How Students Can Overcome Medical Debt Anxiety

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Medical debt is a reality for many families and individuals. The American medical system is privatized. This means medical debt remains one of the leading financial concerns for many people who have bills to pay each month.

Students who are pursuing higher education often grapple with medical debt. Some college-age students who attend a university right after high school can stay on a parent's medical insurance for a time, but others must find more creative ways to stay insured. It’s easy for some of these individuals to incur significant medical bills if they are uninsured or underinsured.

Here we’ll discuss how you can overcome medical debt anxiety as a student. 

Consolidate Medical Debt

If you’re a student and you owe money from a medical procedure, such as a voluntary surgery, you might owe several different entities rather than just one. For instance, you may owe money to an anesthesiologist, the surgical center that performed the operation, and an orthopedist’s office as well.

If you find yourself in this situation, looking into medical debt consolidation makes a lot of sense. Debt consolidation involves taking out a single loan so you can pay off several others. Some people go this route if they have a lot of consumer debt, but loan consolidation because of medical bills is becoming more popular.

As a student, medical debt consolidation can simplify your life considerably. It’s a way for you to get a straight answer regarding how much you owe each month. Owing money to a single entity on a particular date is often preferable to keeping track of various debts that could come due at any time.

Make a Plan and Follow It

Whether you choose to consolidate your medical bills or not, making a plan and sticking to it can help many students feel more in control of their situation. You should take a little time to look at how much you owe and to who. Then, work out a specific date by which you would like to be debt-free.

Maybe that date is six months or a year down the line. Whenever it is, you should now be able to calculate how much money you need to bring in per month to reach that goal. As a student, the most realistic scenario for paying off your medical bills by your chosen date will probably involve getting a part-time job. You’ll want to try and pay off more than the minimum amount each month if at all possible.

Look Into Payment Automation

Exploring payment automation is another way many students can mentally cope when they have outstanding medical bills. There are banking tools that you can utilize to take a select amount from your checking or savings account on a given day and put it toward your medical bills. 

By using automation, you will know you’re putting that set amount toward your medical debt each month. However, if you’re able to make more money during a given month than you usually do, you can also make additional payments on the debt. You might do so if you can pick up some extra shifts at work or if you receive an unexpected windfall, such as some birthday money from a relative.

Making a plan and sticking to it is often the best way to handle the pressure that can come when you’re a student and you have medical bills that you can’t pay back all at once.

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