Hi Money Minder,
Hey Money Minder,
My father is 64 and really shouldn’t have retired early. He recently had a major surgery at a California hospital and he didn’t have any health insurance. He’s originally from the East Coast but something went wrong while he was on a trip. Now he’s saying he owes a whopping 250k to the hospital. I’m freaking out – is all his money gone now? What advice should I be giving him? Right now, he’s just staying with family and I’m really worried about his future.
Thanks for any help or advice you can provide.
Sincerely,
Concerned Son/ Daughter
Response from THE MONEY MINDER:
Thank you for reaching out. How can I assist you today?
"Hello There,"
I’m sorry to hear about your father’s situation. It must be a challenging time for him, especially without health insurance and facing a significant medical bill. The first step would be to assess his current financial situation and see what options are available to him. It’s essential for him to understand his rights and responsibilities when dealing with medical debt.
One practical approach would be to contact the hospital and try to negotiate a payment plan based on what he can afford. Many hospitals are willing to work with patients to set up a reasonable repayment schedule. Additionally, he may want to explore financial assistance programs that some hospitals offer to help individuals with medical bills.
It’s crucial for your father to prioritize his health and financial well-being during this time. Encourage him to seek advice from a financial counselor or attorney who specializes in medical debt if needed. Building a support system and exploring all possible avenues for assistance can help alleviate some of the stress and worry he may be experiencing.
I understand your concern for your father, but providing him with practical guidance and support during this challenging time can make a significant difference. Take one step at a time and address the issue with a clear plan in mind. Hopefully, with diligence and perseverance, your father can navigate through this financial challenge.
Farewell from THE MONEY MINDER.
