Why Form 2220 Unpaid 2022-2023

Hi there, Michael Bovee with Consumer Recovery Network. Thanks for tuning into our YouTube channel, Deadlights. Today, I want to talk about one of the challenges of negotiating down medical bills. Sometimes, you can hit a brick wall - a legitimate brick wall. When you're negotiating on unpaid medical bills and you were covered by an insurance policy, the insurer may have contracts with the service providers. This means they didn't receive a discount, making it difficult for them to offer you a discount on your copay or deductible. For example, let's say you have a $1,000 medical bill, and your insurer paid $800, leaving you with $200. If you can't afford to pay that amount, you might try to negotiate a discount. However, if you weren't insured or your insurer doesn't have a discounting clause in their agreement, you might have more room for negotiation. But, if you're met with resistance or someone refuses to lower the amount you have to pay, you may have to consider paying overtime and making monthly payment arrangements. Unfortunately, you won't be able to get a discount because the service provider can get in trouble. If they give you a discount, they would need to give the same discount to the insurer. So, any discount they offer you doesn't benefit the insurer or retroactively apply to their payment. When dealing with medical debt, it's important to know that you have options. Medical bills are a significant reason why people end up filing for bankruptcy. Chapter 7 or Chapter 13 bankruptcy may be options for you. Additionally, payment plans are available. There are also other potential options that you may not be aware of. For example, you might qualify for a reduction of services. It's best to apply for these reductions as soon as possible, particularly while still dealing...