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medical bills

Q&A: For estate executors, unpaid medical bills can be daunting

October 28, 2024 By Liz Weston

Dear Liz: My wife is in the process of being named executor for her late sister’s estate. There are several medical bills, including some that have been sold to collection agencies. Our understanding is that any negotiations or settlements should be done with those agencies as opposed to the original medical organization. Is this correct in general as well as in probate situations?

Answer: If a bill has been sold to a collection agency, that’s the entity your wife will have to contact. However, not all medical bills are sold. Sometimes collection agencies work on behalf of healthcare providers. When that’s the case, your wife may want to contact the original provider.

As executor, your wife can and should hire an attorney to advise her on administering her sister’s estate. The estate will pay the cost for this advice and your wife will receive helpful, personalized counsel on dealing with every aspect of being an executor, including this one, which is particularly fraught.

The Consumer Financial Protection Bureau recently warned that some medical debt collectors are violating federal law by inflating bills, trying to collect on debts that aren’t owed, demanding payment for services insurance has already covered and lying about consumers’ rights to contest bills. The attorney can help your wife verify the bills are accurate and negotiate settlements.

Filed Under: Medical Debt, Q&A Tagged With: collection agencies, debt collection, debt collection scams, Estate Planning, medical bills, medical debt

How to handle your medical bills

October 3, 2022 By Liz Weston

When she was 19, writer Emily Maloney found herself facing about $50,000 in medical debt after hospital treatment for a mental health crisis. The debt followed her throughout her twenties, hurting her credit and leading to stressful calls from collection agencies.

Her experience is all too common: The Consumer Financial Protection Bureau reports that about 1 in 5 U.S. households carries medical debt. People with medical debt are more likely to face anxiety, stress or depression and avoid filling prescriptions because of the cost.

In Kimberly Palmer’s latest for the Associated Press, learn how to handle your medical bills.

Filed Under: Liz's Blog Tagged With: medical bills

Thursday’s need-to-know money news

January 6, 2022 By Liz Weston

Today’s top story: What the No Surprises Act means for your medical bills. Also in the news: A new episode of the Smart Money podcast on buying your dream house, the January mortgage rate forecast, and 5 steps to reach your money goals in 2022.

What the No Surprises Act Means for Your Medical Bills
The No Surprises Act bans surprise medical bills for emergency services and unexpected out-of-network providers.

Smart Money Podcast: Buying Your Dream House
Sean and Liz chat with Nerd Elizabeth Renter about how she bought her dream house.

Mortgage Outlook: Rates May Stand Still in January
January mortgage rates forecast.

5 Steps to Reach Your Money Goals in 2022
With inflation and economic uncertainty clouding 2022, shoring up your finances this month can feel even more urgent.

Filed Under: Liz's Blog Tagged With: medical bills, money goals, mortgage outlook, No Surprises Acr, real estate, Smart Money podcast

Tuesday’s need-to-know money news

September 7, 2021 By Liz Weston

Today’s top story: How to minimize credit damage from medical bills. Also in the news: Getting started with qualified opportunity funds, how to turn your side-gig into a full-time business, and what to do if you’re about to lose your federal COBRA subsidy.

How to Minimize Credit Damage From Medical Bills
Your credit can recover.

Getting Started With Qualified Opportunity Funds
Qualified opportunity funds allow you to do well for yourself while doing good for others — revitalizing distressed communities while saving on taxes.

5 Steps to Turn Your Side Gig Into a Full-Fledged Business
Formalize your freelance business by separating your business and personal finances and making a business plan.

What to Do If You’re About to Lose Your Federal COBRA Subsidy
Time to look for a cheaper plan.

Filed Under: Liz's Blog Tagged With: COBRA subsidies, credit damage, medical bills, qualified opportunity funds, side gigs, tips

Thursday’s need-to-know money news

March 25, 2021 By Liz Weston

Today’s top story: Will you really run out of money in retirement? Also in the news: What to do if your mortgage forbearance is ending, 5 home remodeling trends to watch for 2021, and how to pay your medical bills without crowdfunding.

Will You Really Run Out of Money in Retirement?
Most people adjust spending to stretch their resources, but you can proactively get help now to ease your worries.

The Property Line: Mortgage Forbearance Ending? Here Are Your Options
When your mortgage forbearance ends, options will include extension, repayment or deferment, and will vary by loan type.

5 Home Remodeling Trends to Watch for in 2021
Say goodbye to neutrals and open floor plans and hello to mood-lifting color and a place for everyone.

How to Pay Your Medical Bills Without Crowdfunding
The limits of crowdfunding.

Filed Under: Liz's Blog Tagged With: COVID, crowdfunding, home remodeling trends, medical bills, mortgage forbearance, Retirement, retirement savings

Thursday’s need-to-know money news

February 14, 2019 By Liz Weston

Today’s top story: What homeowners must remember at tax time this year. Also in the news: A GOP proposal to take student loan payments straight from your paycheck, why you might not have to pay that medical bill, and the biggest financial mistake women make.

Here’s What Homeowners Must Remember at Tax Time This Year
Learning the new tax rules.

A GOP proposal could snatch your student loan payment right from your paycheck
This could get ugly.

You Might Not Have to Pay That Medical Bill
Get ready to spend some time on the phone.

The biggest financial mistake women make? Not investing enough.
Deepening the wage gap.

Filed Under: Liz's Blog Tagged With: homeowners, Investing, medical bills, student loan payments, tax laws, Taxes, women and money

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