What Are Your Financial Options in a Medical Crisis?
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Your budget is the last thing you want to deal with when you’re not feeling well. Unfortunately for many people, it’s the number one thing holding them back from getting the care they need. While personal loans offer a financial safety net in your time of need, there are other ways to handle these bills. Find out your options in an emergency.
Personal Loans Are Backup in an Emergency
If you live without health insurance, surprise healthcare costs can be difficult to handle on your own. You may need to borrow money whenever you see a doctor, get a test, or require medication.
When money’s tight, a personal loan can help you bridge the gap between unexpected medical expenses and your tight budget. But that introduces another issue: medical debt.
More than a million people in Missouri — that’s one in four adults — live with medical debt. And although these personal loans may hep Missourians handle an unexpected expense, they can put pressure on their budgets later down the line.
While plenty of Missouri personal loans may help you with an emergency medical expense, you should only consider these online loans with monthly payments when your savings fall short. This tip positions a personal loan as a safety net that will catch you when you fall.
Alternative Ways to Pay Your Medical Expenses
Wouldn’t it be great if you never needed a safety net? You can try out these different savings tips to catch yourself before you take a financial tumble.
Compare Your Itemized Bill to Real Prices
What you pay for materials and services isn’t always what it costs. To make sure you aren’t paying over-inflated prices, compare your itemized bill to the prices listed at FAIR Health or Healthcare Blue Book.
If you find a discrepancy between what’s listed there and the charge on your bill, talk to your healthcare provider about rectifying the price.
Call Your Hospital to Negotiate Your Payment
Next, you’ll want to call your healthcare provider and ask them questions that force them to tell you about their waivers and discounts. Try these on for size:
- Do you have any discounts for financial hardship?
- What sort of payment plans do you offer?
- Which of these fees can you waive?
- Tell me about your medical bill relief plans?
How to Avoid Getting into Trouble in the First Place
While the tips above may reduce what you have to pay, there’s a chance you’ll never get your bill down to zero. The only way you can avoid paying is by not ending up in the hospital in the first place.
Create an Emergency Fund
If a doctor’s visit or x-ray might be too much to handle upfront, breaking this lump sum into several smaller sums might be easier to handle. That’s what you’re doing when you save a little with each paycheck. Setting aside even just $50–$100 twice a month will eventually add up to a sizeable emergency fund, ready for any unexpected expense.
Take Care of Yourself
Prevention is better than the cure from a financial point of view. The kinder you are to yourself, the less likely you’ll get run down and sick. Try to eat a balanced diet, exercise regularly, and sleep well — these habits boost your immune system.
Bottom Line
Your health is everything. Don’t let finances stand in the way of your well-being. Prepare for the unexpected and advocate for yourself — if these don’t work, personal loans can be a safety net.
Thank you,
Glenda, Charlie and David Cates
