Why it’s so Important to Pay Medical Bills on Time

Okay, let me be straight with you. It is radically important that you pay all of your bills on time. Medical bills fall into one of those categories of bills though that you must pay on time and must repay period. The other category is your housing – your mortgage or rent.

Why Pay Your Medical Bills on Time

If you do not repay your medical bills, a hospital can actually refuse you treatment. As horrible as that sounds, you could get denied admission, even to the emergency room.

Ideally, your insurance pays for the medical treatment. You should only need to pay your co-pay when you visit the doctor, specialist, hospital, physical therapist, etc. Sometimes though, if you have to go out of network for treatment, you will have additional costs.

The other awful scenario is if you do not have medical insurance. Right away, you know that you will need to pay for every penny on your own.

Medical bills can be huge. Even small items, like a dental visit for a root canal, can top $1,000. If you do not have medical insurance, chances are you do not have $1,000 or more sitting in the bank to pay it. You might need to apply for loans for medical treatment. Since you probably aren’t an aging grandpa looking to amuse yourself in TSA lines, you need a plan for the medical bills because elective surgery isn’t covered by most insurance.

How to Pay Your Medical Bills On Time

What? You did not plan to become a medical finance expert? Well, welcome to the 21st century where four to six types of health insurance plans exist, you can open a flexible health savings account (FHSA) to pay for certain items and the cost of medical care keeps skyrocketing. Without health insurance and an FHSA, you need medical bill loans unless you are independently wealthy.

Taking out a loan for medical bills proves way smarter than letting the bills slide. According to Loanry, as of 2012, 30 percent of non-elderly US adults had past-due medical bills.

Start before you need to get treatment for anything. That means adhere to preventive care steps like healthy diet and regular exercise, monthly breast self-exams if you are female, and regular wellness checkups.

Let’s say you do become ill though or you are injured in an accident. You need treatment at a hospital or out patient facility.

Rather than have your bills go unpaid which ruins your credit, you can reduce the medical bills and obtain help paying them off. Your credit affects your ability to get a job, take out a mortgage, obtain a car loan and more.

Reducing and Paying Medical Bills

After you have been treated and you obtain your first bill, you may experience shock at its size. Let’s look at some ways to reduce the bills, then pay them off.

Have an Advocate Check for Errors

Medical billing advocates say they find errors on 80 percent of the claims they examine. A NerdWallet analysis revealed errors on 49 percent of Medicare claims. Those clerical errors result in overcharges. A medical billing advocate examines medical bills for errors, then advocates for the patient to lower the costs. They typically advocate for patients with extremely high medical bills after a long treatment time.

You can do this same thing for every bill you receive. Simply review the bill when you receive it. Check to make sure that you have been charge the correct amount. If the charges do not reflect the appropriate amount for a medical service, you should phone them and have it corrected. You will need to have a copy of your medical records and your insurance company’s explanation of benefits.

Seek Preventative Care

Use every preventative care program or resource available to you to maintain your health. Visit the doctor as soon as you feel ill. Small health issues can grow quickly into serious conditions. Accept it as soon as your doctor suggests medicine or a procedure that could hold off the development of a larger issue.

Opt for Generic and Test Drugs

Choose the generic version of drugs. These typically cost less than branded drugs. If an over-the-counter version exists, you can try it, too, to save money. Also, inquire about test medications. You may be able to enter a drug trial that lets you obtain free or extremely low cost medications. This can cut down on or completely eradicate one of the largest medical bills you could incur.

Open a Health Savings Account

If you do not already have a health savings account, open an account. You can auto-deposit funds into it on a monthly basis as a pre-tax withdrawal. You can also invest the money in the account so it grows. If you start saving now, by the time a medical emergency rolls around, you have a ready made store of funds.

Persistently Haggle the Medical Bills Down in Price

Find out what the cheapest charges are for the medical service you received. Typically, that is the cost provided to those with insurance. Even if you do not have insurance, you can haggle your bill down in cost. Negotiate with your hospital or doctor’s office, or even your health insurer to reduce the costs. Negotiate with the medical billing manager. They are capable of fixing bill errors or negotiating a discount. Try using the following to document your request for a discounted bill:

  • phone calls,
  • faxes,
  • emails,
  • letter.

When the doctor or hospital agrees to a lower rate, get a copy of the agreement in writing.

Crowdfunding to Pay Medical Bills

Sure, you’ve seen such things listed on crowdfunding sites like GiveForward. You can do this, too. There’s no reason you can’t ask for help. Do it right though. You need to be able to prove you really do have the medical bill. Most people only donate to the causes they find that are genuine. Crowdfunding, the process of gathering many donations from a large group of people in support of a need or cause, can help you to pay the medical bill quickly. Most websites that let you crowdfund charge a small percentage for administration fees. Some let you access funds even if you do not raise your goal amount, others let you have partial funds. Look for crowdfunding platforms with a strong social media presence that share campaigns virally. Also, share it to your own Facebook, Twitter, etc.

Apply for Assistance

Low income households or individuals experiencing financial hardship from a medical issue should apply for assistance. Many medical centers and hospitals provide assistance programs. Contact their help desk or billing office for information. The hospitals may be able to refer you to other assistance, such as charities that assist with your bills. This may include the local chapter of your Elks or Lions Club. If you attend church, inquire with your minister if the congregation provides charitable assistance for members. Also, check with your local government or state government for medical assistance programs.

Taking Out a Medical Loan

After exhausting all of those avenues of payment assistance, apply for a medical loan. A medical loan can help you pay for your needed treatments, so you do not hurt either your medical health or financial health. If you stop paying your medical bills, your doctors and hospital may stop providing you treatment. A health care loan can provide you with the funds to immediately pay the medical bills, so you can continue getting treatment.

