Loans for Medical Expenses: Bill Me Later

Illness is unpredictable, and you will never be able to know when they will occur. Unfortunately, some sicknesses come with substantial medical expenses that may be beyond what you currently have. Unlike a holiday that you can put off for when you have some money, you have to pay the medical bills. You may need to take loans for medical expenses if you have exhausted all possible avenues. While some people are fortunate enough to have medical insurance, not everyone has it. We will explore loans for medical expenses in more detail below.

What Is A Medical Loan?

A medical loan is any financing you take to pay your medical expenses. You can also take Loans for Medical Expenses to refinance existing debt. You can also pay for medical procedures such as root canals or plastic surgery or even to cover an emergency.

Medical loans are not cheap; you must have a good credit rating to qualify for low rates. You can get medical loans for bad credit, but they are expensive due to the high-interest rates. You should only consider loans for medical expenses when you absolutely have no other option.

You can get an unsecured personal loan, meaning you will not need any collateral. The lender will, however, take a close look at your credit history to determine whether you are creditworthy. Your income may also need to be at a certain level because it shows that you will be able to pay back the loan. You can apply for an unsecured loan online, and as long as you have good credit, the application process is quick and easy. Your bank or credit union can also extend you the financing. Negotiate for fixed rates so that it allows you to budget well.

The other option is to go for a secured personal loan. You will need to put up collateral so that the bank has something they can sell if you are not able to make the payments. You could, for example, put up your home, office equipment, and vehicle, among others as collateral. The main advantage is that you will be able to get more competitive rates. You must ensure you make the payments; otherwise, you will lose your property.

Medical Loan Providers You Can Consider

Lending Club

Резултат слика за lending clubLending Club is a peer-to-peer lender that will give you a maximum loan amount of up to $40,000. The minimum amount you can borrow is $1000. The APR rate is in the range of 6.95% to 35.89%. You will need a minimum credit score of 640. The interest rate is fixed, the minimum loan term is three years and a maximum of five. You should typically have your money within three days.

The business model uses investors to fund personal loans. It is available across the U.S and has to date funded over 2.5 million credits. The lending Club will give you a grade which ranges from A to G. the grade will determine the origination fee and the APR rate. You should consider getting a pre-approval, and you also have the option of using a cosigner. Making regular payments will help you improve your credit rating because they send your payment reports to the credit reporting Bureaus.

What you may not like is that in some cases the turnaround time can be quite long. They also charge an origination fee of 1% – 6% of the loan amount. They will deduct the amount before transferring the balance to your account.

Prosper

Prosper is another peer-to-peer lender that has managed to disburse Personal Loans of up to 10 billion dollars. Applying for a loan is similar to how you do it online. Investors will then review the application before making the decision. The minimum and maximum loan amounts are $2000 and $40,000, respectively. The APR rate is 6.95% to 35.99%. The interest rate is fixed; the minimum loan term is three years, while the maximum is 5. Turnaround time is between 1 to 3 days.

You will need a credit score of 640, be a permanent US citizen. Those living in North Dakota, Iowa, and West Virginia cannot get a loan through prosper. They will deduct the origination fee before sending the money to your account. To qualify for loans for medical expenses, your Healthcare provider must enroll with prosper and offer financing options. They also have a list of medical providers you can use. They will do a soft credit check, which will not affect your score.

Prosper is very efficient with how it handles loans. You keep track of your loan by logging onto the online account management system. If you decide to make prepayments, they will not charge you any penalties.

What you may not like is the origination fee is a bit high. It is in the range of 2.41% to 5% of the loan amount. They will deduct it before the money gets into your account. Be careful about late payments because you will pay a fee of $15 or 5% of the amount due.

SoFi

Резултат слика за SoFiSoFi target’s recent College graduates who have a decent income, although anyone else can apply. You get loans of up to $100,000, but you will need a credit score of 680. The minimum amount you can borrow is $5000. The APR rate is in the range of 5.99% to 17.66%. The loan repayment term is 2 to 7 years. The turnaround time varies.

They have made the process of applying for loans very easy because you can do everything online. You will communicate with the agents on the phone, and sign the final loan form electronically. If you are new to the program, you qualify for discounted APR. They will deduct the principal and monthly interest automatically from your savings and checking account.

There is no late, prepayment, or origination fees. It also gives you the option of having a co-applicant which will make it easier for you to pay back the loan faster. They have an online calculator that will help you estimate your monthly payments. SoFi is available across the US, but not in Mississippi.

You should be ready for a hard check into your credit history. They will also look at your monthly expenses and how it compares to your income. The process is long, and you will have to wait a little longer before you get your money. They are so stringent that some people have had to wait over 30 days before getting any feedback. It may, therefore, not be the best option for someone who requires an urgent medical loan. However, if you are taking loans for medical expenses such as elective surgeries, then it is a good option.

Even Financial

Резултат слика за even financial, inc.If the process of comparing personal loans is something you do not look forward to, then Even Financial is an excellent option for you. You must submit your application, and it will do the process of getting the best lender for you. You will, however, have to borrow from the lenders within the Even Financial network.

You can get loans within the range of $1,000 to $100,000. Your credit score needs to be 550 and above, and the loan repayment is 2 to 7 years. The APR range is 3.84% to 35.99%, and the turnaround time will vary. You have the benefit of having access to some of the top-rated lenders. There are no hidden or upfront costs.

What you may not like is that there is a limit to the number of providers you can access, since they have to be on there Even Financial network.

Upstart

Резултат слика за upstartYou will need to have a  credit score of 620. The APR rate is 7.69% -35.99%. The minimum and maximum loan amounts are $1,000 and $50,000.

Upstart is excellent for any borrower who is new to credit. The lender will also look at other factors such as employment and your educational background. The turnaround time is quick, but you need to watch out for the origination and late fees. It is also an unsecured loan, and you cannot cosign.

Avant

Резултат слика за avantTo qualify for Avant,   you need a credit score of 580 and above. The APR rate is. 9.95%-35.99%. The loan amounts are in the range of $2,000 – $35,000. It provides a good option for anyone who has a low credit score and income. You also have refinancing options, and there are no prepayment fees. What you may not like is that you cannot cosign or get a secured loan option. You will also not be able to use it for debt consolidation, as it does not offer direct payments to creditor’s service

Lightstream

Резултат слика за lightstream loansTo qualify for Lightstream, you need a minimum credit score of 660. The APR rate is. 5.49%-17.29%. The loan amounts are $5,000-$100,000. The high maximum quantity makes it a convenient option for loans for medical expenses that are high. You can also use it for the purpose of consolidating your medical debts. It, however, does not offer pre-qualification on its website, and you have to have several years of credit history to show the lenders.

 

What You Should Consider When Shopping For A Medical Loan

Pay attention to the following factors when you are shopping around for medical finance. Approach more than one lender so that you only go for the one who gives you the most benefits.

Annual Percentage Rates

The Annual Percentage Rate (APR) is the exact representation of the actual cost of borrowing. It is the sum of the amount you borrow, fees, and interest. The APR on most personal loans will be in the range of 6% to 36%. To qualify for low rates, you need strong credit.

Fixed or Variable Rates

You have the option of fixed or variable rates. Fixed rates mean that the interest and the amount you pay monthly remain the same. Variable rates, on the other hand, will depend on how the market situation currently is. The amount you pay every month will therefore fluctuate. You may, therefore, pay more or less every other month. Fixed rates are better because you know exactly how much you will be paying. You will not worry that the rates may rise within the repayment period.

Origination Fees

Some lenders may require that you pay a one-time origination fee to go towards the processing of the loan. It could range from 1% to 6% and will impact on the overall APR cost. Depending on your lender, you may get the origination fee back, in a sense, as they will subtract it from the loan proceeds.

Loan Term

Long-term refers to the repayment period. It will have an impact on how much you pay every month. The longer the repayment time, the higher the overall interest you will end up paying. Choosing the repayment period will depend on your budget. Many online calculators will help you calculate how much you will need to pay every month.

How Fast You Get the Loan

Emergencies require that you look for a loan that you can get almost immediately. You will get lenders who can give you the money within a day or two while others can take up to a week. It will mostly depend on the checks they will need to do, including looking at your credit history and income.

Pre-Approval

It can be very frustrating to go through the process of applying for a loan only for the lender to reject you in the end. Some lenders will make the process easy by doing a pre-approval. Take the time to fill in the necessary forms. It saves you valuable time because you know upfront whether you have any chance. The pre-approval may be as easy as filling an online form. It will give the lender sufficient information on whether or not you qualify.

Credit Score

There are certain factors that lenders will look at before extending the loans for medical expenses to you. One such eligibility criteria are whether or not you have a good credit score. It will also determine the type of interest rate the lender will charge you.

Advantages and Disadvantages of Medical Loans

There are several advantages and disadvantages you need to be aware of when applying for loans for medical expenses. We will look at them in more detail below.

Advantages of Medical Loans

The main advantage of taking loans for medical expenses is that you get access to quick funding to pay your medical costs. Depending on the lender you decide to work with,  you can have the money in your hands within a day or two.

Loans for medical bills are not a cheaper option when you compare them to using your credit card to pay your medical debts. With a good credit history, you can get rates as low as 6%. You, therefore, pay less interest then what you would spend on your credit cards.

Disadvantages

While very convenient, loans for medical expenses are an expensive option, especially for anyone who has bad credit ratings. The interest rate will be high, and if you spread the payments over a longer period, you will end up paying a very high amount.

Medical Loans for Bad Credit

Loans for medical expenses may not be avoidable no matter how bad your credit score is. Your inability to pay debts does not matter when it comes to illness and seeking treatment. Those with bad credit can qualify for loans, but you will end up paying very high-interest rates. The lender is taking a risk by giving you money, with the knowledge that you may not be able to make the payments. They, therefore, buffer themselves against too much loss by charging the higher rates.

You must work towards improving your credit score so that you can renegotiate the loan terms. Peer-to-peer or marketplace lending is a fantastic option for anyone who has bad credit.

Is It A Good Idea To Take Personal Loans For Medical Expenses?

Loans for medical expenses are a legitimate way of taking care of your medical needs. There are many advantages as we have already highlighted above. Before taking a loan, exhaust all the other options, so that you do not deal with the high-interest rate, and extended repayment terms.

Alternatives to Taking Medical Loans?

There are several other alternatives you can consider before you opt for loans for medical expenses. Such include:-

Medical Bill Advocates

Medical bill advocates offer various services such as Bill verification, negotiating lower payments, talking to the insurance companies to give you higher coverage among others. They will charge you a fee, but they can save you quite a bit of money.

Negotiating With the Medical Providers

You can try and negotiate with the medical provider for more flexible terms. It can be difficult, but you may be lucky enough to get a discount. You can also ask for affordable payment terms.

Charity Programs

Some organizations offer financial help to anyone who is undergoing a medical crisis. They are normally non-profit, but you will need to prove that you need the assistance.

Credit Cards

Using your credit card to pay your medical debts will depend on how much you have on the card. Take advantage of cashback cards so that you eventually get your money back. Apply for those with 0% introductory annual percentage rates which will give you a 6 to 18 month interest-free grace period. You must be sure that you can pay back the money within the allotted time frame; otherwise, you will pay very high-interest rates.

Medical Credit Cards

Medical credit cards allow you to get financing without paying interest on your debt. You get 0% APR for 6 to 18 months, but you must make your payments on time. Have proof of a steady source of money to show that you can meet your payment obligations. You should also note that some medical providers will not accept medical credit cards.

401 k

If your employer has availed the 401 k retirement savings accounts to you, you can borrow money from here. The advantage is you will not need a credit check since you are technically borrowing the money from yourself. You also do not pay any interest, and the repayment term can go up to five years. However, if for some reason you stop working for the employer, you must pay back the money within 60 days. You do it to avoid the penalty for withdrawing before your retirement age.

Dos and Don’ts of Applying For Personal Loans for Medical Expenses

Personal loans will give you access to quick money, but there are certain things you need to take into consideration. We will look at some do’s and don’ts when applying for such loans.

Do Not Borrow Money from Family or Friends

We have all heard the mantra ‘money, and friendship does not mix.’ If for some reason, you are not able to pay back the loans for medical expenses, you could end up damaging your relationships.

Do Not Borrow from Unofficial Lenders

Be careful about who you approach for your loans for medical expenses. You must establish that you are working with an official lender. Borrowing from shadowy characters that front as financiers can get you into a lot of problems.

Do Not Agree to Unfavorable Terms

When you are negotiating for your loans for medical expenses, check whether the bank offers fixed or variable rates. The latter is the best because you know from the outset how much you will pay, thereby allowing you to budget accordingly.

Also, check that the origination fees are not too high. Some will even deduct the amount before the money gets into your account, thus making it very inconvenient if they take a large chunk of the money.

Do Not Sign Anything Without Understanding the Fine Print

Ignorance is no defense, saying you did not understand the terms of the agreement does not preclude you from paying back the money. You must, therefore, read the fine print thoroughly. If you are taking a large sum, get a financial expert or lawyer to go over the documents with you.

You Must Not Settle For the First Lender You Come Across

It does not mean that since you have been with a particular bank, it should be the first and only option you consider. Look around for the right lender when applying for loans for medical expenses. They may not give you the best rates or payment flexibility. Shop around and compare what each lender is offering you before making the final choice.

Be Careful About Marketing Language

Lenders will promise a lot when they are trying to rope you in. They may, however, not be able to live up to the promises. In some cases, what they offer may end up costing you more than you anticipated.

Check Your Credit Score

Make sure you keep track of your credit score. The right lender should forward your payment history to the Credit Bureaus to improve your credit rating.

Pay Attention to the Penalties

You may face specific penalties that will impact on the overall cost of the loan. Some lenders will, for instance, charge prepayment fees, so make sure you look at the documents carefully.

Be Careful About Who You Co-Sign

Co-signing means that you put someone else at financial risk if you are not able to pay back the loan. You may end up damaging personal relationships if the lender goes after the cosigner.

Резултат слика за medical bill infographic

Final Thoughts

Loan for medical bills are an excellent way of settling expenses that may arise out of illness. You can also consolidate your medical debts, and pay them off at once using the medical loan. You must be careful about the lender you opt for. Take notice of things such as the APR, credit score requirements, loan repayment, and any fees that you will need to pay. Like any other loan, make sure that you make your payments on time. Not doing so will impact on your credit score. The next time you need financing, you may find that it is incredibly challenging because of the credit history.

