Because of COVID, my 27-year-old son lost his job and health insurance. He was unable to afford continued health insurance and did not qualify for Medicaid. He contracted spinal meningitis and was hospitalized 12 days. The hospital reduced his bill to $28,000 from the original $80,000, but he is still unable to pay. He remains unemployed and without any savings. What would you suggest he do?Your son should first call the hospital and ask about applying for financial assistance.
He also should ask about a payment plan geared to what’s left of his income. He should resist any hospital pressure to put the bill on a credit card, because hospital payment plans typically don’t charge interest while credit cards do. If he’s still left with a bill he can’t pay, he should consult a bankruptcy attorney, and do so as soon as possible. Bankruptcy experts are predicting a big uptick in filings as people and businesses struggle with fallout from the pandemic.
You’re smart to be cautious about taking on too much debt, though. Lenders are much more cautious than they were before the Great Recession of 2007 to 2009, but it’s still possible to borrow more than you can comfortably repay. Big mortgage payments could prevent you from saving for important goals such as retirement or your children’s college education.
If you like your current neighborhood, remodeling is often the more economical route. You spend roughly 10% of your home’s value when you sell it and buy another. Real estate commissions take a big chunk, as do moving costs. Bigger houses — whether through remodeling or moving — also can mean higher tax, insurance and utility bills. That’s not to say you should never upgrade, but you’re smart to consider all your options because the cost of exchanging homes is pretty high.
For anyone who this is paywalled for (like me) here's what I learned this the hard way in my early 20's: Credit cards have interest; a payment plan with the hospital shouldn't have interest. Also, some credit scores make medical debt less of a factor than credit card debt.
That's some good advice
Yeah...maybe America SHOULD have Medicare For All...so there is NO HUGE Hospital Bill to start with? 🤷♀️🤷♀️🤷♀️
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That's some good advice
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