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Consolidating Hospital Bills: A Cure for Medical Debt?
By Siddarth Nagaraj on February 17, 2011

hospital-(1).jpgThere are many forms of bills that when left unpaid can wreak havoc upon one’s credit and one’s personal life, but medical bills are perhaps the most devastating. Their toxicity has a uniquely insidious nature because they jeopardize our ability to look after ourselves, which in turn hurts our finances even further and prevents us from caring for those we are responsible for. Healthcare is a necessary expense, but unfortunately it also carries a high cost, especially for those who are uninsured. That said, unpaid medical bills pile up all too easily, even for those of us who are relatively disciplined in our financial habits. So when consolidation of our hospital bills is suggested as a way to resolve our problems, we may feel strongly tempted.

Consolidation of hospital bills is a very tricky business and can involve several potential hazards which can land you in further financial trouble if you are not aware of how to detect and avoid those who seek to profit from your need for assistance. As part of the consolidation process, after being approved for a consolidation loan the lender that you have employed will consolidate all of your debts into one bill, but will also garner interest which they collect from you.

Hospital bill consolidation can seem particularly attractive when faced with the consequences of how large healthcare providers react to unpaid medical bills. Hospitals rely upon full and timely payment of bills for their income and they are determined to make sure that those who owe them money pay. Although people who don’t pay their medical bills already suffer the consequence of a damaged credit score (which in turn limits their access to loans and amenable insurance terms), hospitals often report unpaid bills to collection agencies which aggressively pursue patients, often harassing them and their families. Multiple legal cases involving phone call intimidation and threats have occurred, and the unsavory prospect of dealing with these agencies is all the more likely to swing one towards the option of hospital bill consolidation.

Nevertheless, there are important caveats to be noted. Bill consolidation exists (as do many services which promise assistance in reducing or settling debt) to generate profits for the company which conducts negotiations on behalf of the client. The process favors bill consolidators more than those who are seeking bill consolidation. Furthermore, there are institutions which exist to help those who have difficulty addressing their financial needs related to healthcare. You may eligible for government-run aid programs aimed at helping you reduce your debt. If your finances will allow you to repay your bills over an extended period of time, try to work out a compromise with your healthcare provider that will create a payment plan.

Unpaid hospital bills are one of the most troublesome impediments to fiscal independence. They endanger both one’s physical and financial health and it is only natural that one should wish to see them fully resolved as soon as possible. However, you should be aware of all options that are available to you before choosing consolidation, which like all other forms of debt management, has its merits and shortcomings.
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