About the Author – jamie a

Medical Finance Options for Primary Care: Money 911

There are many people who can’t afford medical bills or proper medical treatment. The medical industry is known for its high costs but there are medical finance options that can help you out.

What Is a Medical Loan?

A medical loan is a personal loan that you use to pay for medical expenses. These loans can be used for different medical treatments, including elective procedures, surgeries, fertility treatments, and more. There are a number of lenders, including online businesses, credit unions, and banks that will offer these loans. Oftentimes, medical loans can be secured, which means you don’t have to put up any collateral. For these loans, lenders will focus on factors such as your income and your credit history to determine if you qualify. You can also apply for secured personal loans for medical expenses, which require collateral. With these, you may be able to get more competitive rates. The amount of money you can borrow for a personal loan will depend on different factors, including your credit history.

If a medical loan is something you need, go to a credible lender for it. You don’t want to get scammed, especially if you decide to apply for a loan online. We actually encourage you to do so! Applying online is not only a lot simpler than going around looking for a loan, but it’s also much faster.

Alternatives to Loans and Different Medical Finance Options

Sometimes, you may find that taking out loans is not one of the best medical finance options. This could be because the interest rate is too high for you to comfortably pay back the loan or you may not qualify. If you can’t get a loan, you may be able to have other medical finance options.

Explore Different Financial Assistance

If you are struggling to make ends meet then you may be able to qualify for reduced cost or free care. Hospitals will usually have financial assistance programs to help you with the care you need. The criteria for these programs will vary but you need to consider your income, different assets, and whether the care you are getting is a necessity. Another one of your medical finance options is to work out a payment plan with the hospital if you need some extra time to pay.

Ask about Discounts

Some hospitals will still provide discounts if you don’t qualify for reduced or free care. Every hospital has its own policy but if you are uninsured then it doesn’t hurt to ask for any discounts available.

Negotiate Lower Payments

If you don’t qualify for any financial assistance but still need to lower your bill then consider negotiations with the hospital or doctor. It’s possible to negotiate an out-of-network bill down to a payment that is more manageable.

Use a Medical Credit Card

There are medical credit cards available through your healthcare provider to help with paying eligible bills. Unlike a regular credit card, a medical card can only be used to pay for healthcare and with a provider that accepts it. Some medical credit cards also come with a period of deferred interest. If you can pay off the balance before the deferment period is up then you won’t need to pay interest. Once you have used the medical credit card to pay for care you’ll make payments to the credit card company instead of the doctor. Once you pay for the bill on a medical credit card you usually aren’t likely to qualify for financial assistance. A benefit of medical credit cards instead of regular credit cards is that you can’t rack up debt on other purchases.

Use a Regular Credit Card

Instead of getting a medical credit card, you can also use a regular credit card. You may be able to qualify for a credit card with a low interest rate offer. However, if you aren’t able to pay off your balance before the introductory rate ends or you aren’t able to keep up with your payments, this can cost you more.

Health Savings Account

An HSA can help those who have high deductible plans. It’s not a loan but you should still explore your options with an HSA. There are many advantages to using this type of account and the main one is the tax benefits.

Discounts

Some medical providers will give you a discount if you pay the full amount within 30 days. While this option may be feasible for large bills, it can also help you save on costs for smaller bills. For example, if you are able to get 10% off for paying your bill in full within 30 days of small procedures then the 10% adds up quickly and you have more money to pay for larger medical bills.

Dispute Any Billing Inaccuracies

Before you pay the bill, double check the invoice to make sure everything is correct. If you find incorrect information, call the healthcare provider or your insurance company to dispute errors.

Choosing Different Medical Finance Options

When you are comparing different loans for medical bills and medical finance options, there are some things to keep in mind to make the decision easier.

Annual Percentage Rate

The APR is the true annual cost of borrowing, which includes fees and interest. When you compare the APR, you are able to compare apples to apples on different loans you are considering. APRs can range from 6% to 36%. In order to get the lowest rates, you will need a high credit score.

Variable or Fixed Rate

The loan’s rate can be fixed or variable. A fixed rate will stay the same and make payments the same amount each month. A variable interest rate can cause the payment amount to fall or rise depending on the market. With a fixed rate, you have peace of mind knowing that your payments won’t go up and you can work them into your budget.

Origination Fee

Some lenders will charge a one-time origination fee in order to cover the processing cost of the loan. The fee can range from 1% to 6% and is included in the APR calculation. Many lenders will subtract the origination fee from the loan proceeds so you need to consider this when determining how much you need to ask for when applying.

Loan Term

The repayment period and your loan terms will affect the monthly payments. A longer repayment term will give you a lower monthly payment but you will pay more in interest over the life of the loan. You need a loan term that gives you payments to fit into your budget. You can use a personal loan calculator to see your estimated payments at varying loan terms.

Speed

If you need funding fast then consider a lender that has a quick application to funding timeline. Some online lenders are able to provide you with funding in a day or two. Others can give you funding in a week.

Medical Situations Loans Help With Overcoming

Loans and other medical finance options can help with payments and cover the cost of different medical procedures you may not be able to get otherwise.

Orthodontia

You or a family member may need braces in order to ensure the healthy development of teeth. Even if braces could be used for a healthy jaw, orthodontia does fall under the category of cosmetic dentistry. This means it can be hard to get insurance to over the cost of braces. Medical loans can help with these costs. Medical loans can offer better rates than negotiating with an orthodontist and can also be a reliable option if there aren’t any state-specific dental programs near you.

Reconstructive Surgery

There are two kinds of reconstructive surgery. Insurance will cover some procedures and there are the others that you are responsible for funding. Typically those surgeries that are to improve the body’s regular function will be covered under standard health plans.

The procedures that are covered under reconstructive surgery include:

  • Breast Surgery – This can be for reconstruction after a lumpectomy.
  • Hand Surgery – Surgery can be done to treat carpal tunnel syndrome and tendon and nerve injuries.
  • Ear Surgery – This may be needed to correct any ear-related injuries or birth deformities in the ears.
  • Nasal surgery – This can also help with birth deformities or problems with breathing.

Cosmetic surgeries are usually not covered by insurance.

Fertility Treatments

There are only a few states that require health insurance to cover fertility treatments such as IVF. A typical IVF cycle can cost $10,000 or more. Medical loans can reduce the cost barrier for those couples that want to have children but can’t. Financing through a clinic may come at a higher rate than a medical loan. Medical loans prevent other risky options such as borrowing against the home.

Bariatric Procedures

Health insurance doesn’t necessarily cover weight loss surgery and this can be true for different bariatric procedures. There are several steps that need to be taken in order for your insurance company to even consider it. Approval can take 30 days to a year. Not every state requires the insurance company to cover the cost of this type of surgery. You can receive funding sooner if you go through a medical loan. A medical loan can also help pay for the additional living expenses during your recovery and can cover procedures for extra skin.

Advantages of Medical Loans

Bills for medical costs are the number one reason why people file for bankruptcy. Taking out a medical loan can allow you to manage your healthcare costs on a payment schedule that works for you. You can avoid the stress of worrying about debt collections or trying to pay off the procedure in one shot.

You may be able to get the funds you need for your procedure faster than if you waited for insurance to decide whether something is covered or not. Medical loans may be able to give you better medical financial options than what you are given for financing through a medical service provider. You can use the money for a personal loan for medical bills for other medically related expenses, such as living expenses during your treatment and recovery. You can also use a medical loan to help with medical debt consolidation. If you have multiple bills from different medical providers, this can help you keep track of everything.

Disadvantages of Medical Loans

Depending on your credit, medical loans can be one of the more expensive medical finance options. Some borrowers may be able to qualify for low interest personal loans, but applicants with less than perfect credit histories will likely see higher interest rates. Depending on the terms you qualify for, you may be paying a lot of interest over the years.

Medical loans don’t decrease the total cost of what you are paying for care. If you are struggling to pay the bills, it also helps to look at ways that you can reduce the amount you are required to pay.

Prequalifying for Medical Bill Loans

Prequalifying for medical bills loans is the first step in the loan approval process. It will give lenders a look into your creditworthiness and gives you preview at what you may get. Getting prequalified doesn’t guarantee you a loan and lenders do verify information before the final approval.

You first fill out a prequalification form and share information such as your existing debt, occupation, and income. The lender then performs a soft credit check to look at your credit score and history. This check gives the lender an idea of how risky you could be as a borrower. The lender either grants or denies prequalification. If you prequalify then you will get information about the loan you could receive, which includes the loan amount and rate. You can then accept or decline the offer. If you accept then you formally apply for the loan, which requires additional information and verification.

The actual prequalification process shouldn’t impact your credit score since it’s a soft check. If you continue with the loan application after prequalification then the lender will verity financial history and perform a hard credit check. The hard credit check will show up on your credit report for two years and temporarily take some points off your score.

What is Adverse Action?

If you get an adverse action, this means you have been denied the loan. Typically an adverse action will only be sent to you if you have been denied and not if you just fail to prequalify. The lender will include information about the credit agency provided in the report, your current score, factors contributing to it, and why you were denied. This can give you an idea of how to qualify for a loan in the future but for now you will need to find other medical finance options.

Common Reasons Why Medical Costs Can Surprise You

While you may have health insurance, there are number of reasons why health care costs can take you by surprise. When these things happen, you need to consider your medical finance options.

Not Understanding the Fine Print

Many people make a decision about a health insurance plan based on the lowest available premium. This can work for you if you are healthy and rarely use the policy. However, if you need medical care, you may discover that there is a huge deductible and you may not have thousands of extra dollars just sitting around for medical expenses. Any surprise like this can cripple your finances.

Change in Coverage

If you diligently review your policy and know how to balance any medical expenses, a change in coverage can throw you for a loop. For example, you may discover that prescriptions you need are no longer covered under your plan. This could mean that a prescription that once cost you $10 is now costing you $250. Your medical provider could suddenly be considered out of network and if you don’t find another doctor then you are stuck with the higher cost.

Children

Children can get sick or injured frequently. Things such as emergency room visits, pediatric specialists, X-rays, and medicine can add up fast and put a huge dent in your finances.

Travel Surprises

You have planned the perfect vacation but there can be medical costs associated with that trip. Depending on where you will travel, you may need immunizations that aren’t covered under you plan. There is also the possibility that you will need medical care while you are traveling and those costs can be expensive. The best thing to do is have the knowledge of what can happen and have a last-minute plan in the event that something unlikely happens.

Accidents

Accidents can occur at any time. There are countless people who have been injured in accidents that weren’t their fault. No matter your coverage or ability to pay for your medical bills, one accident can drain your savings. Not only will you have to pay for the medical expenses but there is likely the cost of a car repair deductible and you could be missing work. You may even need to have therapy after an accident. A loan for medical bills can help with the medical expenses that occur after an accident.

What Does Your Insurance Cover?

Understanding medical necessity is the key to figuring out your heath insurance and coverages. If you have a procedure done and find out it’s not covered by your heath plan, you may find that this is because it wasn’t medically necessary.

What Is Medical Necessity?

Medical necessity is defined as a medical service, test, or procedure that is required after the diagnosis by a medical doctor.

When it comes to getting paid for an insurance claim, you need to make sure the procedure or service you are having done is covered. One of the keys to getting reimbursed for a medical expense is knowing what your policy will see as a medical necessity.

How to Check Medically Necessary Coverage

In order to check if something is medically necessary, call your health insurance or check your health insurance documents to ask about the overage for the specific test or procedure. Even if it is medically necessary, there may be limitations or exclusions for the amount they will pay. Sometimes a plan can limit the number of items or the total amount payable for a procedure so just finding out if it’s covered won’t give you all the information.

Find out if the whole procedure and other related aspects are covered. Sometimes only part of the procedure is covered and you have different options. Go over these options with your doctor as well. Going the most expensive route may not always be covered. See if you have to go to a specific in-network care center or hospital in order to have coverage. Sometimes going to a doctor, hospital, or clinic outside the network will exclude you from coverage.

There are plenty of examples of things that aren’t medically necessary. If your hospitals surpasses the health plan approved length of stay, you won’t be covered for the whole visit. Physical therapy may be covered but there will be a limit on the amount of treatment that will fall into the medically necessary category. Treatments provided in a location or hospital when there are less expensive settings also won’t be covered. Certain prescription drugs may also not be considered medically necessary. This can include weight loss or fertility drugs.

Some preventative services will be considered medically necessary. An annual wellness visit or a procedure that can prevent health issues can be covered.

Steps for Dealing with Medical Debt Collections

It’s best to look at your medical debt and go through your medical finance options before you declare bankruptcy.

Резултат слика за how to pay for medical bills infographic

Don’t Ignore It

The last thing you want to do is ignore your medical bill and have it be sent to a collection agency. You can’t ignore your child’s medical bills either. Among forms you signed was the agreement to pay for your child’s medical expenses. If you don’t pay the bill, it will hurt your credit just as it would if it was your own medical bill.

Make Sure It’s a Bill

Read through what you received in the mail carefully to make sure that you actually have a balance due. Sometimes the heath insurance company will send an explanation of benefits that explains what’s covered on your behalf and this can look like a bill. This explanation can give you a heads up for any medical bills that are on the way. When insurance isn’t covering something, it’s likely you will see a bill soon.

Verify It’s Not Covered by Insurance

Since medical billing is complex, mistakes can happen. Make sure your doctor’s office actually billed the insurance company for the right services and then follow up with your insurance company to see why it’s not covered. Being proactive in clearing up any mistakes can save you money.

Negotiate

If you aren’t up to negotiation, there are companies that will do it for you. The medical industry counts on you not understanding what you are being billed for and uses it against you. This is where negotiating can come in.

Pay It Off or Make Arrangements

Once you have exhausted your negotiating then it’s time to use your medical finance options. You may be able to pay off smaller bills if you have money in an emergency fund or savings account. If you aren’t able to pay in full, look at your payment options with the hospital or medical loans. Be sure to review your budget in order to figure out what you can afford. As with any bill, you need to make payments on time every month or your account can be sent to collections.

Conclusion

There are different medical finance options you have to pay down medical debt. Loans for medical bills can be a big option and there are different advantages and disadvantages to choosing this route. There are different things to look for when comparing loan options and you want to take a look at the APR in order to compare which loan option is the best. Loans can provide you a resource to pay for items that aren’t considered medically necessary and aren’t covered by insurance. Always talk to your insurance company about negotiating and seeing if items are covered before you pay a medical bill.