Many reasons abound for taking out a medical loan. These include:

  • Consolidating your medical debt into a single, minimum monthly payment. You can probably land a lower interest rate, too.
  • You can avoid high interest rates. Medical loans often offer lower interest rates.
  • It lets you avoid trying to piecemeal the charges onto a number of credit cards. Those cards typically have high interest rates.
  • This method helps to improve your credit score because with every on time payment your credit score improves. That makes it easier to get loans in the future.
  • You avoid pop-up fees because medical loans provide extended details of the loan agreement. You will not experience hidden fees. Once you pay the upfront fees of the loan, you are done.

Medical loans are usually rather easy to obtain. They’re an unsecured loan that requires no collateral as security. The lender can require you to only spend the money on medical debt though.

Shopping for an Easy Medical Loan

No matter what, medical loans will never be as fun to shop for as blue jeans. But Loanry.com can make finding an easy medical loan better though. You can learn about the financial responsibility of taking out a loan before signing for one.

Loanry helps you compare various options so you can choose the product most likely to meet your needs. You’ll be able to compare interest rates easily, so you can determine how the cost of borrowing compares. You’ll also be able to compare other fees and charges. And you’ll be able to see which lenders requirements you may meet.

Rather than simply listing a plethora of financial lenders, Loanry provides you with a short form to complete. You provide very basic information and the website goes through the database of lenders and tries to find ones that typically make loans to individuals in the same financial circumstances as you.

The website’s form sends a soft hit instead of a hard hit to your credit report. It does not “ding” your credit to create its lender list. These ensures no harm comes to your credit score.

By submitting the short form, you obtain the list of most viable lenders. This also helps you protect your credit score. That’s because you only apply for loans you are apt to qualify for and obtain. Even though you have to submit a formal loan application to each of the lenders, since you only apply one loan app at a time, you are saving your credit from a multitude of hard “dings.” You will not need to typically submit as many loan applications since you have already vetted the loan possibilities.

Another advantage to Loanry is that many companies may provide high-speed approval. They also may deposit funds directly to your bank account.

You can obtain a loan to cover treatment for any kind of illness or ailment. This includes cosmetic surgery, dental work, emergency care, eye care, and long-term treatment.

Benefits of Medical Loans

You may not think of it as a benefit to take out a loan, but there are many reasons to want to obtain a loan. Think of it this way:

  • You get treated at your choice of hospital. Your insurance may limit you to in-network, but a medical loan never will.
  • The loan length, or tenure, is pretty flexible. You can make monthly payments to repay it in monthly installments with up to 24 months to pay it off.
  • Medical loans have no prepayment penalties. You can prepay the loan payments. This reduces the amount of interest you must pay.
  • You do not need collateral. These loans are unsecured.
  • They are easier to qualify for than a conventional loan.
  • They require truly minimal documentation. Typically, you only need to submit details of your treatment and your medical history.
  • There are medical loans specifically designed for those with bad credit or no credit.

Regardless of the reasons you need to take out a medical loan, you can do so with good, bad or no credit. A medical loan lets you obtain the medical treatment that you need, when you need it. Make it your last option though, after exhausting other avenues of bill negotiation and crowdfunding.

Medical Bills in Collections

Ethically, you should pay every bill as soon as possible and definitely by the due date. However, sometimes, life takes over and that is not possible. When you fall ill or get hurt in an accident, you may not be able to work, therefore you may get behind on the medical bills, along with the rest of them. Sometimes, these get sent to collections. At this point, you may feel that things have grown hopeless and ask yourself,
“Should I pay a medical bill in collections?”

Important Considerations

FICO changed its rules about how medical debt affects your credit score and how it appears on your credit report, making things better for consumers. The age of your debt also factors into your payment decision.

FICOs new rules help you, the consumer. It benefits you to pay off a medical debt that has gone into collections because FICO then disregards the collection activity in calculation of your FICO score. That means it does not show up as having gone to collections to future potential lenders.

As long as your potential lender uses FICO 9, you will benefit from paying off the medical bill that went into collections. While not every lending institution has begun using this new calculation, FICO is moving more institutions to it.

FICO will still use the late payments to the original creditor or service provider. The good news is that they often do not report to the credit reporting agencies. Instead, they send things to collections and that agency reports to the agency. That means you can completely repair the negative damage the late medical debt caused by paying it.

Before you decide whether to let the debt go or pay it or negotiate it, ask yourself these meaningful questions:


  • Did the original creditor report to the credit bureaus?
  • What is the age of the debt?
  • What is the statute of limitations?
  • Could you settle the medical debt?

Obtain copies of all three of your credit reports. You can do this once per year for free by visiting Annual Credit Report, the site authorized by federal law to provide one free copy of each credit bureau’s report to the consumer each year.

Examine each of the reports to find out if the medical provider reported directly to the credit bureau or waited to have just the collections agency do so. Whether you have one negative or two to deal with weighs in your decision. You will obtain a better result if only the collections agency reported.

Whether the credit report shows the original debt or a collections agency debt, it will remain on your account for seven years. The nearer a debt to the seven year point, the less net benefit you receive from paying off the account. It would disappear anyway.

The seven year report limit is not the same thing as the statute of limitations in your state. The statute of limitations refers to the time limit the law sets for your legal responsibility to pay the debt.

Here’s the deal: Legally, you get no benefit out of paying off a medical or other type of debt that has gone past the statute of limitations. When it comes to your credit score though, it can help you. If the statute of limitations is shorter than seven years, there’s no real benefit. And if it’s longer than seven years, you face legal liability and could be sued.

If the total cost of the medical costs has you basically hyperventilating, take a deep breath and negotiate. You might be able to settle the bill for a fraction of the cost. Once upon a time, settling also created a negative comment on your credit report, but not with the new FICO 9 rules.

