Many car accident victims are often burdened with major medical bills after their accident. In fact, according to a Harvard study 62 percent of bankruptcies are caused by outstanding medical bills. Insurance claims can be extremely confusing and differ according to state and policy. While waiting for your insurance claim to settle, these medical bills are often sent off to collection agencies. This in turn can have an immediate impact on your credit score. Insurance companies have a reputation for taking their time settling claims, leaving accident victims sitting on a mountain of debt.
Below are some ways to avoid the accident having a negative impact on your credit score:
1. Provide all health and auto insurance information to any health care providers you have seen after the accident. The worst mistake you can make is to assume that one or the other will be solely covering your medical costs. Also make sure you provide your claim number with your medical providers.
2. Even though it is a stressful time, you must be proactive. Promptly report the accident to your insurance company. If you delay your claim, insurance companies may try to use this against you as grounds for denying a claim.
3. Keep all of your mail, records, reports, etc., organized. Save every piece of mail you receive regarding the accident. This can include any type of correspondence between you, the medical providers or the insurance companies.
4. Educate yourself about balance billing. Most health care providers are required to follow certain billing procedures. If you are not aware of the procedures, you might become the victim of balance billing where you are not billed within a timely manner.
5. Do not hesitate to ask your insurance agent for help.
6. The best results come to those who are persistent. You may feel as though you are annoying your company’s adjusters; however, they are more likely to settle your claim in a timely manner if you are persistent.
7. It is not in your best interest to try and settle your claim alone. There are often important deadlines and procedures that you do not know, therefore consider hiring an attorney to help you through this process.
8. If you are denied a claim, challenge the denial. Your attorney can help you file a suit to rightfully claim your settlement.
9. The scary truth is that you may be liable for some of your medical bills. However, you can try to negotiate the amount you owe. Your attorney can also help you negotiate this with your health care provider.
To read more on this story visit: http://money.msn.com/credit-rating/will-a-car-crash-wreck-your-credit?page=2
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