Consolidate Medical Debt with a Medical Loan

A recent survey reveals that about 79 million Americans have problems with medical bills or debt. Also, the cost of healthcare has risen sharply in the past few years, not just in the United States but also across the world. Even with insurance coverage, there will still be costs that the consumer will be required to pay. This is one of the reasons why so many Americans are struggling with medical debt today. As a result of an increase in cases of health problems and high costs of medical care, more people are looking at medical lending as an option. However, considering the heavy burden associated with medical bills and expenses, it is important to find the right loans for medical treatment when you need them. Here are a few things consumers should know before taking out a loan for medical bills.  

Reasons to Consolidate Medical Debt

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Consumers can incur medical expenses at any time without expecting them. Having a number of medical bills to service at the same time can compromise a person’s entire budget. In order to avoid being overwhelmed, consumers can choose to take a single loan for medical bills to consolidate the smaller ones.

One of the best reasons to consolidate medical debt is to make it easier to pay off these expenses. Rather than having to track payments for several bills, it will be easier to have and focus on a single loan. This allows the consumer to plan better and reduce debt faster.

If a borrower gets lower interest rates and better terms on a new loan, they can consider taking it out to pay off debt quickly. However, the consumer should be sure that they will afford the monthly payments to avoid getting into financial trouble.

Failure to pay loans for medical treatment will have a negative impact on an individual’s credit score. If one is having a difficult time meeting their financial obligations, they can consolidate debt to protect their credit score. Again, consumers should ensure that taking out the new loan will not make their financial situation worse.

If part of the medical debt is credit card debt, there is a chance the borrower is paying some annual fees. Consolidating the medical debt will not only help to avoid such fees but also restructure the payment plan into a longer period, making it easier to pay off the debt.

What is Medical Financing?

Regardless of the type of health problem a consumer or their loved one has, medical care is expensive and can leave a family with significant medical expenses to pay. If the health insurance provider refuses to cover the medical procedure needed, patients have to find another way to pay for the procedures. This is where medical finance can be an option. Although the cost of medical care is beyond the reach of many, the right tactics can help consumers to afford the care they need.

A medical loan, also known as a signature loan, is an unsecured loan that allows borrowers to access money without putting up any form of collateral. Most of these loans require that the money obtained to be used only for the purpose of repaying medical debt. Interest rates on these loans vary from lender to lender but greatly depend on the borrower’s credit score. Any borrower who is not ready to handle the frustrations that come with billing departments can consider taking out a loan for medical bills.

Applying for a Loan

When a consumer has a number of medical bill loans to pay at the same time, they can think about using medical finance to consolidate the existing loans. However, such a consumer should know how to find the best rates that they may be eligible for. The good news is that there are numerous resources and a lot of information to make the process easier for borrowers. For instance, working with a reliable company that runs the application through several sources will help borrowers to avoid appearing like they are applying to several lenders. As a third party that is not in the lending business, we make it easier and faster for consumers to find lenders.

While there are professional lenders with whom one can take out a loan for medical bills, there are also unscrupulous people who seek to take advantage of desperate consumers. For this reason, borrowers should be careful not to fall victim to predatory lenders. Most predatory loans are accompanied by unreasonable and unnecessarily strict terms that can make it difficult for a borrower to pay them off. Apart from shopping around and comparing terms offered by various lenders, consumers should ensure that they qualify for the loan and put all the required documents together. This will make the loan application process easier and faster, helping the borrower to meet their financial needs in good time.

Uses of Medical Loans

There are a number of reasons why consumers may need to apply for a loan for medical bills. Whether it is an injury, unexpected hospitalization, or accumulated medical debt, these expenses can overwhelm you. The good news is that medical loans are available for those who need them. Here are some of the uses of medical loans: 

Dental Work

Dental issues may require treatment plans such as an implant, root implant, or dental surgery. Since most dental issues can become unbearable fast, consumers need to plan on how they will cover the related expenses. Mostly, dental insurance will not cover the costs associated with dental visits. Medical loans can help consumers pay for dental care easily.

Cosmetic Procedures

Procedures such as facelifts, tummy tucks, and reconstructive surgeries are not usually covered under regular medical insurance. A personal loan for a medical procedure is one of the options consumers can consider to cover the costs of procedures meant to improve appearance.

Weight Loss Surgery

While insurance may help to cover a portion of the cost of surgery, it might not pay for counseling and support services. Some consumers find it necessary to go for medical financing to pay the bills.

Eye Care and Surgery

Today, with procedures becoming safer and more refined, eye surgeries have become common. Consumers looking to correct their vision can consider loans when they need to get money fast.

Hearing Loss

Hearing loss can affect one’s quality of life. Although treatment for the condition is expensive, most people do not have proper insurance for it. This is one of the areas where a medical loan can come in handy.

Chiropractic Treatments

Regular medical insurance does not cover expenses incurred during treatment after a physically traumatic event. If you do not have cash on hand, you may have to get a loan since chiropractors charge at the time of service.

Emergency Care

Nobody ever plans for an emergency. When a consumer needs urgent care and has to pay for it upfront, a medical loan can help to cover the cost of treatment.

Consolidating Existing Medical Loans

Paying several medical bills at once can be overwhelming. This is one of the reasons why people take out one large medical loan to consolidate several existing loans.

Before taking out loans for medical expenses, it is essential for a borrower to ensure that they are taking on debt for the right reasons.

Types of Loans That Can Be Used for Medical Bills

A consumer’s needs, circumstances, and preferences will determine the type of loan for medical bills they will go for. In order for borrowers to be sure that they are getting the best deal, they must familiarize themselves with the various options available.

Unsecured Medical Loans

These loans do not require the borrower to put up any form of collateral. This means that they are based on the promise to pay back the money. Eligibility for the loans depends on the level of trust between the lender and the borrower. The loans are likely to attract higher interest rates than other types of loans.

Secured Medical Loans

This type of loan is guaranteed by tangible assets such as a house or motor vehicle. In the event that the borrower fails to pay back the loan, the lender can take the collateral. Some people consider this unnecessary risk and stress.

Credit Card

Whenever there is a medical emergency, consumers can take out their credit cards to handle the problem. However, users should be careful about how much they use since this will attract higher interest and put them in more debt.

Medical Credit Card: Swipe Here for Health

Medical Credit

Some lenders offer special credit to enable consumers to meet medical-related expenses. In most cases, the initial transaction will have a special offer. However, since defaulting can lead to higher fees, consumers should understand what they are getting themselves into before taking medical credit cards.

Marketplace Loans

Certain lenders also specialize in offering loans to help those who do not qualify for other types of loans. An online search will help to find these lenders and compare rates offered by different lenders.

401 (k) Loans

Consumers who have access to 401 (k) may borrow money to settle emergency medical expenses. Such people should remember that the money will have to be paid back and will have fees associated with it.

With the different options available to those who need a loan for medical bills, it is important to do some research before taking out any loan. We make it possible for consumers to find and apply for an easy medical loan when they need one.

Резултат слика за 401 (k) loans infographic

Medical Loans for Poor Credit

Although medical finance can enable consumers to handle medical emergencies, and pay for medical care, having poor credit can limit the loan opportunities available to an individual. The good news is that one can apply for medical loans for poor credit. When filing bankruptcy for medical debt is not an option, interest on credit card debt is too high, traditional lenders will not approve you, or a medical emergency does not allow enough time to build your credit score, you can consider going for these loans. Here are some of the options borrowers with poor credit can consider.

Payday Loans

These are small, short-term, unsecured loans whose amount depends on the borrower’s income. While borrowers can get the money they need quickly, payday loans are limited by the level of income and have to be paid back the next time the borrower receives their salary.

Local Finance Lenders

Some local lenders will provide quick loans to residents of the surrounding community. While this may appear to be nice, such loans are usually designed to take advantage of desperate borrowers. Borrowers receive a check in their mail, with the terms and conditions of the loan attached. They are deemed to have accepted these terms if they deposit the check.

Title Loan Lenders

These lenders offer secured loans against car titles. In order to get cash against any asset, the asset has to be valued before the borrower is provided with a loan that is a fraction of this value.

In the end, since there is no telling when one will need a loan for medical bills, consumers should always work on improving their credit score. This will make the loan application easy, fast, and less frustrating when the time comes to take out a medical loan.  

Advantages of Medical Loans

A medical emergency can strike at any time. While buying medical insurance is a great way to prepare for such an emergency, consumers should also be aware of other options. When insurance is not enough, one can consider taking out a loan for medical bills.

With a personal loan for medical emergencies, consumers can get treatments at non-cashless hospitals or for non-cashless procedures. The impact of the loans will be even more noticeable when the consumer has to make the payment upfront.

Most medical loans are associated with high-speed approval and instant disbursement. This is designed to allow the borrower to concentrate on the critical task of seeking medical care. In addition, borrowers can take loans for any type of ailment. All they have to know is the total amount of expenses.

In the event that the hospital where you want to receive treatment is not listed under your insurance plan, a medical loan can offer the flexibility you need. The loans do not have restrictions when it comes to the healthcare facility a consumer would want to visit.

Compared to other types of loans, loans for medical expenses are very convenient. Most of these loans have flexible tenure options, no prepayment charges, no need for collateral and require minimal documentation.

Things to Know Before Taking Out a Medical Loan

Financial knowledge and literacy can help borrowers to make a conscious and informed decision when comparing medical bill loans. Here are a few things to keep in mind when searching for the right personal medical loans for your needs.

Your Credit score

While people can still get loans without a good credit score, the process becomes more difficult. Apart from making it simpler to get a loan, a good credit score ensures a consumer enjoys better interest rates. Knowing their credit score before applying for medical loans will help borrowers to manage their expectations.

Credit score range

Interest Rate

Taking out a loan for medical bills that one cannot afford can get them into financial trouble. Borrowers should establish whether the loan they intend to take out has a fixed or variable interest rate as well as the amount they will have to pay back as interest. In the end, it is important for a borrower to negotiate the interest rate offered to ensure it will work for them. In case it does not, they can consider finding a new lender.

Repayment Period

There is a direct relationship between the repayment period, interest, and the amount to be paid back every month. Consumers have to have these factors in mind and ensure that they will be in a position to repay the loan without straining.

Loan Amount

Lenders will consider several factors before determining how much a borrower qualifies for. Borrowers should avoid taking more money than they need since they will only end up paying more as interest. However, they should also ensure that the amount they receive will be enough to help them cover a significant part of the medical expenses.

Income

Apart from being aware of how much one earns, they should also understand their current financial position to ensure that the loan will be in line with their current budget.   

When to Take Out a Medical Loan

If you are to make the right financial decisions, you will have to know when to take out a loan for medical bills. Lenders will always be willing to offer these loans provided the borrower qualifies. However, a clear understanding of the financial implications will help consumers to determine the right time to apply for such loans.

In Case of an Emergency 

As much as one may plan for an emergency, the cost of medical care can be higher than the amount one had saved. When there is no time to apply for other types of loans, an easy medical loan can save the day.

If One Has Bad Credit 

Bad credit can limit the loan opportunities available to an individual, forcing them to look for other ways to pay for treatment. Medical loans for bad credit may be more accessible than one would have imagined.

When Other Options Have Failed 

One may have applied for other types of loans and tried different alternatives without much success. A personal loan for medical bills can be a great option at such a time. However, whenever possible, one should exhaust the other options before going for a loan.

How to Find a Loan for Medical Bills

When looking for money to cover medical expenses, one may not have the luxury of time. This means that they will want to access medical finance within the shortest time possible. This is why it is critical for borrowers to know where to turn when they find themselves in such a situation.

One of the best ways to find a reliable lender is through an online search. However, rather than just relying on the information available online, borrowers should go through reviews to establish what kind of experience people had with the lenders. In case one knows of people who went through a similar experience and needed a loan for medical bills, they can ask them for a referral to the lender. However, since such people may have had a different experience, consumers should take time to investigate on their own before taking out a loan. This will provide an opportunity to determine whether they match up with what the borrower heard about them.

In the end, anyone looking for a medical loan should remember that they are taking out a loan to settle a debt. This is why borrowers must ensure that the lender they work with treats them fairly.

Reasons to Use a Medical Finance Lender

There is no doubt that medical conditions take a toll on both the ailing individual as well as their loved ones. When it gets to a point where one needs medical financing, there is a good chance they will already be feeling overwhelmed. This is why they should take the necessary steps to ensure that the process is as seamless as possible. One of the best ways to achieve this is to use a medical finance lender.

A medical finance lender is in the business of offering medical bill loans to those who are going through hard times and are looking for money to fix things. Such lenders have experience in this industry and will not give borrowers a hard time when they request for funding. This means that using a medical finance lender will help borrowers to avoid the frustration of proving their income and ending up being denied a loan.

With such a lender, borrowers will only be required to prove that they are worthy of a loan for medical bills. They also have to convince the lender that they will repay the loan in a timely manner. Medical finance lenders strive to ensure a straightforward application and approval process, effectively helping borrowers to sort out their needs. Working with traditional lenders, on the other hand, can make for a stressful and frustrating borrowing process and experience.

Alternative Ways to Pay Medical Bills

The period after getting a large medical bill in the mail can be characterized by a sense of helplessness and confusion. However, there are a number of options that consumers can consider ad explore to help them settle the outstanding medical bills. Here are some alternatives to taking out a loan for medical bills.

Savings

Some people try to put aside a portion of their monthly income for a rainy day. Regardless of the reason for having a savings account, the money can be of great help in case of a medical emergency.

Borrowing from Relatives and Friends

Instead of paying interest on conventional loans, borrowers can consider this interest free option. However, the loan should be repaid to avoid affecting the relationship.

Fundraising

Consumers can bring together their relatives and friends to help fundraise and settle the outstanding medical bill. While this may also provide access to emotional support, some people may not be comfortable sharing their medical story.

Medical Expense Deduction

Although a medical expense deduction will reduce expenses, all bills have to be paid upfront. The good news is that it ultimately leads to a lighter financial burden.

Alternative Treatment Options

Depending on the procedure to be performed, there may be cheaper alternative treatment options. While this can be a risky move, it can also result in great benefits.

Insurance Coverage

Another commonly overlooked strategy to avoid taking out a loan for medical bills is to buy health insurance.

How Do Americans Try To Pay For Their Medical Debt?