Begin by offering the collection agency one third of the medical balance. Negotiate from there. If the amount they forgive exceeds $600, it counts as income and you will receive a 1099. You will need to include this on your state and federal income taxes.

Since the older debts will fall off of the credit report first, you should prioritize repaying your newest credit lines and loans first. Those show up on your credit report the longest.

The Dreaded Lawsuit

If a creditor takes legal action and sues you, breathe. It is not the end of the world. Go to court when the summons says to do so. Explain why you have not paid the bill and why you simply need time and a payment plan. Make payment arrangements with them.

Let the court know what your current income is and what you can afford to pay each month. Let the judge know you want to pay, but need to make reasonable monthly payments rather than a lump sum. The great thing about a court payment plan is it protects you. Once the court orders you to pay in a specific manner, the collections agency cannot demand anything else. They cannot come back a month later and harass you and demand full payment all at once. It actually benefits you to go to court and set up a payment plan.

Which to Pay First: Credit Cards or Medical Bills?

When money grows really tight you start prioritizing. Your mortgage or rent obviously takes the highest priority. You have to have a roof over your head.

After that, you probably place your car payment, if you have one. You need to be able to commute to work.

Then comes the tough decision – is the third priority paying your credit cards or your medical bills?

Okay, I won’t snark about how you already have a budget and a backup budget in place. You are here and you are reading this. That puts you in the category of people who care if they pay their debts. You are one of the folks who hasn’t given up on paying your bills off – if not on time completely.

Hey. The struggle is real and most of us go through it at least once in life. You need to create a plan to pay it all off. Prioritizing is part of that.

The good news is that both credit cards and medical bills qualify as unsecured debt. That means you can’t lose collateral for not paying them. That can happen if you do not pay your mortgage or car loan. Typically, you must go six months without a payment before it goes to collections. It is much better if you do not wait that long though.

When it comes to you credit score, late credit card payments will hurt you worse. That is because credit cards report every month to the credit reporting agencies. Medical bills don’t get reported to the credit bureaus while they remain with the medical treatment center. Only when they go to a collection agency do medical bills get reported.

The other huge reason to prioritize the credit card debts is your credit utilization score. Credit utilization calculates your credit usage vs. your available credit. The less credit you use out of what is available, the better your score. Since medical bills don’t factor into credit utilization, it is better to be late with a medical bill payment than a credit card payment.

As discussed, you have other options to get help with medical bills, such as financing, medical credit cards, bill negotiation, help from charities and non-profit agencies, etc. This is not true of credit cards, although you can consolidate both kinds of debt.

In Conclusion: Make a Plan and Stick to It

You can pay off all your bills. You can do it. It will take time, budgeting, hard work and lots of telephone time to negotiate. You will end up with a good credit score and you’ll be able to get loans and credit cards when you need them. You have to take a deep breath and start making a plan to get out from under your debt. Start at Budgetry.com. Visit Loanry.com to find an appropriate medical loan, if needed. You can pay it all off and benefit from a strong credit score and a debt-free life.

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

Everything You Need to Know to Save Money on Medical Bills

In 2012, about 30 percent of non-elderly adults in the United States had an outstanding, past-due medical bill. Such statistics are not only an indication of the rising cost of healthcare but also show the portion of the American population that has problems with medical bills and debt. Today, even with insurance coverage, there are several costs that consumers need to pay when they seek medical care. While there are many ways to pay medical bills, it is important to ensure that the option you choose will not surprise your budget either in the short or long run. There are a few things you need to know if you are to save money on medical bills without compromising on the quality of health care.

Medical debt can be a barrier to a consumer’s financial health, affect their ability to build credit, and make it difficult for them to get the health care they need. Whether a consumer is looking to take out health loans or explore other options to pay their medical bills, it is necessary to ensure that they are informed. With the numerous lenders that offer medical loans today, financial education will go a long way in helping you make an informed and conscious decision. 

How to Save Money On Medical Bills

Healthcare expenses are unavoidable. With the ever-rising cost of medical care, it is necessary to identify ways to save money on medical bills. This will help you avoid the stress associated with looking for how to pay the medical bills.

Invest In Better Health Insurance

Although some people think that buying cheap health insurance is a way to keep costs down, this can cost you in many ways. The best thing to do is to invest in quality health insurance that will cover a wide range of treatments and medical emergencies. You should also read your policy and check with your insurer before getting treatment to ensure the terms have not changed.

Review Medical Bills Before Paying Them

This is one of the most overlooked ways to save money on medical bills. The staff working in the medical offices can make mistakes that will see you paying huge sums of money for services you did not receive. It is always advisable to take time to go through your medical bills and question any line items that do not look right.

Negotiate The Services Not Covered

There may be times when you are in need of a service that your insurance will not cover. Rather than resigning yourself to paying the cost in full, you should let your medical provider know that you will be paying for it out of pocket. The medical officer may offer you a reduced rate or arrange a low or no interest payment plan for you.

Do Not Let The Health Issue Escalate

With the busy schedules that characterize life in the modern world, visiting the doctor for seemingly minor issues may appear to be a hassle. However, these health issues can evolve into serious conditions, taking up more time and money in medical bills. This is why you should consider seeking out preventative care to get such issues resolved easily.

Open a Health Savings Account

Saving for medical emergencies is another great way to save money on healthcare expenses. A HSA account is not only tax-advantaged but the money can also be invested in order to grow. In this way, your financial status will not be hurt in case of a medical emergency.

Health Savings Accounts [Infographic]

Save on Drugs

Generally, generic drugs tend to be cheaper than branded names. You can also consider going for over-the-counter versions to save money. This will also help you avoid a costly medical bill.

