Medical care is not cheap and medical bills can be a real nightmare, even with insurance coverage. A single injury, illness or medical care having to do with a pregnancy can rack up a large bill that can leave you in a bind. However, there are some ways that you can go about tackling large medical bills that you simply cannot afford. Let’s look at a few of your options to acquire money to pay your medical bills.
Unsecured Medical Loan
Unsecured medical loans should be at the very bottom of your list when seeking money to pay off medical bills. The last thing you want to do is to be stuck with the APR if you can’t repay the loan. Still, an unsecured medical loan could have a lower interest rate than other loan options, and you may not need to put up any collateral in order to borrow the money. This type of loan can be a low-cost alternative when compared to using a credit card to pay for medical bills. You could seek out the loan from your financial institution or shop online where there are numerous options available.
Seek an Interest-free Payment Plan
While it may seem far-fetched, interest free payment plans are possible to find and acquire to help pay off your medical costs. You may find that you have the opportunity to negotiate a monthly payment and ease the immediate burden you feel. It all depends on the doctor’s office or hospital that you are doing business with. An interest-free payment plan won’t simply fall on your lap, instead, you’ll have to inquire about it, or if you pay close attention, you may find it outlined in the fine print of your billing statement.
Ask for a Prompt Payment Discount
If you are in a position where you have a substantial portion of the funds (almost the full amount) to pay your medical bill, another option is asking for a prompt payment discount. If you offer to pay the bill in full, some healthcare establishments may give a decent discount that would be enough to offset what you couldn’t cover. It may be that you can get an offer of a one-time discount of 10%, for example, for paying your medical cost in a month, six months or a year, depending on your balance.
Apply for Financial Assistance
Sometimes, applying for financial assistance may be the best bet you have going for you. You may not be happy about this route, but it could work out for you at a time when you need it the most. Most hospitals offer some type of financial assistance, each with its own set of stipulations that need to be met before the financial assistance is approved. For example, some may have a Medicaid application requirement, and if rejected, then you can proceed with applying for financial assistance from the hospital.
Medical bills can make your life considerably stressful at a time when you are already dealing with a medical situation. The thing to consider is that ignoring your bill won’t remove the stress. If the healthcare facility doesn’t call asking for their money, debt collectors soon will. The repercussions often involve added stress on your life and financial health.