Conclusion

There is no doubt that a loan to help with medical bills can be a lifesaver for consumers faced with a medical emergency. However, if an individual is to enjoy the benefits associated with taking a loan for medical bills, they will need to compare the various options available. Apart from financial literacy, using a third party to find a lender will make the borrowing process fast and easy. The next time you are looking for an easy medical loan to handle an emergency or get a procedure done, kindly consider working with us for a seamless borrowing experience.

Credit for Medical Procedures: Meet Dr. Credit

Your health should always be your number one priority. If you don’t have your health, you can’t have anything else. You can collect possessions every day for the rest of your life, but if you have neglected your health, you won’t be able to enjoy them.

If you live in the United States, taking care of your health and your family’s health comes at a price. Even if you have insurance, there are always costs that need to be paid. You have to pay deductibles and visits. Plus other kinds of expenses that are specifically not covered by insurance. Unless you’re lucky, you either don’t have vision and dental insurance, or your vision and dental insurance don’t cover very much.

This means that most people need to have the ability to pay for medical expenses. At least somewhat. Credit for medical procedures is a solution used by many to take care of those necessary medical expenses.

What Kind of Loans Can Be Used for Medical Bills?

There are a lot of ways to get a loan for medical bills. What kind you choose and what terms you may be eligible for depend on many factors. You should evaluate your options before making a decision. This way you know you are getting the best deal and you can live comfortably with the terms of your loan.

Unsecured Medical Loans

Unsecured medical loans are loans which are basically based just on your promise to pay the money back. This kind of loan depends on the level of trust between the lender and the borrower. It can have a higher interest than some other kinds of loans.

Secured Medical Loans

Secured loans are usually associated with mortgages. It means that the house or the car is used as collateral. When you use collateral for a loan, that means the collateral can be taken by the lender if you don’t make good and pay off your loan. Lenders usually protect their collateral by requiring borrowers to keep insurance on their collateral such as property or auto insurance. With secured medical loans, you may be allowed to use your home, vehicle, or stocks and bonds as collateral. This aim is just to back your promise to pay. A home equity loan is an example of a secured loan which you could use to pay for medical expenses. Or basically anything else you need the money for.

This can cause unnecessary stress and risk. Indeed if you are not able to perform to the terms of your loan, the lender may take your property as compensation.

Credit Card

This is a way people use out of impulse because credit cards are regularly offered to people regardless of their need to use them. When there is an emergency such as a medical need, people get out their credit cards and take care of the problem quickly. More often than not without considering the implications of the action. If you put a large amount of money on your credit card, you may find that it takes you a long time to pay it back. Then you will be paying the high interest rate associated with using a credit card. The bank that offered you the credit card will be glad you are paying them more money. They will then be unlikely to change the terms of your agreement because you needed the money for an emergency.

Medical Credit

There are some lenders that offer special credit. Either medical credit or medical credit cards, so their customers can pay off medical related expenses. The initial transaction will usually come with a special offer. It can be an offer of no interest if paid off within a specified amount of time. If you don’t pay off the total in time, though, you could end up with higher fees. Plus if you aren’t paying attention or if you didn’t read the terms of the agreement carefully, you could be very unpleasantly surprised.

401(k) Loans

If you have access to a 401(k), you may be able to borrow money to pay for emergency medical expenses. Of course you will need to pay it back. There might be other fees associated with using the money before you are supposed to access it.

Marketplace Loans

There are lenders you can find online who specifically want to help people who may not qualify for other kinds of loans. There is so much competition in that area right now that the rates aren’t as bad as they should be, especially considering the loans are generally unsecured loans which are often offered to people who may not be eligible for other loans.

Smart Money Tip!

Medical procedures and all of the cost that come with them are one of the unfortunate facts of life. Some of these procedures are elective and therefore aren’t covered by insurance. There are options available to finance your procedures, but make sure you can pay it off on time. The last thing you want is to deal with your health and debt at the same time.

Applying for a Medical Loan

If you decide to use a loan for medical bills, you don’t have to do all the heavy lifting yourself. There are places which will help find a lender, and they have the resources and information to find the best rates you may be eligible for. Every time you put your information into an online loan application, the information is recorded on your credit history that you have applied for a loan. By using a company that runs your application through several sources, you avoid looking like you are applying at several places.We can search specialized lenders that are looking for customers like you and may be willing to offer better rates than you could get anywhere else.


You can also avoid predatory lenders, companies that try to take advantage of people who need help but who don’t have perfect credit. They offer unnecessarily strict terms which aren’t even always spelled out clearly up front. If you end up getting taken in by a predatory lender, you may never be able to pay off the loan and get out of debt forever. The extra interest on your loan will keep you from being able to pay off the loan entirely, and you will be building up new issues and encountering new emergencies in the process of living. Even with all the rules in place, predatory lenders play fast and loose with the rules and try to take whatever advantage they can when they know people feel they have no other choice.

Uses for a Medical Loan

There are many reasons to use a medical loan, all based on your personal situation and needs. Emergency cash loans and other medical loans are available for people who need them. Here are some of the ways people use medical loans:

Dental Work

As stated earlier, most people don’t have dental insurance. Unless it is offered through their employer. You can buy a separate dental plan if you have medical insurance most of the time. However the dental insurance most commonly offered only allows for a minor amount of dental work. It doesn’t always translate to what people really need. All of us have dental needs. Plus it is better for everyone to be able to at least get regular cleaning and exams. If you don’t have insurance, you probably wait until you are having a medical emergency before you call the dentist for help.

If you are like most of us, you put it off as long as possible when you don’t have insurance. Which only makes it worse. Procedures like implants, root canals and other kinds of dental surgery are often not covered. – Or are not completely covered. You might be able to get the dentist to work with you or find other kinds of financing. However if you are having difficulty finding a way to get the procedure done, taking advantage of credit for medical procedures can get you the help you need. This way you don’t have to suffer anymore.

Cosmetic procedures

They are almost never covered under regular medical insurance. Most traditional policies only make exceptions if the cosmetic procedure also fulfills a medical need. Some reconstructive surgeries are considered medically necessary after weight loss. But for the most part, you will be stuck paying all or at least some of any cosmetic procedures you need to have done. You may know beforehand that you will be interested in this kind of procedure and already have a savings account, but most people don’t have the ready resources to pay for the surgery on their own.

You should never skimp and use a shady cosmetic surgeon, as the surgery can be just as dangerous as any other kind of surgery and you should have the best medical care possible. Credit cards and medical credit can end up being too expensive, but using a personal loan to get credit for medical procedures can give you a way to comfortably pay for your cosmetic procedure.

Weight Loss Surgery

Many people are turning to weight loss surgery to finally achieve a healthy weight and achieve their other health ambitions. Unfortunately, many insurance companies do not cover all the procedures. Which seems counterintuitive considering how much healthier you can be after taking advantage of the procedure. You can avoid longterm issues like cardiovascular disease, diabetes, and stroke by getting to a healthy weight where you can start exercising and living your best life. You should find out first what your insurance is willing to pay for. But if they don’t cover everything, you can go ahead and take the plunge yourself. Then use loan for weight loss to get the procedure and start losing weight now.

Hearing loss

This is another important medical need most people don’t have the proper insurance for.  When you suffer from hearing loss, your whole quality of life suffers. It can be very expensive to find the right hearing aid to replace the hearing you lost because of injury or disease. Unless the problem occurred because of a work injury, you are on your own as far as making sure you get the help you need. You can borrow against your home or use a credit card. However one is risky and the other is expensive. Credit for medical procedures provides a convenient way to get the money.

Lasik and other kinds of eye surgery

Those eye surgeries are becoming more and more common as the procedures become safer and more refined. There are usually other ways to correct your vision. Among which contact lenses or glasses. That’s why vision insurance often only covers a portion of the expenses. You can get more help with an account where you can put aside the money before it’s taxed. This especially if your employer offers flexible spending accounts that can be used for Lasik. But the procedure usually costs thousands of dollars. Plus it could take a long time to save enough to cover the procedure. You can use a loan for eye care  to get the money faster.

Chiropractic Treatments

Especially if you have been through a physically traumatic event, like a car accident, you may want to have the money to pay for chiropractic treatments. Those aren’t usually covered by regular medical insurance. However many people believe they are the only way to find relief from their pain and suffering. Chiropractors usually charge at the time of service. Why? Because they know the treatments won’t be covered by insurance so you won’t be able to get the relief you need. Unless you have the cash handy. Even when chiropractic treatments are covered, the coverage is usually limited. You will still need to get extra help paying for chiropractic treatments.

Emergency and Urgent Care

You can use credit for medical procedures to finance emergency and urgent care visits. Nobody plans an emergency. And you can’t wait for help if your appendix is about to burst or if you have a broken bone. The medical facility treating you might not demand the cash up front but it will send you a bill. And this, as soon as it is processed through insurance.

You can set up payment plans if they let you. However they might demand payment faster than you are able to pay. You can’t feel bad about taking advantage of the emergency services that gave you the help you needed. But you don’t want to deal with the stress of dealing with the hospital or urgent care facility for months or years down the road. Emergency cash loans can help you deal with the problem once and for all, leaving you with a loan you can pay off at your leisure.

Consolidate Existing Medical Loans

Many people use medical finance to consolidate their already existing medical loans. If you’re like most people, it never seems to rain but it pours, and you find that your bills have stacked up one small emergency at a time. You may have one bill for a dental cleaning, one for a blood test, and another for another medical procedure. You can take out a loan for medical bills and end up with one loan which has a small enough monthly payment that you can feel comfortable paying your other bills.

Find a Lender to Get the Help You Need – Bad Credit Ok

Your Prescription to a Medical Loan for Bad Credit

It’s not something you should have to think about anyway when it comes to your health, but your credit doesn’t matter when it comes to getting a loan for medical bills. You can apply online no matter what you have done in the past, and even if you don’t have any credit history to speak of.

Most people will qualify for credit for medical procedures so that they can take care of their medical needs and pay back the loan at a rate that is comfortable for them and doesn’t interfere with the rest of their lives. You can get medical loans for bad credit and medical loans for no credit.

Perhaps you may be thinking that sounds crazy; you may have even tried to get a loan before and been turned down. Most loans, like mortgages or new car loans, will require you to be able to pass a credit check in order to qualify, and many will even require you to have collateral to back up your promise to pay. The better your credit, the better the terms on your loan, too. You may have seen offers for loans in ads which allow borrowers to take out money with very low interest rates and really great terms. Luckily, these kinds of loans are able to check with other lenders who have special procedures that allow people with bad credit or no credit to get loans for medical procedures.

Conclusion

When you need to take care of your health, you shouldn’t wait or put it off. Health problems only get worse if you wait until later to get treatment. We can help you figure out how much money you need and help you find a lender that might give you the means to take care of your health problems by using credit for medical procedures today.

Medical Loans for Poor Credit: Call A Doctor

Medical Loans for Poor Credit

For the longest time, I figured my health was fine. I thought I would never need those Medical Loans for Poor Credit I felt good, didn’t have aches or pain, and no signs of debilitating diseases. What I didn’t foresee was my falling off a ladder and shattering my ankle. It was really bad. So bad that the doctor thought that I might be looking at an amputation if the healing didn’t go the way it should have. It was not a good feeling at the time, let me tell you. Fortunately, things turned around and I finally got back on track to healing right. I kept my foot and ankle joint and I’m back to normal. You wouldn’t know I had a catastrophic injury that almost cost me my foot and ankle joint. But now I have a bigger problem: medical debt.

Medical Loan for Poor Credit? Find the Cure

See, I have health insurance. However, like many, it’s got a high deductible and the insurer decided to dump a lot of the bills onto me instead of paying for them like they were supposed to. Another problem is that I had multiple surgeries on the ankle. Which meant that there were a lot of different professionals billing me for their work. All because the insurance company denied a lot of the claims. I was frustrated, in tears a lot, and not sure what to do. Then I decided to hit up the search engines and found out about getting a loan for medical bills. The problem is, I have bad credit. How could I get a loan?

Can I get Medical Loans for Poor Credit?

I’ll admit it: my credit is bad. I got into trouble because I got laid off from a job. It took me a while to get employed again. That left me picking Medical Loanand choosing which bills to pay every month. Something I’m not proud of. Now I’m back on my feet, so to speak, and working steadily again. However but it’s taking me a long time to get back on track. That’s why I wondered if I was going to be eligible for medical loans for poor credit. Much to my surprise, I found out that Yes. I am eligible!

What’s the Best Way to Find a Loan for Medical Bills?

Do what I did and find a lender with experience in funding bad credit medical loans.  I found that a lender that focuses on this type of loan product is much easier to work with. The lender already “knows” my story and has dealt with people in my situation before. But instead of not lending to people with bad credit, they take the risk and charge higher interest rates to cover that risk. Check reviews to find out what kind of experience people have had with lenders and look for the fine print.

If you know people who’ve gone through a similar experience, you can always ask them for a referral to their lender. However, word of mouth is only so reliable because everyone has a different perception of their experience. Take the time to investigate the lender to determine if they match up with what your friend is telling you about them. Remember: you are borrowing money from someone to settle a debt. You want to make sure that you’re working with a lender that intends to treat you fairly.

Why Should I Use a Medical Finance Lender?

An experienced lender won’t give me a hard time over the request for funding, nor will they make me jump through hoops to prove my income, then deny me. They are in the business of providing loans to people who have gone through hard times and are actively seeking to fix things. The lender is giving me the opportunity to prove that I’m worthy of the loan and I’m going to take care of my end by repaying the loan in a timely manner. I found that going this route was the easiest way to get the money I needed to take care of my medical debt.

Filing Bankruptcy for Medical Debt Wasn’t an Option

I could have just gone ahead and filed for bankruptcy to clear my outstanding debts and start fresh. The idea was appealing, I will admit. But even though I’m more than eligible, I didn’t want to go that route. For one, the total amount of my outstanding debt wasn’t that big. Filing bankruptcy wouldn’t have done me any favors. Except to screw up my credit even more for a while. Plus I’m employed in an industry that frowns on bankruptcy. So, I’d rather not do it at all.

Credit Cards Charge Too Much Interest

Even though I have bad credit, I still have credit cards with available credit limits. But I didn’t want to use them either for a number of reasons. The main reason is that the interest rates on the cards are very high. It makes it even harder for me to repay the balances. If I used the cards, I would get close to their limits and I wouldn’t have access to the credit line for an emergency. It didn’t make sense to use them and dig myself into a deeper hole.