How Medical Loans Can Save You Money

When faced with huge medical expenses, loans for medical treatment may be the answer to getting you the money you need. These loans can help you save money on medical bills in several ways.

  • Consolidating medical debt: If you are struggling to repay your medical debt or your minimum monthly payments are too high, you can consider taking out a medical loan to consolidate the debt and enjoy lower interest rates.
  • Help you avoid high-interest rates: When you need to pay your medical expenses, but other types of loans have high-interest rates, a medical loan can offer you lower interest, helping you save money.
  • Help to finance a big one-time expense: Rather than using your regular credit card to pay for medical expenses, a medical loan will offer a cheaper way to finance the big expense. This is a practical and inexpensive way to access healthcare while keeping your budget manageable.
  • Help improve your credit score: Taking out a medical loan gives you an opportunity to improve your credit score. If you manage the funds prudently and make all payments on time, you will have better credit. This will make it easy for you to access loans with lower interest rates in the future.
  • Avoid annoying pop-up fees: With medical loans, you will have the chance to look into the details of the agreement to ensure that no hidden fees will creep up. This will help save money on medical bills since you will not have to pay additional fees once you pay the upfront fees as well as the loan over the agreed period.

What is Medical Financing?

Consumers have to prioritize their health if they are to enjoy a high quality of life, go about their daily activities in a normal way, and achieve their goals. However, medical care the world over is expensive and can deplete the financial resources of your family. Similarly, medical emergencies can strike at any time. These are some of the reasons why a good number of consumers turn to financial help to pay their medical expenses.

Depending on your financial circumstances, you can consider medical bill loans as one of the ways to cover your expenses. A medical loan is an unsecured loan that allows borrowers to access the money they need without putting up any form of collateral as security. However, the lender may require that the money obtained be used only for repaying medical debt. Considering that the cost of healthcare is beyond the reach of many, consumers need to look for ways to save money on medical bills. This will not only make it possible for them to afford the care they need but also ease pressure on their wallets to help them avoid getting into financial problems.

Shop for a Medical Loan

Medical loans come with a certain level of financial responsibility. Before taking out these loans, consumers have to understand what they are getting themselves into. Make sure you compare the various options available in order to choose the product that is likely to help you meet your needs. Similarly, you should keep the cost of borrowing in mind in order to avoid increasing the amount of debt you owe. This will involve focusing on factors such as the interest charged on loan as well as any other fees and charges.

Advantages of Medical Loans

One of the most common ways through which people prepare for medical emergencies is by buying medical insurance. While this is a good option, it is associated with a number of limitations. There are also times when your medical insurance will not cover the full cost of treatment. This is why consumers have to be aware of other options, such as loans for medical treatment. Below are some advantages of these loans.

High-speed Approval

A good number of lenders have made it possible for borrowers to apply for medical loans online. This ensures quick approval and almost-instant loan disbursement so you can concentrate on the important tasks of the treatment.

Loan for Any Type of Ailment

Medical loans can be used for any type of treatment or procedure. These include dental work, cosmetic surgery, eye care, emergency care, and long-term treatment. All you need to know is the cost of the procedure.

Treatment at The Hospital of Your Choice

Unlike insurance plans that may limit the facility you visit, a medical loan does not have such restrictions. This gives you the flexibility you need when seeking medical care.

Flexible Tenure Options

The tenure options offered on medical loans will generally be flexible. You cab repay the loan in monthly installments over a period of up to 24 months.

There Are No Prepayment Penalties

Most medical loans do not have prepayment penalties. This means that if you are looking to save money on medical bills, you can prepay the loan before the tenure ends in order to reduce the amount of interest you will pay.

No Need for Collateral

Most types of loans will require you to provide collateral to back them up. With medical loans, the majority of lenders will not ask for security. This makes it easier to get the loan instantly in case of an emergency.

Minimal Documentation

When you or your loved one has been taken ill, you will want to reduce the amount of stress you go through. The good thing is that most health loans have minimal documentation. Some will only require you to submit treatment details and medical history.

When to Take Out a Medical Loan

While medical finance is associated with several benefits, it still makes for a huge financial commitment. If not handled properly, a medical loan has the potential to affect not only your credit score but also hurt your financial health. This is why you should take out the loans only when it is necessary.

In Case of An Emergency

Even with the best preparations, medical emergencies come when you least expect them. In the event of health complications or higher medical bills than you expected, you can choose to apply for a medical loan. This type of loan will save the day when there is no time to apply for other types of loans.

If You Have Bad Credit

Bad credit may see most conventional lenders denying you loans. With the loan opportunities available to you having been limited, you will have to look for other ways to access the money you need. Medical loans for bad credit are specifically designed to help people who have poor credit.

When You Have Exhausted Other Options

There are different ways of paying for your medical bills. However, if you have tried these options but have recorded little or no success, you should think about applying for a loan. Medical loans will allow you to get the amount you need within a short time and repay it over time.

Regardless of the reason for which you take out the loan, you should ensure that it will not get you into financial problems. The interest charged on loan should be such that you can pay it back without straining financially. In order to reduce the amount you borrow, you should consider the different ways to save money on medical bills.

Emergency Medical Loan Options

Once you have made the decision to take out a medical loan, it is important to familiarize yourself with the different options you can choose from. This is particularly necessary if you want to save money on medical bills. 

Here are some common types of loans you are likely to come across.

Unsecured Medical Loan

With an unsecured medical loan, the lender does not require a call for collateral. However, to qualify for this type of loan, you must build up trust with the lender and have fairly good credit.

Secured Medical Loan

These loans require you to put up some form of collateral as security for the loan. Lenders will mostly accept items of high value such as a car, a house, or stocks. While putting up collateral will increase your chances of getting the loan, not paying the loan can have c onsequences that include losing your asset.

