Here's How Your Medical Bills Will Affect Your Credit
Happy Health Literacy Month!
1 in 6 Americans have past-due health care bills on their credit report
47% of those bills amount to more than $600 each
Total Debt $81 billion
A collection stays on your credit report for 7 years
Do unpaid medical bills affect my credit?
Yes. Typically doctors and hospitals don't report debts to credit bureaus - instead they turn their unpaid bills over a debt collector and it's the collection agency that reports them.
What's the impact on my score?
Just one collection account can cause a good credit score to drop 50 to 100 points.
Ouch. How can I stay on top of my bills?
Because of copays and deductibles, sometimes your medical bills go undetected because you may think you don't owe anything. Never assume everything will be taken care of by insurance.
Pencil It In
Write "Check Balance" on your calendar a week and a month after every appointment or visit you have. That way you can check in with your healthcare provider or insurance company to make sure your balance is taken care of.
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-Jean Chatzky (Director of Education, Editor in Chief)
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