I could have done the whole balance transfer game. However, that means I have to pay attention to the expiration on the balance transfer. And then I have to hope that I’ll get another offer for a balance transfer at a low-interest rate going forward. I do get the offers, even with bad credit. But again, they require too much work to be worth my time.

Traditional Lenders Don’t Want to Talk to Me

I’m aware that I’m going to pay higher interest rates on my loans because a lender views me as a risky borrower. That’s what bad credit is all about. My job loss that caused me to juggle my debt is going to haunt me for a long time because lenders don’t really care about what happened to me. All they care about is the fact I look bad on paper. They see that I was frequently late on payments and it wasn’t that long ago. A traditional lender doesn’t like seeing that. They don’t have to take me on as a borrower. Why should they when they have plenty of well-qualified customers with excellent credit seeking to borrow from them? I’ve fixed my issues, brought myself current with my bills. However, this stuff is going to haunt me for a while.

I know that I’m going to get turned down by a traditional lender. Even if I have a credit card or checking account with them. Even though the lender can see my repayment history and bank deposits, they don’t have to judge me based on that information. All they need to do is look at my bad credit report and turn me down. It’s not worth bothering with. So I found another source of lending in the form of medical loans for poor credit.

Medical Loans for Poor Credit Was the Answer

Financing debt with a medical finance loan, and let’s face it, this is what I’m doing, made the most sense. Yes, the interest rate is high, way higher than the prime rate, but it’s not nearly as high as a credit card. And, unlike a credit card, it won’t fluctuate if the prime rate goes up or down. It stays the same throughout the life of the loan. That means my monthly payments are predictable and go towards reducing the balance of my debt instead of chipping away at it. At least I get a light at the end of the tunnel instead of getting stuck in an endless cycle of debt.

Medical Financing Options for Any Reason

What is Medical Financing?

I was a bit surprised to find out that there’s such a thing as medical loans for poor credit. But it made a lot of sense when I thought about it. There’s no way I’m getting out from underneath the bills. I might be able to get them reduced because insurance isn’t covering them, but that’s something I can’t rely upon. Nor can I rely upon medical billing departments to play fair with me. Before I took out a loan, I did the research and this is what I learned:

Medical loans are sometimes called personal loans. They are unsecured which means they don’t require an asset to secure the loan’s repayment like a house or a car. They typically have a requirement that the funds can only be used for the repayment of medical debt. Interest rates on a loan for medical bills can vary widely, but they’re usually in line with the credit score. As in the lower the score, the higher the interest rate. Medical finance loans can be as small as a thousand dollars and go as high as six digits.

Benefits of Medical Loans for Poor Credit

I have zero intention of ever getting behind on my bills ever again if I can humanly help it, but it takes time to recover from missed payments. The good thing about medical loans for bad credit is, while they add to my outstanding debt balances, they work in my favor as I repay them.

Remember what I said about the balance getting reduced at a steady pace? That’s something that works in my favor because the lender tells the credit reporting agencies about my timely repayments. It’s true that my other outstanding debts are doing the same, but the impact to my credit score isn’t as great. The interest on my credit cards keeps the balances high and makes it harder for me to get them lower. What the credit reporting agencies see is someone who’s carrying a debt load that’s not going down. But the medical loans for poor credit do go down and it looks good for me in the long run with my credit score.

The medical debt exists no matter what I might have to say about it. I’m going to have to pay that off if I’m to keep improving my credit score. The problem is, a lot of medical providers don’t want to work with me, or anyone else for that matter, on a repayment plan with an equitable outcome. Hospitals are quick to send debts to collections even when they’re current and have an agreed-upon repayment plan. I really don’t want to spend a lot of time chasing down a hospital billing department to make them hold up their end of the deal.

Medical Loan Can Be Your Solution

Getting a loan for medical bills means I don’t have to deal with billing departments that don’t play fair and don’t care about my attempts to repay them. It’s a load off my shoulders and I get the debt resolved so it doesn’t have to haunt me for years to come.

The loan repayments last anywhere from one year to three years depending on terms and how much is borrowed. Some loans last longer, but my advice is to get a loan that you can easily repay in the shortest amount of time possible. You retire the debt sooner and can focus on reducing your other debts that much sooner.

How Can I Get a Medical Loans For Poor Credit?

You’re asking this question because you’re probably still thinking that you can’t get a medical financing with bad credit. I’m telling you that you absolutely can get a loan for medical bills even if your credit is lousy. What you don’t want to do is take the first medical finance loan that you find without doing the research first. You want to know things like:

  • What’s the length of the loan?
  • What’s the interest rate and is it fixed?
  • How much can I borrow with my current credit score?
  • Are there penalties for early repayment?
  • What’s an average monthly repayment?

You need to ask these questions because they’re important. They’re the same ones I asked when I started researching loans for medical bills. I had to determine how much money I could afford to repay every month, how I could get the lowest possible payment, and if the interest rate is fixed. Not all medical loans are created equal: some will charge exorbitant interest rates that make the problem worse, not better. My goal was one of get in quick, get out fast, and not stretch my budget. When I used the above criteria, I was able to find a loan that fits all of my needs.

Should I use Peer-to-Peer Lending?

I asked myself this question when I was searching for medical loans online. It’s something that came up a lot in my search hits and I figured it was a worthwhile topic to investigate. Ultimately I decided against going with peer-to-peer lending and here’s why:

Peer-to-peer lending is a type of lending where strangers put up money for your loan request. It operates outside of traditional banking and supposedly has lower lending requirements than traditional loans do. The problem I ran into with peer-to-peer is while, yes, they do have lower lending standards in that they will accept people with bad credit ratings, they still underwrite the loans the same as a bank. Underwriting is basically an investigation into your income to prove you’re capable of repaying the loan.

While there’s nothing wrong with taking out a loan that’s being underwritten, you have to provide proof of employment and income. If you’re an independent contractor, which many people are nowadays, it’s harder to show that your income is steady and reliable. Combine that with having less-than-stellar credit and peer-to-peer becomes a much less attractive option.

Conclusion

I never intended to shatter my ankle, but yet, it happened and here I am to talk about it. The medical industry is going to get paid regardless. Since it can’t go after an insurer for outstanding balances, it came after me even though I couldn’t really afford to repay the debt on my own. And the billing departments didn’t want to play fair, didn’t care about my credit rating, and didn’t want to work with me on repaying what I owed.

Instead of making things worse for me in terms of my credit rating, I decided to get a medical loan to take care of the debt and keep improving my credit score. It was the best solution to the problem, and I was able to get the billing departments to leave me alone. It’s something I’m glad that I did because it brought me peace of mind and relief that I could get my life back on track without debt collectors hounding me for payment.

 

Personal Medical Loans to Help Get You Back on Your Feet

Personal Medical Loans

Many people, no matter their age or economic status have trouble paying their medical bills. This has become such a large issue, that Congress has recently proposed a bill, titled the STOP Surprise Medical Bills Act. This bill addresses one of the primary reasons Americans are struggling financially because of medical bills. The STOP Surprise Medical Bills Act would save patients from paying surprise medical bills.

Those being outrageously high just because they are out of network. When someone is put into an emergency situation, they shouldn’t have to worry about whether or not the hospital they are brought to is in or out of network. This bill also proposes taking patients out from the middle of payment negotiations.

Whether or not this bill eventually becomes a law, there are many other reasons why the average person will need financing for medical care. The unfortunate truth is that they may be burdened by medical bills that they simply cannot afford. If you are currently in this situation, then you are probably looking for different options to help you through this financial struggle.

Personal Loan for Medical Use

A personal loan could help you pay off your medical bills. There are certain personal loans made just for people in your position. If you need money fast for medical reasons, emergency medical loans or a loan for medical bills could be a good option. Though you will get the money quickly, don’t forget that when you get a medical loan, you will have to pay back interest later. Look at the different options for loans. Then always make sure you understand the terms and conditions for whatever you sign. We have some options below which you should definitely consider.

Emergency Medical Loan Options

Whether you are choosing to have an elective medical procedure or are rushed into an emergency medical procedure, there are many reasons to use a medical loan. Just as there are a multitude of reasons to use a loan for medical bills, there are also a multitude of types of emergency medical loan options. Below are some of the most common types of loans that you may come across:

Unsecured Medical Loan

An unsecured loan, otherwise known as a personal loan. It is the type of loan that lending institutions do not require a call for collateral. In order to get this type of loan, one generally must have built up trust with a bank. Which means they have fairly good credit. The better your credit, the better your chance of getting a lower interest rate.

Secured Medical Loan

A secured loan is the type of loan that lending institutions do require a call for collateral. Items that are generally put up for collateral are items of high value, such as your house or car. In some cases, banks will take other highly valuable items as collateral, but this is not likely. It is important to be timely with your payments on secured medical loans. Indeed not paying can have huge consequences — losing your home or car.

In House Medical Loan

An in house loan, or “in house medical card,” is a type of repayment plan where you make an agreement with the hospital to pay your bills within an agreed period of time. This is not necessarily a cheaper option. Indeed this type of loan generally has a higher interested and overall much higher price than what you would have paid up front. However if you need extra time to pay your bill, this is an option you should look into. Make sure you read the terms and conditions carefully though. As many of these loans still include some undefined fine print that could cost you a lot more in the long run.

Credit Card Loan

Sometimes you may be able to get out of getting an established loan in order to pay for your medical expenses. You may be able to use your regular credit card. It it important that you know the terms and conditions applied to your credit card. Emergencies — even medical emergencies — will not allow you to get special treatment for going over your established terms and limits.

Medical Credit Card Loan

Medical Credit Card: Swipe Here for Health

Certain financial institutions offer credit cards that were designed just to help people like you pay off their medical debt. If you apply and are eligible for a medical credit card, you may be able to take advantage of a substantially lower APR. Make sure you pay off your medical credit card on time though. If you do not pay off the total amount by the end of the grace period, you may be stuck with paying off a lot of interest. Which may be charged from the first day you used the medical credit card.

Going Through a Marketplace Lender

There are a variety of marketplace lenders online. All of these online martketplace lenders are in direct competition with each other. They are competing for the business of people who need medical funding. Because of this, going through a marketplace lender may allow you to be able to get a better deal on a loan.

Home Equity Loan

A home equity loan, otherwise known as “HELOC” or “second mortgage,” is a type of secured loan. This type of loan, though it allows for more overall leverage, requires you to put your place of residence up for collateral. It means that if you, for any reason, cannot pay back part of your loan, you may be in risk of foreclosure.

401(k) Loan

Though it is not always possible, you may be able to access the 401(k) account that your employer keeps for you. This is only possible in extreme situations for emergency purposes. The upside of a 401(k) loan is that you will not need a credit check to obtain this loan. Plus you will not be required to pay interest. You will have to pay back the full amount of the loan though.

How to Get a Medical Loan

Finding personal medical loans can be easy. In fact, you can get a personal loan in 3 simple steps. Here are some tips to keep in mind when searching for the right personal medical loans for you:

Your Credit Score

Many people believe that without a great credit score, it is impossible to get a loan. This is a myth. However, it can be more difficult. Besides being easier to get a loan with a better credit score, you will also have better interest rates if you have a better credit score. The first step before applying for a loan is to find out what your credit score is.  This way you can set more realistic expectations for your loan search. You can find your credit score for free online.

Interest Rate

Though the interest rate you are offered depends in part by what your credit score is, you can still negotiate for a better interest than what is originally offered. Do not accept an interest rate that you cannot afford to accept. You will have to repay your loan, and you do not want to get into financial trouble during repayment. Also make sure to check if the interest rate is fixed or variable, so you have a best possible estimate for how much you will have to pay back. Work with your lender on a rate that works for you both, and if it does not work for you, then find a new lender.

Repayment Period

The repayment period is just as important as the interest and repayment price. Some lenders will offer long-term repayment periods, while some will want you to repay the loan in a shorter time frame. Others do not even allow you to pay off the loan early, since they do not want to lose out on the interest they would make. Some lenders, on the other hand, give borrowers a few months before they have to pay anything — including interest — back. Make sure that the timeline set up is realistic for your financial situation.

Loan Amount

Try to calculate, to the best of your ability, what the total of your medical expenses will be. It does not make sense to take out any more than you actually need, since you will have to repay it all back, with interest later. If you are taking out a personal medical loan in order to pay as much of your medical expenses in advance as possible in order to negotiate overall lower medical expenses, then try to calculate how much you should need in advance. Make sure to ask your lender about any possible origination costs, which are a one-time fee that you need to pay the lender in order to process your loan.

Income

You know how much money you typically earn per month at your current job. Consider your current financial position, and make sure that the terms and conditions for the repayment of your loan fall in line with your current budget.

Medical Loans for Bad Credit

Even if you have bad credit, you can still get personal medical loans. You will probably have a higher interest rate, but you will still be able to get the help you need. Besides being able to get medical loans for bad credit, it is also possible to get medical loans with no credit check. Below are a few of the loan options you can get without completing any credit check:

Payday Loans

Payday loans is a small, short-term unsecured loan that depends on your income. The amount you can get is based on a percentage of your income. While you can often get money quickly with this method, you are also limited by how high (or low) your income is.

Local Finance Lenders

Local finance lenders, such as banks, will sometimes give quick loans to locals. Though this can seem nice, they are doing it to take advantage of people who need money fast. Potential customers will just get a check in the mail with terms and conditions attached, which are assumed to be accepted if the check is deposited. Make sure you read the terms and conditions carefully, so that you do not get put into a bad situation if you cannot afford the requirements.

Title Loan Lenders

Title loan lenders give personal secured loans against car titles. There will be a valuation of your car, and you will be provided with a fraction of the total evaluation value. If you have any other assets that that have ownership documentation that is verifiable during a sale, then these items will also be taken into consideration and you can get cash against them.

What Are Your Other Options?

When you first get this large medical bill in the mail, your mind might be spinning. Take a deep breath, and look over this list of your options. No option may seem full-proof. However there will be pros and cons to each. There is not just one simple answer for how to deal with medical finance issues. Here are just a few ideas for you to consider:

Your Savings

Many people try to save up some of their income each month. This being just in case of an emergency. An emergency could arise from a sudden house repair issue, a sudden car issue or from surprise medical bills. If you have some money in your savings account, this could help lighten the financial burden of an emergency medical concern.