In House Medical Loan

Also known as an in house medical card, this involves an agreement with the hospital to pay your bills over a specified period of time. While the interest rate on the loan is usually high, the arrangement is suitable for when you need extra time to pay your bill. Make sure you read the terms and conditions carefully before making a commitment.

Credit Card Loan

Consumers can also use their regular credit cards to pay their medical bills. However, you should remember that medical emergencies do not mean that you will get special treatment. Therefore, you should be careful about going over the established terms and limits.

Medical Credit Card Loan

There are certain institutions that offer credit cards meant to be used only for paying off medical debt. These credit cards allow users to take advantage of significantly lower interest rates. However, you should ensure that you pay off the credit card debt on time.

Home Equity Loan

This is a type of secured loan that allows you to put up your place of residence as collateral. In case you cannot pay back the loan, there is the risk of foreclosure.

401 (k) Loan

This is one of the best options for anyone looking to save money on medical bills as you will not pay interest. However, you can only access the 401 (k) account that your employer keeps for you in extreme situations and for emergency purposes.

Questions to Ask Before Taking Out Health Loans

When it comes to health loans, there are numerous options out there. Choosing the right one for you will involve making sure it will help you save money on medical bills. Here are some questions to ask before taking out the loans.

What is the interest rate? 

It is necessary to know how much you will pay for the cash you want to access. Make sure you know whether the rate is variable or fixed since this will directly affect the cost of borrowing.

Is there an early pay-off penalty? 

Although you may need a medical loan for a short period of time, some do not allow for a quick pay-off. Make sure you know ahead of time whether the lender has a penalty for paying off the loan early.

Does the lender charge late fees? 

You will also want to be clear about how late payments are handled. Find out whether the lender will apply a small fee or if the interest rate will go up in the event of late payment.

Does the lender offer a promotional rate? 

It will be important to know if the loan offers a promotional rate. In case it does, you should understand what the arrangement looks like. Some loans will offer a lower rate for a limited time before you are required to pay it in full over a set period. In the end, the decision you make should help you save money on medical bills.

Medical Loans for Bad Credit

You may find yourself in a situation where you have poor credit but need a loan to pay your medical expenses. Poor credit could make it difficult for you to access funding from conventional financial lenders. The good news is that there are medical loans for bad credit, loans that are designed for consumers who will not be approved by traditional lenders.

If you have poor credit, some of the options available to you include payday loans, loans from local finance lenders, and financing from title loan lenders. However, it is important to note that some of these loans may have predatory characteristics. While most of the people who take out medical loans have reached a point of helplessness and maybe growing desperate, they should ensure that the loan will help them save money on medical bills. Going for a loan that is predatory may make your financial situation worse over time.

Since nobody knows when they will need medical finance, you may want to consider working on your credit score when you still have time. This means reducing your existing debt, paying your bills on time, and adopting healthy financial habits. In this way, you will avoid the frustration associated with applying for medical loans with bad credit. You will also have a better chance of accessing the healthcare you need and save money on medical bills.

Other Ways to Pay Medical Bills

Health loans are not the only way to pay your medical bills. There are many other alternatives that consumers can explore. Most of these alternatives will not attract interest, a factor that will go a long way in helping you save money on medical bills.

  • Health insurance: Buying insurance is one of the best ways to prepare for a medical emergency. Although the insurance coverage may not always cover the full cost of treatment, it will take care of a significant portion of the expenses. It is important to ensure that the insurance plan you go for will cover treatment for different types of ailments.
  • Your savings: The importance of having an emergency fund for unforeseen events such as medical expenses cannot be denied. If you have some money set aside for this purpose, you may not have to take out a medical loan. Even in cases where you end up taking the loan, the loan amount will be manageable.
  • Borrowing from family and friends: Whenever possible, you should consider borrowing from family and friends before taking out a medical loan. In most cases, this will be an interest-free option that will save you money. However, you must ensure that you repay the money to avoid straining the relationship.
  • Fundraising: Another option would be to fundraise. Getting small contributions from people will go a long way in helping you pay for healthcare. In this era of social media, you can use the different platforms to request for the financial support you need.
  • Medical expense deduction: A medical expense deduction will significantly reduce the amount you have to pay. This will give you a great opportunity to reduce the financial burden of medical expenses. However, the downside is that you will have to pay the entire medical bill upfront.
  • Alternative treatment options: In case you establish that the medical procedure to be done is too expensive for you, you should check whether there are alternative treatment options. Some of the alternatives could be cheaper, allowing you to save money on medical bills.

Common Causes of Surprise Medical BillsHow Surprise Medical Bills Are Impacting Health Plans

Health is the most important aspect of your life. As such, you should never compromise when it comes to getting proper care or taking your medicine. As you plan ahead of time, you should ensure that you put in place measures that will see you save money on medical bills. Below are some common causes of surprise medical bills.

  • Not reading the fine print: If you pay your medical insurance policy without analyzing the plan or buy policies depending on the one that has the lowest premium, you may end up having a difficult time when you need medical care. You could either find out that there is a massive deductible or that there is no enough money to meet your medical expenses.
  • Change in coverage: A simple change in coverage could see you paying more in terms of medical bills. While you may have reviewed your plan diligently, the drugs you require presently may not be covered under the plan. Similarly, the coverage may be minimal, or your health care provider might not be covered under your policy.
  • Children: Although children bring us joy, they can develop illnesses or suffer injuries at any time. As much as you may have some money set aside for emergencies, the high cost of medical care can surprise your budget. Emergency room visits, consulting pediatricians, therapy, and other forms of treatment may be more costly than you previously thought.
  • Travel surprise: There are times when you will have planned and saved for your dream vacation but forget important issues such as medical issues. In case the immunizations required are not covered under your plan, you will have to pay for them from your own pocket.
  • Accidents: Accidents, just like other medical emergencies, can strike at any time. Regardless of how careful you may be, accidents can occur, resulting in injuries and the need for medical care. In case the medical treatment, medication, and therapy you need are not covered, the expenses can create a huge financial burden. You will be forced to take out medical bill loans, in some cases.

