set your credit score whether you have a credit card or not. And it will have an impact on the interest rates whenever that person applies for a loan. The less someone’s credit score, the higher the interest rates they will get. That’s why it is important to have a good credit score. ..
A Legal Notice:
If someone hasn’t paid their medical bills, then some legal action can be taken from the provider’s side. And it is legal to take such action from the medical bill provider’s perspective. They can sue you in court, someone doesn’t have to be surprised if such things happen to them. And then, the court will decide the punishment. Most of the time, the punishment is wage garnishment. Wage garnishment is a process where a certain amount of money will be deducted from your account each month until the debts get paid. Some people might have doubts, what if they have to go to jail after not being able to pay their medical debts? So, do not have to worry about that. You will not have to go to jail but make sure you will not break the court’s orders. If you don’t follow the rules, then you might have to go to jail
Conclusion:
The consequences of not paying medical bills on time can be scary, and can lead to a lot of problems. It is important to have insurance, so that if something does happen, you won’t have to worry about paying the bill. However, it is also important to understand the reasons why you may not be able to pay the bill on time. If you know what might happen if you don’t pay the bill on time, it will help you make better decisions in the future. ..