Borrow from a Relative or Close Friend

The common saying about not lending money to friends was created for good reasons. This should certainly not be your first go-to solution. However it could be a good choice for you if need be. Borrowing from a friend or relative means that you (probably) will not have to pay back interest. However be wary of how this could affect your current relationship.

Fundraising

There are fundraisers all over social media. A college student needs help raising money going on a semester abroad. Someone lost everything during a natural disaster and needs financial help to put their life back in order. If you are in need of money for medical expenses, this could be an option for you. The downside is that you may not be comfortable sharing your medical story online. In this case, keep in mind this could also lead to emotional support. On top of financial support.

Medical Expense Deduction

A medical expense deduction will decrease your overall medical expenses. However the downside is that you do have to pay the entirety of your medical expenses up front. The benefit of the medical expense deduction is that it can help you bounce back from the financial burden of your medical expenses. Certain medical expenses can count as a deduction on your annual tax return. Check the list of medical expenses that might count for a tax deduction.

Alternative Treatment Options

Depending on the procedure you need done, there might be alternative treatment options available to you. Experimental treatments are often free, since you are being used as a “guinea pig” to further science. These experimental treatment options can be very risky. However they could also result in huge benefits. Sometimes experimental treatments can provide you with a better outcome than you could have gotten by current modern medicine. Experimental treatments currently being provided are not always public knowledge. So it is best to ask your doctor about all of the options available to you. Before.

Conclusion

Medical expenses can be extremely expensive and overwhelming, but personal medical loans can help lighten your financial burden. If you are searching for personal medical loans to help get you back on your feet, then there are many options available to you. Even if you have bad credit, there are personal medical loans available to you through certain lenders with even no credit check.

The most important thing you can do during your journey to find personal medical loans is to be informed every step of the way. Be aware of your personal financial situation — current credit score, income, and what you can afford to pay back and what time frame and rate. Loan shop online for personal medical loans that may be right for you; never take the first offer, but see the multitude of options out there before making a decision. Find a lender first and never sign anything without understanding all of the terms and conditions.

Medical Financing Options for Any Reason

Getting old and fat as well as losing clear eyesight, teeth, knees, hips, and whatever else that suddenly stop working due to age is not necessarily fun. I refuse to allow aging to let my body fall apart when there is advanced medical technology available. It is now possible to repair and replace any necessary parts.

There are lap band procedures for the morbidly obese. Lasik eye surgery to correct vision. Liposuction and fat freezing to get rid of that annoying belly fat. Dental implants can replace all your teeth. Knee and hip replacements can help you to become your own version of the Bionic Man (or Woman). There is plastic surgery available to repair, augment, or reduce all kinds of things.

Medical Financing Options for Different Purposes

When I was ready for a newly reconditioned body, I got excited about all the possibilities. Then I looked at the cost. Yikes! Elective surgery is not covered by insurance except the lap band procedure for life-threatening situations and knee or hip replacement if ordered by a doctor.

Without insurance, these procedures have to be paid for by cash or by using medical financing options. Even with insurance coverage, there may be a high deductible or copays and you may need a partially use credit for medical bills.

Nevertheless, I was determined to do a body makeover and it helped quite a bit to have medical financing options to pay for the procedures over time. Medical finance loans saved the day!

Lap Band Procedure

I decided to do a lap band procedure first. I was tired of being fat. Forget about diets. I go up and down like a yo-yo. I was looking for a more permanent solution. Could I really go from 350 lbs. down to a slim 165 lbs. with a lap band surgery?

I looked at the before and after photos of those who did the surgery. They are really amazing. My friend had it done, and he told me the hardest thing to do was to eat a handful of food. The stomach is made so small that there is no room for more. He said he always felt “stuffed” even when he hardly ate anything at all. The weight just disappears at a steady rate of about one to three lbs. per week for the first year, and then slower thereafter. He lost 200 lbs. very quickly, so I figured I could too.

Obesity News Today reports the doctor’s rules are that a person having the lap band procedure must have a body mass index (BMI) of higher than 40. If you have a BMI of 30 or higher and some other disease like diabetes, heart problems, or high blood pressure, this also qualifies.

Insurance Coverage

With insurance coverage, the out-of-pocket costs for this procedure are about $3,500. For those without insurance coverage, it costs about $15,000.

WebMD says that the lap band procedure is the safest of the gastric surgery choices. The procedure is pretty simple but the recovery time is about two to three weeks before an average person can go back to work. Some need up to six weeks to recover. Figure your loss of income and add this amount into the budget for your total cost.

The downsides to this surgery are that it does not work for everyone, you may get nauseous when eating too much, and there may be another surgery necessary in a few years to remove the lap-band or replace it if it slips or wears out. It is not for everyone, so consult a doctor about your particular circumstances.

Lasik Eye Surgery Loans


When I turned 50, my eyesight went from a perfect 20/20 to an out-of-control blur. This was very upsetting because I never used glasses before in my life. Glasses are OK, but I was too vain to wear them when I needed them. I was constantly asking people in the grocery store to read labels for me so when I bought a can of tuna, it was for humans instead of cat food by accident.

I did wear glasses for working at a computer, so I could read because without them everything was impossible to see. After I was slim again from the lap band procedure, I thought I should try Lasik eye surgery to repair my vision. Wow! I am really glad I did. Once again, I used the medical financing options and got a loan for medical bills to pay for eye surgery.

Some people have trouble with Lasik eye surgery. The main complaints are permanent dry eyes, halos, glare, and double vision. It may make night driving more challenging. If the procedure is not perfect there is the possibility of over- or under- correction of vision.

I was Lucky this Time…

In my case, I was lucky. I had an excellent result. There was no pain during or after the procedure. My vision restored back to 20/20, which is how it was for the first half of my life. I plan to live to be 100.

The cost of the Lasik surgery was only $2,500 for both eyes. I saw the procedure advertised for as low as $299 per eye. But I was too frightened to seek bargain prices and went to a nice eye surgeon with a fancy office and happily paid about five times more. I am not sure if I needed to do this but it felt comfortable to me. Since I used medical loan for vision care, I was going to pay off the loan over time anyway.

Paying off the loan was easy because I had extra monthly cash. I stopped drinking beer after my lap band surgery. The doctor told me I would not lose weight if I continued to drink beer. Liquids can easily get past the lap band and still make a person stay fat! I missed the beer but I enjoyed my new eyesight. Now, I don’t look like a doddering old fool who cannot read anything in the grocery store.

Liposuction and Fat Freezing Financing


My friends got so jealous of my rapid weight loss that they wanted to try something to lose weight as well. Some got liposuction to vacuum out the fat cells causing belly fat. Others tried a newer procedure, which is a kind of body sculpting using a device that freezes the fat cells.

Liposuction is faster; however, it has more discomfort. The fat freezing (also called CoolSculpting) is easy and painless. It does require going back for many treatments. To get a nicely finished result using fat freezing takes up to a year.

The average cost for liposuction to remove belly fat is $3,500. Medical financing options help pay for this. The doctor makes a small incision on the side of the belly where it will not show later. Then, the doctor inserts a tube connected to a vacuuming device. The doctor runs it back and forth sucking out the fat cells that are in a layer just under the top of the skin. After the surgery, you wear a belt for a while to hold things in place and let the tissues reconnect and heal. There is bruising, swelling, and soreness for about two to three weeks.

The cost of CoolSculpting is similar to liposuction at $2,000 to $4,000. The procedure is non-invasive. A medical tech (no doctor required) puts a device that gently pinches some fatty area of the body into a machine. Then, the freezing happens. It takes a few weeks to notice any results. More treatments are necessary to continue to freeze adjacent fatty areas. There are no side effects except a bit of bruising. The liver naturally eliminates the debris of the fat cells that are killed by freezing, which bursts the cells.

Dental Implant Loans


When I got better eyesight, I noticed my teeth were in pretty bad repair. I was never one to go to the dentist on a regular basis. When I went to the dentist, he gave me the bad news. I had about four places that were infected by gum disease and the roots of the teeth were dead. The dentist suggested root canals; however, I don’t like them, and they can cause problems.

Instead, I opted for a completely new set of teeth. No dentures for me. I wanted dental implants that are as good or better than real teeth. Luckily, I knew how to use medical financing options because these new teeth are really expensive.

I gave up getting a new car to get new teeth instead. The cost was $26,000, which is less than a new car for sure. With the medical financing options, which include medical loans for bad credit, I was able to keep my monthly payments affordable and within my budget.

Knee and Hip Replacement Financing

An old sports injury flared up, which made one of my knees go out. I had noticed osteoporosis in both knees and the pain became intolerable in one of them. My doctor recommended a knee joint replacement in the awful knee. They replace the knee mechanism with a titanium system that works as if your knee is brand-new. I was surprised at how well this works. Indeed, I was able to make a full recovery after hanging out for a while binge-watching my favorite shows. I can now play tennis like a youngster on my new knee.

The cost of the knee surgery was $49,500. My deductible was $5,000 so that was the amount not covered by insurance, which I had to use my medical financing options for my  medical financing needs.

I don’t know why but hip replacement cost is cheaper at around $39,000. It must be that the mechanism for the knee is more complicated and costly because the surgery for both procedures is very similar. If you have a big deductible on your health insurance plan, then consider using the medical financing options that are available to help pay it.

Going Through Metal Detectors

I have fun now going through metal detectors at the airport, as long as someone attractive is doing the frisking. I look ahead to the TSA staff in the lines to choose a cute one because I know my knee will set off the metal detector. Then I carry a doctor’s letter, but they usually frisk me anyway, so I might as well enjoy it.

If the TSA staff is not good-looking, I close my eyes and imagine that they are. Adding a few quiet oohs and aahs during the pat-down search seems to get them properly annoyed. I tell them I am really ticklish. That usually results in a “move along” command soon enough. As you get older, it gets fun to play dirty old grandpa tricks like this.

Plastic Surgery Loans

When I investigated plastic surgery options, I was shocked to learn how many procedures there are. All of these procedures and surgeries are good candidates for the medical financing options that are available.

Here is a list of the surgeries and common procedures done by a plastic surgeon:

Face, Head, Eyes, Nose, Lips, and Ears

  • Facelift — The average cost of this surgery is $8,550.
  • Forehead lift — The average cost of this surgery is $6,450.
  • Brow lift, including getting rid of unibrow problems — The average cost of this surgery is $7,150.
  • Cranial reshaping — The average cost of this surgery is $6,450.
  • Eyelids — The average cost of this surgery is $2,400.
  • Ear shaping and pinning — The average cost of this surgery is $4,150.
  • Nasal surgery and nose shaping — The average cost of this surgery is $7,475.
  • Augmenting lips — The average cost of this surgery is $2,500.
  • Cleft lip and cleft palate repair — The average cost of this surgery is $4,150.
  • Facial implants — The average cost of this surgery is $3,550.
  • Shaping of chin, cheeks, or jaw — The average cost of this surgery is $4,525.
  • Mouth surgery — The average cost of this surgery is $4,025.
  • Hair replacement surgery — The average cost of this surgery is $4,150.

Body

  • Breasts can be made larger and to match each other — The average cost of this surgery is $6,450.
  • Breast reduction — The average cost of this surgery is $5,800.
  • Breasts lift — The average cost of this surgery is $6,600.
  • Breast reduction for men who have gynecomastia — The average cost of this surgery is $5,475.
  • Tummy tuck (abdominal surgery) — The average cost of this surgery is $6,500.
  • Thigh lift — The average cost of this surgery is $8,550.
  • Hand repairs — The average cost of this surgery is $4,500 and up.
  • Upper arm surgery to reshape them and remove sagging skin — The average cost of this surgery is $7,175.

Skin

  • Chemicals, laser, and glycolic peels — The average cost of this surgery is $3,000.
  • Skin planing and dermabrasion — The average cost of this surgery is $4,150.
  • Collagen injections — The average cost of this treatment is $300.
  • Botox injections — The average cost of this treatment is $375.
  • Filler injections — The average cost of this treatment is $350.
  • Removal of veins — The average cost of this surgery is $4,150.
  • Scar or tattoo removal — The average cost of this treatment is $375. This requires multiple treatments.

My Choices for Plastic Surgery Financing

Using the medical financing options and being able to get a personal loan for cosmetic procedures, allowed me to choose from this menu list and pick the procedures I wanted. Removal of the teardrop tattoos I got while in prison was nice (just kidding!). I have to admit, I did go for hair transplantation. I am happy to report that the procedure was a success and I do not look like I have doll hair in front. No more comb-overs for me. Let the wind blow through my new hair. It’s real. It’s mine and it’s permanent.

I could have used the medical financing options for more but I think a man with a full head of hair and a rugged face looks pretty interesting. In my opinion, there is no need for men to try to look like a young male model. That actually makes an older guy look foolish to me. I certainly did not want to end up like the plastic surgery disasters of some famous people who took this option way too far.

Conclusion

With all the medical financing options available, there is no reason to wait to have life-changing procedures done. It took me a few years, after I turned 50, to get all the work done and pay for it. All that time, I started looking better and better.

My health improved. My looks improved. The most important takeaway from this experience was my self-esteem increased dramatically. I plan to live to be 100. I decided that instead of counting up from my 50th birthday, I would count down from 50 to zero. Now, as I count down each year for my birthday, I am enjoying my forties once again and looking forward to getting younger every day.

Now that you know what is possible and the medical financing options to support it, including medical loans for any reason, maybe you should give your body a makeover too.

Personal Loan for Medical Procedures: Loans 411

Nearly 30% of Americans struggle to pay for overwhelming medical costs every year. On the one hand, that means that you’re not alone in your search for a personal loan for medical procedures. Your health status and the worry surrounding the cost of your medical procedure can leave you in serious emotional and physical turmoil. Let’s face it… None of this is easy, even if you have been aware of the impending prospect of the procedure for some time.

Getting a Loan for a Medical Procedure

A medical procedure could mean anything. It could be a relatively small, out-patient foot surgery or a full-on heart surgery. So, when you talk about a medical procedure with your doctor or medical provider, you may not know what to expect. You also probably don’t have any idea of what it will take to accomplish. How much time will you be at the medical office or hospital? More importantly, though, what will it cost you? Will insurance cover it? Will you need to miss work? Those are all part of your discussions with medical providers.

Some answers may be pretty easy to determine, based on the standard time that the procedure takes for most patients, and the typical recovery time. You may have other larger questions about what the cost for the medical procedure will be. You may worry about how you will afford it. That’s what you’ll learn here, with the Loans 411. You’ll find out what you might expect. You’ll also find some things you might want to consider when you move forward with your quest to get that medical procedure you need.