Final Thoughts

In summary, there are many ways of paying medical bills and expenses. You should always look at the different options available to ensure that the one you choose will help you save money on medical bills. If you decide to take out a loan for medical treatment, make sure the lender offers favorable terms that will allow you to afford the loan. We make it possible for borrowers to find lenders easily and conveniently so that they enjoy a hassle-free borrowing experience. The next time you need a medical loan, kindly consider working with us.

 

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.

Cost of Medical and Health Care: Statistical Overview

The medical expenditure in the United States is exceptionally high. In 2017 the figure stood at $3.4 trillion. While a majority of the Citizens do not have health care or insurance cover. The figure keeps on rising; yet, the lifespan of the typical American is on the decline.

Knowing about the medical statistics in the United States will help you better understand the state of the Healthcare system. There is a lot of information out there, and it is important to sieve the chaff from the wheat. Our article below will give you a clearer picture of the Healthcare system in the US. It will also provide excellent insights into how we compare to others in the world.

Why Is It Important To Understand the Statistics Concerning Health Care

Statistics will guide any decisions around healthcare. It will show certain factors such as:-

  • The cost of medical expenditure with regard to health care
  • The number of people who have medical insurance
  • Any gaps that policymakers need to ensure better health care access for its citizenry
  • Disease, it’s patterns and the impact on a particular population

Understanding the US Healthcare System

If you get sick or need any treatment, you will need to pay the cost of medical treatment out of pocket or use your insurance cover. The government has two basic plans that can provide some relief from the cost of medical expenses.

MedicaidРезултат слика за medicaid infographic

Medicaid is for those who have low income. You will have to show your income level, and whatever resources you have, to qualify.

Medicare

Medicare covers those who are 65 years of age and above. You have to be a US citizen and have lived in the country for five years continuously. You get up to 80% coverage of the cost of medical bills. It covers four essential parts:

  • A: Hospital/hospice insurance
  • B: Medical insurance
  • C: Medicare Advantage plans
  • D: Prescription drug plans

Crucial Statistics to Know

  • It may surprise you, but a 2017 report showed that only 17.2% of Americans had Medicare cover.
  • The Healthcare system is currently worth$ 3.504 trillion
  • A heart attack in the United States will cost you approximately $ 20,246. The cost is primarily attributable to the care you will receive in a hospital following an attack. This cost is quite reasonable if you consider that the cost of medical treatment for a broken limb will cost you about 16976 dollars.
  • The statistics on obesity and the overweight are quite shocking. Reports show that 4 out of 10 people are morbidly obese, while seven out of ten falls in the overweight category. The cost of taking care of issues around weight, especially obesity, costs about $150 billion a year in the United States.
  • Many people cannot take care of their medical costs in the United States. They, therefore, opt to look for treatment overseas. In 2017 over 40 million Americans sought treatment from other countries. Many of the patients went to South America for treatment in what the industry refers to as medical tourism.
  • There is a chronic shortage of doctors in America. Industry figures estimate that there will be over 40800 vacant physician positions in America by 2030. Despite the gloomy predictions, America seems to be at par with other developing nations. There are at least 2.6 doctors for every 1000 patients, meaning that we are operating at an average level.  However, it is still a clear indicator that there is a shortage of doctors.
  • Technology will have a huge role to play with regards to medical care. Artificial Intelligence (AI) is at the forefront, and the experts predict that it will revolutionalize diagnostic practices.

Let us explore the statistics in a little more detail below.

Medicare

Research shows that as at 2017, up to 82.8% of retirees preferred to use private healthcare instead of Medicare. A paltry 2 out of 10 Americans register for the program. As it 2017, only 58.4 million Americans had taken advantage of the Medicare program. 49.5 of them were over the age of 65, with the remaining 8.9 million going to the disabled.

Private Healthcare

The use of Private Healthcare has tripled since 2004. There has been a significant increase from 12.8% to 34% in the years ranging between 2004 and 2017. It is interesting to note that Americans are willing to pay a higher price to access medical care. The experts predict that the numbers will continue to rise.

Health insurance

9.1% have no insurance at all. The figures come from a 2017 report. Many respondents felt that Healthcare was unaffordable, while others thought that they did not need coverage. Unfortunately, many people have financial issues that do not allow them to put aside money for insurance. It becomes a burden that they cannot add to their existing problems.

Some good news though, while 2010 figures show that 48.6 million Americans did not have insurance. The figure dropped significantly to 29.3 million in 2017. Many attribute Obamacare to increase in the number of people with medical insurance.

Even those with medical insurance say that they are not able to pay off the cost of medical expenses. A 2016 report by the New York Times and Kaiser family foundation shows that up to 20% of Americans are not able to pay the medical bills. Among those who are uninsured, the figure rises up to 53%. It is therefore not surprising that up to 60% of people who are not able to make their medical payments have received a summons by collection agencies.

The Hospital Insurance Trust Fund

In the next seven years, the Hospital Insurance Trust Fund could be depleted. The result is that Medicare will rely solely on tax revenue to be able to pay out any claims. This is sad news because the benefits you get with Medicare will have to reduce. The players in the sector are, however hopeful that Congress will not allow it to happen. However, if the government cannot supplement the deficit, the Healthcare system will be in serious jeopardy.

