Medical bill payoff planner

A large medical bill can feel overwhelming. Breaking it into a clear plan helps, and so does asking for help before you start paying. This planner shows how long it will take to pay off your bills and how much a reduction could save.

How it works

Enter your total medical bills and any reductions you might get:

• Financial assistance: the percentage a hospital's financial assistance program would reduce your bill.
• Negotiated or prompt-pay discount: a percentage off for paying quickly or after asking for a reduction.

Then enter the monthly payment you can afford and the interest rate. Most provider payment plans are 0%.

The calculator applies financial assistance first, then the discount, to find your new balance. It then follows the balance month by month until it's paid off. If your payment doesn't cover the monthly interest, the bill would never be paid off, and the calculator tells you.

Example

You owe $4,500 and the billing office agrees to a 10% discount.

• New balance: $4,050, saving $450.
• At $200 a month with no interest, you'd pay it off in 21 months.

If the bill went on a credit card at 24% instead, you'd pay hundreds more in interest for the same monthly payment.

Before you pay

Ask for an itemized bill and compare it with your insurer's explanation of benefits. Errors, like duplicate charges or services you didn't receive, are common. Confirm that insurance has processed the claim. If you're not sure you can afford the bill, ask about financial assistance and payment plans before it goes to collections.