Reasons You Need a Medical Loan

So, why would you need a personal loan for medical procedure? It could be an unexpected hospitalization, an injury, or the culmination of medical debt. Whatever the combination is, the cost can be scary. Taken together, the debt and continued medical bills can overwhelm you.

Here are just a few reasons you might need a medical loan, and some tips you’ll need to consider.

Dental or Orthodontic Procedure

If you’ve ever had an issue with your teeth, you know that it can become unbearable fast. Even if you have dental insurance, most plans just don’t cover costs you’ll experience with a dental visit. So, you need other options and you need them fast. Medical loans can be an option that you can quickly access. And really, when you’re dealing with a dental procedure, it’s difficult to wait.

By the time you come to the point that you need a root canal, an implant, or some other dental procedure, you may have already been in pain for weeks or even months. Some dentists offer payment plans, discounts, or other special offers, but you still may be left with the remaining costs.

Cosmetic Procedure

Procedures that improve your appearance can be something as simple a scar revision or a nose job (rhinoplasty) or hair plugs. They can also be facelifts, tummy tucks, or other body contouring procedures. While insurance can cover some body-altering procedures, not all of them are covered completely. You may find that you may have to pay at least part of the costs out-of-pocket. Even if it’s part of the overall cost, that piece can add up to a pile of money.

If you’ve lived with a crooked nose or a scar or even those sagging wrinkles, you know how important that medical procedure is. When you’ve explored your options, a personal loan for medical procedure is one solution. You can finally realize that self-improvement goal you’ve long wanted.

Weight Loss Surgery

Body contouring can be related to weight loss surgery. However, the full extent of the revision to body mass is typically much more dramatic with duodenal switch, various gastric bypass, and Roux-en-Y procedures. Surgeries that involve dramatic weight reduction, you may have other cost considerations. The surgery can be accompanied by nutrition and psychological counseling to support your long-term health and fitness goals.

The weight loss surgery may be life altering, but it’s not inexpensive. Even with health insurance, you may still be required to cover the co-pay for the procedure. While insurance may cover part of the surgery or procedure, it may not cover additional counseling and support services. A weight loss procedure can represent a significant cost. It may seem impossible to cover the cost without a personal loan for medical procedure or other financing.

Why Bad Credit Makes a Difference?

While bad credit is not the only consideration when you’re looking into medical financing, it’s certainly something you have to think about. With bad credit, you may not have the same level of access to financing from your doctor’s office or other medical provider. You may also not have the ability to use your credit card or other line of credit to finance your medical procedure. So, you may be looking for a medical loan that could offer more flexible financing solutions. Or you may just be desperately searching for something that will fund your medical procedure. First you need to determine how your credit may affect the medical loan options you have available to you.

How Bad is Your Bad Credit?

You may know that you have bad credit, but it may not have the level of negative influence you’re imagining. So, the first step is to determine what your credit score is, and also what factors are affecting that rating. Equifax, Experian and TransUnion are the three credit reporting agencies. You can access your credit score from a number of online portals and financial-planning resources.

As part of your credit research, you should also determine factors that may have downgraded your credit, including your payment history and credit utilization. It goes beyond just checking the accuracy of those reports, though. You’ll also want to learn what actions you need to take both now and in the near future to continue to improve your financial health. You’ll also need to gather details about your accounts (bank statements, pay stubs and tax returns).

Your Prescription to a Medical Loan for Bad Credit

What About the Cost of Bad Credit?

Your credit score may be a factor in the type of medical loan you can get, as well as the value of the loan. You may also be offered a loan with a higher interest rate, which means that it will just cost you more money to pay it back. Whatever the cost may be, though, you may still move forward with one of the many options for a medical loan.

How Can You Get a Tax Deduction for Medical Expenses?

It’s important to consult with a tax professional when you have questions about how you can use medical expenses or loans as tax deductions. While you can’t write off all the medical loans, you are allowed to itemize those medical costs that exceed 10 percent of your adjusted gross income. (That percentage just increased on January 1, 2019.) That sounds pretty straightforward if somewhat unattainable, but then you can also include expenses from every person (children, spouse, self, etc.) who is listed on your tax return. So, it may not be as difficult to reach that threshold. Here are a few examples of the expenses that you may consider:

  • Uninsured medical expenses: Contact lenses, false teeth or artificial teeth may be at least partially deductible.
  • Travel expenses: Up to 18 cents per mile, for travel to and from medical facilities for treatment.
  • Treatment expenses for alcohol-and-drug abuse may be deductible.
  • Prescribed expenses: Medically necessary items, as prescribed you a doctor or medical provider. Deductions could involve things like a wheelchair, crutches, special equipment, or a guide dog
  • Eye-procedure expenses: Lasik or other eye surgeries may be deductible.
  • Weight-loss program expenses: These expenses may be at least partially deductible, as prescribed by your doctor or medical provider.
  • Medical-conference expenses: Some education-related costs (admission/registration and transportation) are deductible, particularly if they are related to a chronic illness or condition that you or someone you care for is experiencing.
  • Accessibility expenses: Retrofitting expenses may be at least partially deductible. Those covered expenses could include ramps, chairlifts, or other height or position accommodations of outlets, doorknobs, etc.

You also have to look at whether the medical costs you’d like to deduct are higher than the deductions you claimed the previous year. Depending on how the deductible expenses compare, you may need to fill out a different form.

The Real 411 on Medical Bills — What You Need to Know

Medical bills are an unfortunate reality. You may be so far in debt to hospitals or medically related bills that they can’t afford any new expenses, or it’s a new expense that represents a price tag that’s just impossible to accommodate given your current financial situation. While you may feel alone or even feel like there is no solution, there are a number of ways to address your medical bills. Here are just a few quick ways that you can access the funds you need:

Unsecured Medical Loans:

These types of loans are really considered “personal loans.” Financial institutions consider these loans a bigger risk, because you aren’t offering anything as collateral. These types of loans may only be available to you with bank credibility. There’s typically a trust factor involved in these loans, so they may or may not offer a better rate of interest. It may just depend on your existing credit and other factors that make your bank believe that you’re a safe risk.

Secured Medical Loans:

A Secured Medical Loan typically involves some kind of collateral (a house, car, boat, or other valuable item). The rate of interest and terms may vary, as can the value and type of asset that you’re able to use for the secured medical loans. It’s often easier to get a secured personal loan for medical procedure from a financial institution because they are holding the asset if you default on the loan for medical bills.

Credit Card:

It’s quick and easy, and you probably do have a credit card. That’s why many Americans do put their medical bills on a credit card, at least initially. For larger or more complicated procedures, you may have a more difficult time in putting the entire medical bill on a credit card, particularly if you’ve already been using your cards heavily for your medical expenses so far. That’s when you may turn to medical loans as an option both to cover the larger and ongoing medical-related debts but also as a way to consolidate your credit-card debt.

Home Equity Loan:

Another form of secured loan can be a home-equity loan, but it gives you a bit more flexibility and control over your financial situation. It’s simply a second mortgage based on the value of your biggest asset (your house), and that can often get you the kind of money you need to cover the medical bills and other expenses that you’re facing. There are some regulations about the total amount that you can borrow against your house, though. The Federal Trade Commission allows you to borrow up to 85% of the appraised value.

It’s About the Right Medical Loan Options

At this point, it really doesn’t matter why you need a medical loan for health care expenses. What is important is getting the care that you need. Your health and wellness are essential. Then, the next step is to evaluate your options for medical loans. You need to know what options are available to you, the costs, and the pros-and-cons. You also need to be aware of how your medical loan will affect your future financial health.

Finding the right lender for your situation is extremely important. We know that if you’re having difficulties with your health, the last thing you want to do is research lenders. But you can get help from Loanry. We do this for you. If you leave the required information in the form below, we will get you offers from reputable lenders, and from there all you need to do is compare them and apply.

It’s difficult to take a step back and really study your situation, particularly when you’re in the midst of an emergency. When you and your loved ones need medical care, you want to drop everything. You want to save yourself, or save your child. You might even want to be the hero.

Conclusion

Don’t give in to panic. You can take time and carefully analyze the medical loan options that are available to you.  And, with the myriad of options available to you, you can make a well-informed decision that’s best for you. Nobody ever said that medical bills and loans are easy. But, sites like Loanry.com are there to offer assistance with your financial needs.

Medical Financing With Bad Credit: Dr. Debt Delivers

Medical Financing With Bad Credit

I totally understand that there are times in life when there appears to be no light at the end of the tunnel. This is especially true when you’re faced with medical bills. Even more at a time when your financial situation is not healthy. As you well know there’s nothing more important than your health. Therefore it’s imperative that you understand how to deal with mounting medical bills along with the future costs of medical treatments.

Dealing with Medical Debt with Bad Credit

The ability to pay these bills or receive credit is challenging for those with good credit as well as medical financing bad credit. In fact, medical financing bad credit is troublesome. Indeed, regardless of credit, people deserve medical treatment and should be viewed at equally. Unfortunately, the complex world of finance, medicine, and credit have created a difficult situation for many people. Especially those facing both medical finance troubles.

Understand that Everything Costs

As you initiate a medical procedure that’s outside the ordinary doctor visit, it’s well worth having a clear understanding about its cost. Get a grip on the treatment and alternative procedures that might be available. You should also ask about the recovery and any therapy that you’ll need to get back to health.

Cost of Doctor Visits

Often people just ask about the treatment. They forget the ongoing therapy visits that might be needed but not covered under insurance. You might also discover that the medical treatment your doctor prescribed is not covered under your insurance policy. This is a frustrating dynamic of physicians practicing medicine and insurance companies approving coverage. You might have to come up with the money. Otherwise you will be faced with paying a huge percentage of the bill. Today, even with insurance coverage you might have a large deductible or be responsible for most of the bill.

Cost of Medicine

Let’s not forget about the cost medicine too. There are some medical treatments that require doses of medication prior to and after a procedure. These medicines cost money and might not be cheap. This is a disappointing reality. Most people feel angered by the fact that they pay every month for insurance.

However when they actually need to use it there’s an additional cost for medicines and treatments. I understand that the reality is that you’re struggling to afford your daily lifestyle and aim for a better life for your children. When the subject of medical financing even with bad credit comes up, it’s understandable that most people just want to avoid the topic all together.

It might seem that you work hard, have a good job,… However in all areas of your life you require a loan – furniture, school, mortgage, car, credit cards, etc. This is even more concerning when it comes to your medical treatment. Just because you’re struggling financially there are solutions for medical financing bad credit in your financial profile.

A loan for medical bills is perfect for alleviating financial stress and allow you to focus on recovery and treatment. In fact, reducing stress is so important for the mind and body so that your healing can take place. If your illness is more chronic, it’s even more important to eliminate stress in your life.

Ask for a Payment Plan

The physician treating you is solely focused on the treatment and your health. If you fear the massive bill at the end of the tunnel, you should always ask the doctor’s office if you can work out a payment plan. A plan to pay their bill might even be possible a 0% interest and they allow you to pay in equal monthly installments. In these situations, the office might not even do a credit check on you and make the process so challenging with worrying about medical financing bad credit.

It’s often as simple as asking for the ability to break up the payments. Many people ask for this and you won’t be the first. So don’t be shy! Truthfully, depending on the amount and procedure it doesn’t hurt to ask for a discount too. Doctors and office managers are people too and know that life is not easy.

Especially when it comes to paying bills, even more for unforeseen medical expenses. Be polite, be appreciative and just get the courage to ask nicely. Since it’s such a common question, there are many office managers that are approved to just set up the plan and being billing accordingly. If you don’t ask, then for sure you’ll never get.

Look for a Medical Loan with Bad Credit

Did you know that there are some companies that specialize in assisting people with medical bills? These companies have developed financial programs geared towards people facing a medical situation. This is important because the mindset of someone searching for a used car loan is totally different than someone that needs a medical loan. Reaching out to a loan professional with experience dealing with people in a medical situation is the best first step to take. These professionals understand the dynamic and are familiar with the challenges you might be facing.

It’s important that you trust your lender. You have to trust that they are telling you what you need to hear, and not what you want to hear. This is in your best interest. So, if you want to find a lender like this, Fiona has some suggestions for you. If you put in your information below, Loanry can help you connect with the right lender for you, within minutes.

Should You Consider a Credit Card?

As you begin to make sense of your medical condition and review treatment with your doctor, it’s understandable that you are not seeking a loan to take care of the medical bills. It’s natural and that’s why the first move is usually to use a credit card for medical expenses. Credit cards are very easy to use and an easy way to fix and pay for bills or medical needs as seamlessly as possible. – just swipe and go.

Don’t let low introductory rates fool you either. Depending on your medical bills the interest can be debilitating. If you’re not careful you’ll be paying way more than your original bill. So keep your credit cards in your pocket and use only as a last resort.

Why a Medical Loan Is a Better Option

Certainly, if you can afford the payments of a payment plan arranged by the doctor’s office or hospital that will be best. Personal loans for medical reasons can be a lower interest rate compared to credit cards, but will still be based on your credit score and personal financial situation. If you’re overall financially healthy and just going through a rough patch than this can be a fantastic option. You’re not alone with having bad credit, there are solutions for getting a medical loans with bad credit but you should anticipate the rates to be higher.

It doesn’t mean you’ll be denied at every turn if you have bad credit, you need to begin the process to find the right lender.  If you don’t take any action and make don’t pay, either the medical provider will write off the debt or hand over the case to a collection agency. A collection agency is not a pleasant experience when they begin to recover your debt, and definitely not something you need when you’re trying to recover from medical financing bad credit situations.

Where to Find Financial Help for Medical Expenses

Did you know that there are some great websites like GoFundMe, which allow you or a friend to create a campaign to raise money. There are countless people in the world that are in a position to give and want the opportunity to help others. You will be surprised to discover how many people are facing financial hardships surrounding medical issues – bills, treatments, care, etc. This campaigns can spread like wildfire and go viral on social media, it really makes it easy to give in just a few clicks.

It’s also a great location to update people on your treatment or well-being, this way the public can see where their money is going. Also, sometimes your friends really want to help and there’s nothing they can do for you medically so this is a great way that they can assist you financially without feeling the pressure is all on them to support your needs.

