In 2020, Jennifer Vall's son was diagnosed with leukemia. A year later, she discovered she had thyroid cancer. Although Vall was debt-free and possessed an excellent credit score, mounting medical bills plunged her into thousands of dollars of debt.
“I was able to utilize my credit to survive because one thing with cancer is that bills don’t stop just because somebody gets sick,” said Vall, 37, a healthcare training specialist for the Minnesota Department of Human Services.
Balancing her and her son's health while tackling debt became Vall's primary focus, pushing her emotional well-being aside.
“When you’re under a great deal of financial stress, it does present physically in forms of insomnia, migraines, and relational troubles,” said Ashley Agnew, a certified financial therapist.
Recognizing the Challenge
After years of struggling to reduce her medical debt, Vall decided to work with a debt management company to pay off the remaining $21,000.
If you are confronting medical debt, here are three expert recommendations:
1. Know Where You Stand
The first step toward creating an action plan to pay off medical debt is to understand exactly how much you owe, Agnew said.
“It’s important to take a deep dive in. What parts of that are accumulating interest? How far out is the debt in the 30, 60, or 90-day cycle?” Agnew added.
Having a complete view of your finances enables you to craft a detailed repayment plan. If necessary, consider reaching out to organizations that help build payment plans.
2. Give Yourself Grace
While her son endured tough treatment, Vall bought him everything he desired. Now that he is healthy, she regrets overspending.
“At the time, it was rightfully so,” Vall said. “And looking back, I don’t know that I would have changed that. But part of me regrets doing that, given that he is here and there is more to be given to him.”
If you have a similar story, Agnew recommends giving yourself grace. Rather than blaming yourself for past decisions, remember you were doing your best under the circumstances.
3. Find Your New Relationship with Money
As you continue your journey to pay off medical debt, consider what you want from your relationship with money. This could be a concrete financial goal, like buying a house, or something intangible, like experiencing more moments with loved ones.
“When you really take a deep dive into your money story and into your relationship with money, what’s really fulfilling?” Agnew said. “Sometimes it’s not a thing but an experience or a feeling.”
