More Than Half of COVID Patients Report Financial Problems 6 Months Later

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What happenedThe Journal of the American Medical Association (JAMA) published a study on Feb. 14 that found that more than half of the 825 adults surveyed reported financial problems six months after being hospitalized with COVID-19.So whatDespite three rounds of federal stimulus checks and state-level financial assistance, 56.4% of people surveyed reported continued financial problems. Due to hospitalization, more than one in five respondents (20.4%) were unable to pay for necessities, and 16.3% had been contacted by a collection agency as a result of their hospitalization. Further, 34.8% of study participants reported using up all or most of their savings. Black and Hispanic participants were more likely than White respondents to still be dealing with critical financial issues at the six-month mark. Now whatIn 2022, the Kaiser Family Foundation found that 41% of all American adults carry debt caused by medical or dental bills. If you’re concerned about an outstanding medical bill, there are steps you can take to negotiate the charges with your medical provider. They include:Request an itemized statement. Once you have it in hand, go over the bill with a fine-toothed comb, looking for any potential errors.Ask that errors be removed. If you find any mistakes listed on the itemized bill, ask the provider’s billing department to remove themDetermine how much you can afford. Before contacting the medical provider, look at your monthly budget to figure out how much you can afford to pay. First, decide whether you can settle the debt for a one-time lump-sum payment. If not, determine how much you can pay each month toward the debt. Check to see if you’re eligible for Medicaid. If you qualify, most states offer three months of retroactive coverage for those who have yet to apply. Request a discount. Ask the billing department to reduce the total due. Discuss making a lump-sum payment. If you have enough to make a lump-sum payment, ask if the amount you’re willing to pay today is enough to settle the debt. Set up a monthly payment plan. Many medical providers are happy to set patients up on a payment plan. If the most you can pay is $25 or $50 a month, let them know upfront. Contact a patient advocacy group. One good source is the Patient Advocate Foundation at PatientAdvocate.org. Like a bad cough, medical bills have a way of sticking around. If you’re faced with bills of your own, do not panic. Like many things in life, they are negotiable. Alert: highest cash back card we’ve seen now has 0% intro APR until 2024If you’re using the wrong credit or debit card, it could be costing you serious money. Our experts love this top pick, which features a 0% intro APR until 2024, an insane cash back rate of up to 5%, and all somehow for no annual fee. In fact, this card is so good that our experts even use it personally. Click here to read our full review for free and apply in just 2 minutes. Read our free reviewWe’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy. 

What happened

The Journal of the American Medical Association (JAMA) published a study on Feb. 14 that found that more than half of the 825 adults surveyed reported financial problems six months after being hospitalized with COVID-19.

So what

Despite three rounds of federal stimulus checks and state-level financial assistance, 56.4% of people surveyed reported continued financial problems. Due to hospitalization, more than one in five respondents (20.4%) were unable to pay for necessities, and 16.3% had been contacted by a collection agency as a result of their hospitalization. Further, 34.8% of study participants reported using up all or most of their savings. Black and Hispanic participants were more likely than White respondents to still be dealing with critical financial issues at the six-month mark.

Now what

In 2022, the Kaiser Family Foundation found that 41% of all American adults carry debt caused by medical or dental bills. If you’re concerned about an outstanding medical bill, there are steps you can take to negotiate the charges with your medical provider. They include:

Request an itemized statement. Once you have it in hand, go over the bill with a fine-toothed comb, looking for any potential errors.Ask that errors be removed. If you find any mistakes listed on the itemized bill, ask the provider’s billing department to remove themDetermine how much you can afford. Before contacting the medical provider, look at your monthly budget to figure out how much you can afford to pay. First, decide whether you can settle the debt for a one-time lump-sum payment. If not, determine how much you can pay each month toward the debt. Check to see if you’re eligible for Medicaid. If you qualify, most states offer three months of retroactive coverage for those who have yet to apply. Request a discount. Ask the billing department to reduce the total due. Discuss making a lump-sum payment. If you have enough to make a lump-sum payment, ask if the amount you’re willing to pay today is enough to settle the debt. Set up a monthly payment plan. Many medical providers are happy to set patients up on a payment plan. If the most you can pay is $25 or $50 a month, let them know upfront. Contact a patient advocacy group. One good source is the Patient Advocate Foundation at PatientAdvocate.org.

Like a bad cough, medical bills have a way of sticking around. If you’re faced with bills of your own, do not panic. Like many things in life, they are negotiable.

Alert: highest cash back card we’ve seen now has 0% intro APR until 2024

If you’re using the wrong credit or debit card, it could be costing you serious money. Our experts love this top pick, which features a 0% intro APR until 2024, an insane cash back rate of up to 5%, and all somehow for no annual fee.

In fact, this card is so good that our experts even use it personally. Click here to read our full review for free and apply in just 2 minutes.

Read our free review

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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