Healthcare Costs

The Rising Cost of Medical Treatment [Infographic]

Cancer Treatment

The cost of medical drugs in the United States is so much higher than what you would pay in other countries. The Avastin drug cost $470 in the United Kingdom; well the same drug cost 3930 dollars in the United States. The discrepancy was directly attributable to healthcare companies not looking for the best rates. This is according to the international federation of health plans. Other industry players felt that the discrepancy in the cost was due to greed on the part of the sellers.

High Administrative Costs

There is a lot of inefficiency with regard to running the healthcare systems in the United States. Administrative costs are very high, taking up to 8% of the overall healthcare budget. Other developed countries can keep the average in the range of 1% – 3%.

Experts estimate that if the system can take care of the inefficiencies, it can save up to $175 billion in the cost of medical care. Many feel that automation and artificial intelligence will plug the leaks, thus leading to greater efficiency.

What the Citizenry Thinks About Healthcare in the United States

The United States is a developed country, but many of its citizenry still feel that medical care is wanting. 23% of Americans feel that American healthcare is the best in the world. 21% are still sitting on the fence and do not know whether to agree or disagree, about how good the level of care is. The remaining 66% are in agreement that the Healthcare system is not good enough.

The world seems to agree; America ranks last in medical care when you compare it to other developed countries. Research by Commonwealth Fund shows that despite the inadequate health care systems, Americans are still paying some of the highest bills. Unfortunately, the health outcome is not at par with the cost. America has the highest mortality rates, with a life expectancy of 60. Other developed countries fare much better.

Role of Employers

2018 reports show that employers take up to 75% of the cost of medical care. The employees contributed the rest. Employers seem to bear the brunt of ensuring that those who work for them receive adequate medical cover.

Healthcare and GDP

There is a significant rise in healthcare as a percentage of GDP. In 1960 it was at 5%, but as of 2018, it rose to 18.2%. Industry experts attribute the rise to the higher medical costs, rather than any actual effort on the part of the government.

Obesity

Obesity continues to be a huge concern in the United States. There are so many conditions that are attributable to being overweight, including strokes and heart disease. Obesity is avoidable if you exercise and eat the right food. The government needs to take a more active approach in educating the population to reduce mortality rates. Industry experts estimate that up to 300,000 premature deaths occur due to obesity.

According to Obamacare reports, the healthcare system spends up to $150 billion annually on issues arising from obesity. The problem is especially bad in West Virginia; which holds the undesirable distinction of having the highest number of obese, and overweight people.

Doctor Earning Potential

Doctors in the United States earn very good money when you compare it to other developed countries. On average, a doctor in the US will earn $218,173 per year. A significant difference from the other countries, where the average is in the range of $86,607 and $154,126.

Medical Expenses

A report by Fidelity Investments shows that a retiree who has Medicare will still need to fork out about $5000 annually, for medical expenses. They are forced to do this because Medicare will only pay up to 80% of the total bill. Depending on the issue, the retiree may get zero coverage, for example, in the situation where they need nursing care.

A report by the New England Journal of medicine shows that the cost of medical treatment is so high, that 4% of Americans have had to declare medical bankruptcy.

Delays in Accessing Medical Care

A 2015 report shows that one in 10 adults, will delay accessing medical care because of the high costs. When they have to make a choice, many people will forgo dental care, eyeglasses, and prescription drugs,

A 2017 poll by Kaiser Health shows that up to 47% of Americans will have a problem paying $500 if it comes up unexpectedly as a medical bill. 19% report that they would not be able to make the payment at all. 20% say it will go on their credit card so that they can make slow payments over time. A more significant percentage also said that they would borrow from family, friends, or take a payday loan from a lender.

The Affordable Care Act

Резултат слика за affordable care act infographic

The Affordable Care Act (ACA) brought a big difference in the American health care system. Many have managed to get insurance, and fewer people are claiming medical bankruptcy. The Affordable Healthcare Act made significant changes to US Healthcare. The then-president Obama signed it into law. Its effects were especially evident between 2011 and 2014. The basis of the act was to expand access to health care coverage and emphasize prevention and wellness. Other aims were to increase consumer Protection, promote administrative efficiency as well as an evidence-based treatment.

Some of the main aspects of the law included:-

  • Giving access to health insurance for almost all the Americans; weather on an individual plan, or through the employer. They were also required to take advantage of programs such as Medicaid or Medicare. The result was that the number of uninsured adults dropped from 32.3 million from 41 million in 2013. Areas of priority were among the low-income, people of color, adults.
  • The act required the creation of health insurance marketplaces. They’d cater for those who did not have employer plans or access to Medicaid or Medicare. Those who had an income of 100% to 400% would be eligible to get a premium tax credit, to help subsidize the cost of insurance. The different states had leeway to create and administer their exchange or allow the Federal Government to do it. To date, about 14 States have their own exchange systems.

Other Important Aims

  • The act also had an aim of promoting competition among providers to ensure transparency when dealing with consumers. The number of insurance increased in 2014-2015 while maintaining the average premiums.
  • The act also looked into expanding the Medicaid program. But the States had the option of adopting the resolution or not.
  • The ACA also attempted to control the rise of medical costs. It set up different bodies, including the Independent payment advisory board. Its role was to give the president and Congress recommendations on how to control Medicare costs.

They were, however, still some challenges even under the ACA program. Americans are still uninsured, while premium rates and deductibles continue to remain high. There are also several people a number who still remain outside the eligibility criteria for Medicaid.

Infant Mortality Rates

The infant mortality rate in the United States is higher than in any other country; both the developed and the less developed. Yet, infant mortality is an indicator of whether or not the healthcare system in a country is working.

Insurance Cover for Hospitals and Doctors

Another reason why medical costs in the United States are high is that the doctors and hospitals take malpractice insurance. Many of them have had to face lawsuits. To minimize the potential of significant financial loss out of such, they will take insurance. They then push the cost down to their patients, leading to a 2% to 7% increase in the healthcare cost.

