Myvesta News Release

ROCKVILLE, Md. — Healthcare costs have been steadily rising in recent years leaving those without insurance left paying higher and higher bills. A sudden medical emergency or accident can leave thousands of dollars of unpaid bills in a very short period of time and ruin the financial outlook of an individual or family.

"When faced with mounting medical bills it is important to keep all options open and to take action before any unpaid bills are sent to collections, or worse, a lawsuit is filed," said Mike Kidwell, vice president and co-founder of Myvesta, a nonprofit financial management organization. "Developing a plan of action quickly to address the medical bills is crucial."

Kidwell recommends approaching the doctor or hospital that is billing you as soon as you receive the bill to set up a payment plan.

"Most hospitals or doctors are willing to accept payments over time if you are having trouble paying the bill in full. As long as you are not past due, you can usually set up low monthly payments based on what you can afford. And since doctors and hospitals aren't lenders, many do not charge interest on the unpaid portion of your bill," Kidwell said.

"If you are past due on the bill, but it has not been sent to a collection agency, try to negotiate a settlement. If you have the cash to pay in a lump sum, it may be possible to settle the bill for half, or even less than half, of the original amount," Kidwell said.

To assist those falling behind on medical bills, Myvesta has written a comprehensive publication explaining available options called "Coping With Medical Bills." It can be downloaded online from Myvesta.org.

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Myvesta^SM is dedicated to helping people create healthy financial lives. The organization provides a wide range of materials to inspire and inform people so that they can break down their barriers to financial and personal success. For more information visit Myvesta.org online.