| 137 million Americans are struggling with medical debt. Here's what to know if you need some relief | | |  | WED, NOV 13, 2019 | | | | Medical debt — and the actual fear of medical debt — has severe consequences for Americans. One of the largest issues is that debt can cause people to neglect their medical problems. In fact, nearly 1 in 3 Americans say that they have delayed getting care because they were worried about the cost.
Medical debt is the top reason that people, regardless of age, would consider cashing in their retirement savings to pay down the debt. And sadly, 66% of all personal bankruptcies in the U.S. are tied to medical issues.
While this all sounds daunting, there may be some light at the end of this dark tunnel. In the event that you find yourself saddled with big medical bills, there are still steps you can take to try to alleviate your burden. Most bills are negotiable before, during and after care, experts say. Negotiating is the first step, according to Carolyn McClanahan, a medical doctor and certified financial planner. Make sure everything on the bill is correct, McClanahan said. She also stresses checking to make sure you actually received all the services you've been billed for. If you still can't afford to pay, check to see if the hospital or medical organization provides charity services and whether you qualify for forgiveness, she said.
Finally, if that doesn't work, ask if you can set up a payment plan. Some hospitals will be OK with low payments, as long as you're making progress toward the debt, McClanahan said. Plus, they may not charge you interest.
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