Health Insurance Premiums

Health insurance premiums continue to rise very fast. Within the 2005 – 2015 periods, there was a 61% increase in health insurance premiums for family coverage. Worker contributions increased by 83% within the same time.  In 2005 a single coverage cost $2,713; in 2015 it went to $6,251. Family coverage rose from $8167 to $17,554 within the same time.

Comparing the United States Healthcare System to Other OECD Countries

The Organization for Economic Cooperation and Development (OECD) brings together 34 countries to discuss and promote policies that will lead to their well-being. The countries are advanced or emerging economies. The U.S. and Mexico play a minimal role when it comes to financing Healthcare.

The U.S. has the most significant healthcare per capita spending amongst all the other countries. You could attribute this directly to the high cost of medical care in the US. A 2013 report by the OECD shows that the average American will spend almost double what the average person on the OECD group will spend.

What Factors Contribute To the High Healthcare Costs

Industry experts continue to grapple with what the main issue is behind the high medical costs in America. There are however certain contributing factors which include:-

The use of technology and certain prescription drugs has made healthcare more expensive. A lot of money goes into development, using costly methods that may not necessarily translate into them being more effective.

The other reason for the high healthcare costs is the rising chronic diseases such as obesity. A lot of money goes into taking care of patients with chronic illnesses. Especially in the last two years of their lives. Up to 32% of Medicare goes to physicians and hospital fees that result from repeated hospitalization. With a lower life expectancy and a high rate of chronic illnesses, the US spends a lot of money on such costs.

What Does the Future Hold

Use of Technology

Scientists are actively working at coming up with technology that will help ease operations within the healthcare industry. Artificial intelligence seems to offer new Hope. The experts see an active role for AI in data analysis and interpretation. It will be able to handle massive amounts of data within a short time. It will, thereby, assist in higher efficiency and better disease diagnosis.

Other players are also trying to contribute to the healthcare sector. Amazon is working on improving Alexa so that she can detect things like colds or coughs. The company is also looking at bringing a virtual doctor right to where you are. You will be able to discuss symptoms, and the doctor will make the necessary suggestions. Some diagnostic tests will also happen from the comfort of your home. All you need to do is mail back the test. The doctor will then make a diagnosis, do a prescription, and have it delivered right to your doorstep.

Even those living in rural areas will benefit from technology. Drones will be able to collect samples as well as deliver the medicines.

Medical Financing Options

With the rising healthcare costs in the United States, many people have a challenge in meeting their healthcare needs. On average, one out of five working Americans is not able to pay their medical bills. There are certain restrictions on health insurance coverage, and people will, therefore, look for medical financing by taking loans.

Medical Loans

Medical loans are personal loans that you will take to finance a medical procedure. It will cover out-of-network charge, medical debt reconciliations, or any other costs that your health insurance does not cover. There are many advantages of doing medical lending, including not having to file for medical bankruptcy. You get to manage your costs, thereby alleviating the stress of worrying about how to pay them off.

Medical financing also provides a way out for anyone who does not want to wait for the insurance company to revert on a loan application. You can pick a secured or unsecured loan. It also has the advantage of not impacting on your credit utilization ratio. This will show up on your credit report.

Some medical service providers can arrange for financing, but their rates are usually very high. Taking a medical loan will afford you some leeway when thinking about how to take care of your bills. Depending on the amount you take, you will also have sufficient money to take care of other expenses you will incur during recovery and treatment.

What Areas Can Your Medical Loan Cover

The cost of medical care is expensive, and if you have insurance, it can help alleviate the stress. However, there are certain costs that insurance will not cover. Such include cosmetic surgery, fertility treatments, orthodontics, and weight loss surgery.

Taking a medical loan is also a fantastic way of allowing consolidating your medical debt.

You have several other options available to you if you want to take care of the cost of medical treatment. These include:

  • Personal loans, whether secured or unsecured to help with debt consolidation, among other uses.
  • A personal line of credit, where a lender gives you a certain amount that you can withdraw when you need it. You will pay interest only if you use the money. It is therefore especially useful if you have ongoing expenses. The amounts can be as high as $500,000 per month.  Be careful about the interest rates which can range between 10% to 22%. You may or may not require collateral, while others will charge an annual fee.
  • Home equity loan allows you to use your home as collateral. You, however, risk losing your home if you’re not able to keep up with the payments.
  • 401k is a program some employers have, which allows you to borrow against what is in your account. There is a limit set by the IRS on how much you can borrow. If you, for example, have $30,000 in your account you can only get 10000 as a loan. You need to pay it back within five years.

How the US Government Can Lower The Cost of Medical Treatment

There are specific measures the government can put in place to lower the cost of medical treatment. Other countries within the OECD can provide invaluable insights. The success of health care provision falls in delivering the right kind of health insurance to its populace. Such include:

  • A National Health Service where the government owns and operates the health facilities
  • A National Health Insurance Plan in which the government takes over the administration of health care fees. They also handle the payouts, thus improving the efficiency levels.
  • A multi-pair health plan, which runs ‘sickness funds,’ which they use to pay Physicians and hospitals, at a rate that is uniform across the board. Countries like Japan, Germany, and France have found great success with this model.

Final Thoughts

US Healthcare continues to face several challenges. Healthcare cost is very high, and many people are not able to afford the treatments. While government programs like Medicare and Medicaid have managed to provide some relief, it is still not enough. Insurance continues to be high, and few people have the income to pay for it. There is a lot that remains to be done to ensure that every American has access to good health care. It will require a concerted effort for the government to raise the level of medical care and provides to its citizenry. Personal loans and other  options for financing medical expenses are available. But an individual still needs to make a careful choice so that they’re able to make the payments.

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.