According to a recent poll conducted by NPR, more than one in four Americans listed healthcare costs as a significant financial burden. The same poll found that 42% of those surveyed had to spend all or most of their savings to cover unplanned expenses.
Most hospitals work with patients to create a payment plan they’ll find easier to afford, but debt still that casts a shadow over your future goals. If you have a structured settlement or annuity, you can pay off your medical debt by selling your future payments for a lump sum.
Medical Bills Can Add Up Quickly
Emergency rooms, specialists, and prescriptions can cost you thousands of dollars, even if you have insurance. Depending on your plan, you might have to pay for the first few thousand dollars in medical bills before your insurance will cover anything. Even if you have a comprehensive plan, some costs are not covered at all. A few examples include:
- “Elective” Procedures
- Custom Prescriptions
- Dental Costs
- Fertility Treatment
Without insurance, the bills only get more expensive. Even when you work out a payment plan with a hospital, you’re still forced to budget around monthly payments, forcing you to put off your future goals.
Paying For Long-Term Elderly Care
Most insurance plans won’t cover the cost of long-term care. Whether you need in-home support from a caregiver or you’re looking at moving into assisted living, elderly care can be expensive. Social security, Medicare, and your retirement savings might help manage some of these costs, but you’ll have to find cash for anything they don’t.
Pay Off Medical Bills With A Lump Sum
Until you pay off your medical bills, you’ll have to delay your other goals, or put them on hold entirely. Even when the payments seem manageable, it’s still a monthly bill you need to pay instead of spending your money on something else.
If you have a structured settlement or annuity, however, you might have a way to pay off your medical debt all at once. As one of the largest buyers of structured settlement and annuity payments, Peachtree Financial can help you turn that future cash into a lump sum you can use to pay for past medical procedures.
When you contact us, we’ll connect you with an experienced representative who will ask you a few questions about your structured settlement or annuity, as well as how much you’re looking to receive as a lump sum. They’ll look at your payment stream and make an offer to buy some or all of your future payments to get you the cash you told us you need. Then, you can use your lump sum to pay off your medical bills and get back to living your life.
Schedule a call today to find out how Peachtree Financial can help you meet your goal of paying off medical debt.
Peachtree Financial does not offer legal, tax, or financial advice. Please contact independent professionals for those services.