The ultimate guide to finance for hospital doctors

Being faced with a medical bill can be a worrying time. If you don’t have health insurance, you might worry about how much you’re going to have to spend. Here we take a look at some ways to finance a large, unexpected medical bill.

The first step when you receive a large hospital bill should be to try and negotiate with the hospital. Many do offer reductions on their bills if you ask, or if you can prove you can’t afford what they are asking. There are actually professionals who specialize in helping patients reduce their hospital bills – look for a professional bill negotiator or a patient advocate.

It’s also important to keep track of each charge you receive – depending on what happened to you, you might be charged for an ambulance, lab and the hospital stay for example. Make sure you keep all documents safe, and double check you aren’t being charged for a service you didn’t receive. Go through each bill thoroughly, and ensure you aren’t charged for a full-day rate if you checked out in the morning. Also ensure you aren’t billed for medications if you took your own with you – and you shouldn’t be charged for supplies such as gowns or gloves.

You can check if your hospital offers financial assistance to patients on a lower income. You should also see if you are eligible for funding through Medicare or Medicaid. These schemes are intended to help those who are on a low income afford the cost of health care and medical bills.

If you have been involved in an accident, you might like to consider setting up a crowd fund to raise money to pay for the medical bills. There are lots of services you can use, such as Go Fund Me or You Caring. Each has slightly different terms so check before setting up your page. Once everything is set up, you should share it on social media so your friends can help out. Ask them to share it around too, as some strangers or distant friends can be very generous in times of need.

Some doctors and hospitals now require their patients to pay their costs upfront, prior to receiving treatment. This can be a huge problem if you don’t have medical insurance or an emergency fund saved up. You might need to borrow money to pay a hospital bill, so it’s important to choose the right lender so you don’t get into more difficulty further down the line.

If you need to borrow money to pay off a large medical bill, can help you find a great deal. You can compare different loans – choose the amount you need and how long for, and you will be present with a range of different quotes to compare. The online application is fast and you can have the money sent to your account almost straight away, meaning you won’t build up any more debt on your medical bill. In fact, if you can pay the whole bill upfront you might get a discount, so this is a good option.