Make Sure that You Don’t Rush the Process

The reality is that for many people a loan for medical bills is the only viable option. The lack of funds or access to money is common and a simple loan can give you the freedom to get back on your feet. It’s essential to ask the right questions and know what you’re getting yourself into prior to taking out a loan. You should always ask about the terms, the interest rate, is the rate fixed, are there any prepayment methods, and what are the payment methods.

There are some situations that a medical loan can have an origination fee too. When you are researching these loans for the purpose for medical bills, there are many professionals that are able to walk your through the entire process.

Take time in this process and you might even want to have a trusted friend review all the terms with you too. Depending on your medical situation, having someone with you might be necessary depending on your mental state. I would highly recommend that you seek the proper advice and feel calm during the lending process.

Your health is the utmost importance and staying calm is the best way to proceed. If there’s a moment that you’re being pressured into a loan or feel uncomfortable with the terms, move on to the next company. This experience should be smooth and easy to get you the funds you need for your medical bills.

Some Financial Tips to Remember

The best time to get your physical and financial health in shape is before there’s an issue. Start early, thinking about your finances in the case of an emergency is always better to have time on your side. Also, if you start a medical savings account early you’ll be glad you did it while you were healthy.

Even if it’s a small amount, if you keep it up every month the money will add up quickly. Try $100 a month, if you started at the age of 20 years old and you need to tap into it at age 45 you’ll have saved $30,000.

That’s a tremendous amount of money to have in case of a medical emergency. Even if you saved $50 and it amounted to $15,000 that will either pay off or put a dent into your medical financing bad credit. Time on your side is what you need when it comes to savings and / or researching a loan for medical bills.

Conclusion

There are times in life in which even the most careful and responsible planning is not enough to pay for your medical treatments. Health is one of those aspects to life that can throw a curve ball into our plans. Perhaps you’ve managed your credit perfectly and a medical issue has caused a loss in income and your credit spiraled out of control.

There are lenders that exist with tons of experience navigating people through the trials and tribulations of whatever life throws at you. Don’t let your bad credit stop you from seeking an answer. If there’s one thing that’s for sure is that if you don’t take an application than for sure you won’t qualify for a medical loan for your emergency situation. Often people look to get a handle on this issue through using a combination of ways to manage the bills and access capital – medical financing bad credit exists.

You might try doing the same when faced with a large bill, speak with the office manager and discuss a payment plan that’s realistic. That might help control the debt and put you on track to being able to pay that with having some financial assistance via a lender or borrowing from other avenues.

Patient Loans When You’re Running Out of Patience

Patient Loans

To quote Cannonball Adderley, “Sometimes things don’t lay the way they’s supposed a’ lay.” You’ve been trying to hold it together, trying to juggle bills and obligations and family, maybe slip in some sort of fun here and there, and then it happens. You have that accident. Then you receive that diagnosis. You get that call. And now you have to choose if you are going to take a patient loans, or not.

Medical surprises can be terrifying. They can be sobering. They often rattle our entire worlds. And they are almost always expensive.

The Challenges of Paying for Medical Care

Medical expenses are one of greatest challenges of modern American life, and not just among those of us heading towards our golden years. A recent study suggests that millennials carry more health care debt than their parents’ generation, and that they go into debt for medical care more often.

Approximately two-thirds of Americans filing for bankruptcy say medical issues are a major factor. Sometimes it’s the root of the struggle, other times it may simply be the tipping point – but medical debt is a game changer for many, many people.

While it helps to have insurance, that’s no longer a guarantee you won’t end up in debt. Deductibles begin adding up, or you discover gaps in your coverage which you didn’t anticipate, and before you know it, you start to feel that gnawing doubt in your gut about what exactly you’re going to do to take care of everything.

Everything is expensive…

Of course, it’s not just the medical care itself which is expensive. Health struggles often means missing work, for the patient or for the caregivers. It means more trips to the doctor, maybe multiple doctors, and sometimes any number of specialty clinics, pharmacies, or other sources of treatment. Now you’re paying more for gas, putting extra wear and tear on your vehicle, and – thanks to all the running about, trying to get better – spending more on dining out or ordering in. You may be paying for additional childcare as well, all while working less than before.

That’s probably why a recent survey by the Centers for Disease Control and Prevention discovered that 1 in 6 Americans under the age of 65 reported they’d had trouble paying their medical bills in the preceding twelve months. And you can’t open your computer or turn on the news without hearing variations of the same story over and over again:

Relevant stories…

She rushed to a nearby hospital… but first called ahead to make sure it took her insurance. When the hospital said yes, Briggs thought that meant she was covered… But two months after the surgery, she got a whopping bill for $4,727 from the surgeon… Like most of the doctors at the hospital, {the surgeon} practiced independently. He did not take her insurance… (NBC News, March 19th, 2019)

I’ve had asthma since age 12… I also developed an autoimmune disease that pretty much makes my skin attack itself. I’ve been to the hospital a few times for this as well. All of this adds up. Sometimes the ER doctor bills are separate from the hospital, so you will be charged more than a basic copay. Surgery is going to set you back separately as well… I feel like I’m in a never-ending battle with debt from medical bills and expenses. It’s literally the only negative thing on my credit report.  (BuzzfeedNews.com, January 17th, 2019)

I used up almost every penny of retirement savings for out of pocket and deductibles, meds. I don’t go to the eye doctor or buy expensive Restasis even though I have chronic dry eye, and a history of corneal abrasions. These are not covered. I gave up a pet. My car is 11 years old and needs a lot of work… (New York Times, January 11th, 2016)

Looking for Solutions

It’s not that we don’t want to pay our medical bills – most of us do. Some couples just start piling in all on their credit cards, hoping they’ll somehow eventually be able to catch up. Recently, we seem to hear more and more about families turning to crowdsourcing, trying to pay for essential procedures via GoFundMe or Kickstarter. Far more troubling are stories of those who simply avoid seeking essential medical care for themselves or loved ones in their care. Fear of deeper debt, collection agencies, garnished wages, or possessions being recollected, lead many to simply “make do” – adding further stress and possibly contributing to further medical difficulty as conditions go untreated.

For many of us, the worst part of any of this is the sense of helplessness to do anything about it. Some get angry. Others feel helpless or mired in despair. None of us escape undamaged from the experience. It’s not who we want to be; it’s not how we were meant to live. In the moment, though, it doesn’t always feel like we have a choice, so we put our heads down and press ahead as best we can, trying to set aside the gnawing sense that something is deeply wrong with this picture.

If any of this sounds familiar, the first thing you need to know is that you’re not alone. Being ill or getting injured is not a character flaw or a personal failure on your part. Being in debt from medical bills doesn’t make you a bad person – if anything, you’re in good company. Too much good company these days, it seems.

Patient Loans – Cover Your Medical Expenses

What you may not know is that patient loans for medical expenses are a well-established branch of the financial industry. That’s what happens when so many people are in a similar situation – services arise to address the need. There are a wide range of types of medical expenses loans, and a range of providers for them. Like any financial decision, it’s worth taking a few moments and considering which options might best fit your needs and most effectively address your situation. Even if you decide not to pursue a loan to help manage medical bills, it’s never a bad idea to better understand the options.

One of the most important things you need to do when getting a medical loan is research. Know what you’re getting into, especially when you make important financial decisions. But Loanry can help you with that. Not only we help you with budgeting, saving, and getting wealthy (check out Budgetry, Billry and Wealthry) but we also help you find the best lender for you, and the best loan for your situation.

Why Would I Need A Medical Loan?

Patient loans may be taken out for a variety of medical expense reasons. The most common, not surprisingly, are expenses from emergency care. The unexpected illness. The unpredictable events. The tragedies none of us are ever truly prepared for. There’s no shame in being caught unprepared for the unimaginable.

That doesn’t mean, however, that reasonable loans may not be available for treatment not normally thought of as an “emergency.” Dental care, LASIK or other vision care, hearing aids, mobility assistance, chiropractic care, cosmetic services – even weight loss programs – can be every bit as essential to an involved, fulfilling life. Being healthy isn’t just about staying alive; it’s about living.

Now, if you’re like me, you started worrying as soon as words like “loan” and “expenses” started popping up. You may be trying to remember your credit score (or you may be trying not to). Sure, having a great credit score does make the process a bit easier. It may secure you a slightly better rate. But patient loans for medical expenses are made with the assumption that things haven’t gone entirely as planned. Believe it or not, there are plenty of financial institutions who understand the financial realities of normal people managing as best they can.

A low credit score is not an automatic disqualifier for you. Some companies actually specialize in medical loans for bad credit. Besides, you’ll never know if you don’t ask.

So let’s take a breath or two and talk about a few of the many options for medical loans. Then, if you need more information, you can read up loans for medical bills in greater detail or reach out for more personal guidance.

7 Reasons to Use a Medical Loan: Dr. Debt

Types of Patient Loans

If you have a good relationship with your local bank already, you could begin by asking about an unsecured loan. This is a loan that doesn’t require you to put up collateral, and the interest rates tend to be a bit lower. Unsecured loans generally assume you have pretty good credit and a track record with the specific institution from which you’re borrowing.

Maybe that’s not you. That’s OK – it’s not most of us. Another option to consider is a secured medical loan. A secured medical loan is a type of patient loan in which you’re asked to put up some collateral – a house or car or something else of substantial value. This gives the bank some assurance, and sometimes helps keep your interest rate under control.

Home equity loans or loans against your 401k fall under this general category as well. These can be scary because if you don’t keep up with the payments, you might lose the item used to secure the loan. That doesn’t mean they’re always a bad idea, just that you need to go in with your eyes open and pay attention to the terms and the details spelled out in the paperwork. Don’t be afraid to ask about anything you don’t entirely understand – no legitimate financial institution wants to surprise or fool you about how the loan works. They want you to be happy just as much as you want them to be happy.

Special Medical Credit Card

Some financial institutions offer special “Medical Credit Cards.” As the name suggests, these are designed specifically to help you pay for medical debt. Typical credit cards aren’t necessarily evil, but neither do they care why you need them, what you’re using them to purchase, or whether or not you’re likely to pay them off in a reasonable time.

As long as you keep using them and making those minimum payments, they’re more than happy to keep charging that interest and may even nudge up your credit limit from time to time. Medical Credit Cards, on the other hand, have a specific purpose, and many offer quite reasonable interest rates. Be aware, however, that any special rates they offer may have an expiration period, after which your costs can go up significantly. Even in times of financial anxiety and other concerns, read the terms – always.

Marketplace Lenders vs. That (Creepy) Storefront Around the Corner

Another option with which far too many people aren’t familiar is to consult a marketplace lender. What is that, exactly? Marketplace lending is a service-driven loan industry, usually based online, which competes for your business – in this case, by offering solutions to your medically-driven financial needs.

Many offer patient loan structures and programming specifically tailored for circumstances associated with medical expenses, from medical loans for bad credit to long-term installments with manageable monthly payments and reasonable interest rates. They understand medical finance and, more importantly, they know how to get creative to help you with loans for medical bills or related expenses.

But wait, you may be thinking – that’s kinda what that place a few blocks over says on their outdoor flashing sign! Or maybe you’ve seen a local commercial for a group you’ve never heard of claiming they want to help you bridge the gap until payday… surely they’re all the same, right?

Don’t get sucked into Payday Loans

Whatever you decide to do (or not do) about your medical expenses, there’s absolutely no reason to get sucked into payday loans or fall victim to predatory lenders based on temporary crises or difficult circumstances! There are too many reputable lenders you can find who are in it for the long game; they want for you to be happy and to share than fact with your friends, families, and social media circles. Unlike others you may have encountered, they don’t profit by using you up and casting you out. In fact, as crazy as it sounds, they want you to come through all of this successfully – they grow when you win.

If only the rest of the world worked on a similar model, right?

Making The Right Connections

That brings us to a rather important element of this discussion – how, exactly, do I find these legit lenders? How can I, with everything else going on, even figure out what sort of patient loans I should be considering?

That’s where we come in. We bring together our expertise across industries to connect patients with sources for medical finance solutions. We flip the traditional dynamic associated with getting a loan for medical bills or anything else. There’s no reason you should feel overwhelmed and alone, confused by the system and desperate for options. What you really are is a client, empowered to find a marketplace lender who compete for your business by putting together their best solutions and hoping you’ll consider giving them your business.

These are experts in medical financing who understand your situation. They exist to help people like us figure out how to push through times like this. They’re well-versed in the unique dynamics of patient loans. Some even specialize in medical loans for bad credit.

You’re probably wondering about the catch. What are we selling you? Nothing – nothing at all. Loanry gathers some basic information and offers a few money tools to help better determine your needs, then connects you with a participating lender to secure a solution both of you decide is best. We don’t charge you any fees or take any payments from you. Period. Once you’ve found a lender that meets your needs, the rest is between you and them.

I should warn you, though – we’re very good at finding just the right lender for your exact situation. It’s sort of a point of pride for us.

Looking Ahead

Once you’ve stabilized your current financial situation, particularly those bothersome medical bills, don’t overlook the value of planning ahead. It’s never too late to change financial habits or mindsets, no matter what your circumstances or income. Even minor adjustments now can make a huge difference down the road.

For example, some medical expenses are tax deductible. These vary with your income and the type of medical expenses involved, but if you’ve been in a position to need a patient loan, you may have enough to deduct some of your health expenses from your next tax return.

While the IRS is probably not going to help you out with your gym membership or hair transplant, you may be able to deduct part or all of the expense of time in the hospital, prescriptions, eyeglasses, hearing aids, addiction recovery, transportation to and from your doctors or other facilities – even some mental health or preventative care. The IRS even has a free, online publication all about this very topic if you’d like to know more. And if your tax situation is a bit on the complicated side, we can help connect you to the right tax professional or tax-related services. We might also be able to help you organize your tax records as you go using your smart phone and our free, easy-to-use app.

Consider your credit score!

Another thing to consider going forward is taking control of your credit score, starting with reports from each of the three major credit reporting agencies. Then, commit yourself to taking small but regular steps to gradually raise that credit rating. Don’t get discouraged if you’re starting off lower than you’d like, and do not let anyone tell you that it’s hopeless! It’s not always about where you are, but about how far you’ve come – and the best time to start is now.

Finally, and most importantly, don’t give up. You may wish you’d done some things differently, or you may be discouraged because so much has happened that you couldn’t change. There are no easy fixes, but there are solutions. Breathe, focus, and begin.

You got this.