Due to the current housing crisis, a great number of Americans who need to move into retirement or assisted living facilities are stranded in their own homes, unable to sell them. This is one of greatest problems of the recession and seniors are no exception.

According to many independent studies, residency rates for independent and assisted facilities have significantly dropped about 2%, although some facilities in certain hard hit areas have a vacancy rate as high as 20 or 30%. Some facilities, seeing their waiting lists vacancy rates fluctuate, have hired real estate agents to assist potential residents in selling their current homes.

Statistics are showing that the housing market’s collapse is putting an unsettling amount of Americans in the terrible position of having to choose between paying their housing bills or paying their healthcare bills. For people to borrow against their homes to help manage other bills is nothing new, but with home values declining and interest rates skyrocketing, some patients who find themselves in debt are now at the risk of losing their homes because of the overwhelming cost of medical bills. Some are even dropping their healthcare altogether just to hang on to their homes.

Making an accurate depiction of how many people are being forced to choose between their mortgage payments and their medical bills can prove to be a difficult task. However, some financial institutions are claiming that medical issues are becoming an increasing reason why some people are beginning to fall behind on their financial obligations.

Most financial experts agree that urging people to refinance a mortgage or use their home equity to pay off medical bills is not the best route to take. If a hospital or medical provider wants to put a lien on a patient’s home, they must first obtain a court order and generally do not receive payment until after the home has been sold. At any rate, hospitals are often reluctant to use strategies such as this for fear of bad publicity.

Assisted living marketing services are provided by 800seniors.com a leading referral system in the assisted living industry. For more information, call 1-800-768-8221. Sky Palma is a freelance staff writer

The insured and the uninsured can struggle with medical debt

It’s not uncommon for people to need a payday loan or cash advance to help pay down medical debt. Even the insured find themselves in a bind sometimes, as insurance companies will stiff their own customers on certain medical costs. Medical debt can be overwhelming, but there are certain things that consumers can do in order to maintain better control over this debt and even reduce it whenever possible.

Here are a few suggestions for managing medical debt:

Medical Debt Suggestion Number One – Track Services Rendered

When receiving treatment, keep track of various procedures, tests and medications used during your visit. It is not unusual for patients to be billed for things that were never a part of their examination or treatment. By writing down the events of a medical visit, people are better prepared to dispute any false charges.

Medical Debt Suggestion Number Two – Decoding Your Bill

Do not be afraid to ask for help understanding your bill. Medical bills will often have coding or jargon that’s harder to decode than the Rosetta Stone. To better understand your bill, and determine if you’re being overcharged, it might be necessary to request the hospital or service provider explain the charges.

Medical Debt Suggestion Number Three – Request an Itemized Statement

Ask for an itemized statement. Even if the bill isn’t coded, some bills might group services together without an explanation of charges. To avoid hidden costs or charges, it’s advised that you ask for an itemized statement, so everything is listed.

Medical Debt Suggestion Number Four – Hold Your Insurance Company Accountable

Unfortunately, stressful medical debt occurs when insurance companies refuse to pay for services that their client was led to believe would be paid for. These bills can be stressful, as they are surprising to the person who was expecting the charges to have been covered. When this happens, it is best to contact the hospital or medical provider who sent the bill and explain the insurance company’s refusal to pay. If doing so, be sure to let the provider know you won’t be paying costs yourself, and will be taking the appropriate actions with your insurance company instead. Most providers are used to dealing with this all too common issue and many even employ ombudsmen to assist you in this endeavor. They aren’t likely to add penalties or late charges, and more likely to extend time for payment, giving you time to work out the situation with your insurance company.

Medical Debt Suggestion Number Five – Mistakes Happen

Always check your bill for possible mistakes and never agree to pay once an error is located. As estimated by the General Accounting Office, mistakes on hospital bills are common and average roughly $ 1,400 each time they occur. Considering that many bills contain codes foreign to the consumer or broad categories for charges, as detailed above, it is possible that much of the medical debt assessed is due to these mistakes and can be reversed.

Medical Debt Suggestion Number Six – Ask for Leniency

Even when you find that the medical bill received is accurate and that you are, in fact, responsible for paying the debt, it can be difficult to do so if you simply don’t have the cash to cover the cost. You could consider a payday loan or a cash advance, don’t be afraid of contacting the billing representative directly to explain the situation. Often, these agencies are more flexible than lenders or credit companies with payment plans. And, when consumers show an interest in paying but simply are unable to, they will often make arrangements involving a minimum payment and limit additional charges while a consumer makes installment payments on the balance. It’s key to communicate. Keep in touch with the billing agency, and do what you can to pay down the medical debt and that will earn you some leniency.

Medical debt is difficult to pay off, but it IS possible. If you need emergency cash, or a short term installment loan, even with bad credit it’s an easy way to get cash till payday. Emergencies do happen, and we aren’t always ready for the costs, which is why people need good advice about what to do.