Before you agree
Check whether you qualify for financial assistance or charity care first. A payment plan on a bill that could have been reduced through assistance is not the best outcome.
Questions to ask
- Is there interest on the payment plan? Many hospitals offer 0% — ask specifically.
- Is there a penalty for early payoff?
- Will the account go to collections if you miss a payment?
- Does the plan suspend collection activity while payments are being made?
- Is the plan in writing?
Alternatives
If the hospital's plan has interest, compare other options — personal loan at a lower rate, or 0% introductory credit card. Be cautious of medical credit cards with deferred interest that applies retroactively.
General information only. Not legal or medical advice.