Health

Can Medical Bills Affect Your Credit?

Despite the fact that at the moment a fairly large number of people have health insurance, it is far from always able to cover all expenses. Sometimes people come across cases where their procedure or medical treatment costs a huge amount of money. Thus, they have to pay at least part of them or even the entire amount.

Unfortunately, an unpaid medical bill can be turned over to a collection agency just like any other debt. Of course, if you can’t pay it back on time, then your credit history will also get worse. However, it is still important to note that not all debts are the same. In any case, if you have the opportunity to pay off the debt on time, it is recommended to do this in order to avoid additional problems.

First of all, specify the amount of debt

If you have a large unpaid medical bill, the first thing you need to do is make sure it’s accurate. You probably understand that many medical institutions, such as hospitals and clinics, work with hundreds of invoices and bills per day, so the error can happen. Therefore, you will need to spend some time making sure the bill is accurate and that your insurance has paid for your plan’s benefits. It is also recommended that you contact your insurance company to determine how much of your health plan’s out-of-pocket funds may be covered by your upcoming procedure.

The impact of a medical bill on your credit

Many people worry that medical bills, like other debts, can negatively affect their credit score. However, the truth is that you have some time to pay your medical bills before they begin to negatively affect your credit score. Most often, you will have a 90-day period that will allow you to pay off your debt on time. Moreover, in some cases, the allowable waiting time is about 180 days.

A good solution in this situation would be to set up a payment plan. Thus, you will know how much you will need to pay in a given month and you will be able to adapt to this. It is also important to note that the three major credit bureaus most often provide an additional 180-day waiting period for bill payment upon notification. Thus, you will most likely have as much as six months to pay off the debt before it negatively affects your credit history. There is another option: to apply for medical financing on Maggie Loans and receive emergency cash in 24 hours.

How long do medical bills stay on your record?

As with any other debt, the medical bill will remain on your credit reports for seven years or until you pay it off. However, after the seven year period, this account will be removed from your credit history. However, you should note that although this score may not affect your credit score after this period, the collection agency may still sue you for the money.

After paying the bill, experts recommend checking your credit history. It is always recommended to pay medical bills, or in principle any outstanding bills, before they reach the collection agency.

Anyway, if you need emergency medical financing

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Alex

Alex is an SEO expert,writer and blogger with a strong passion for writing.

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