For the first time since the government started measuring health care expenditures, the per-person average surpassed $10,000 in 2016. Medical expenses are growing, and insurance coverage (private or otherwise) isn’t quite keeping pace. While there are a range of health savings account options available, it can be difficult to save an amount equal to a personal or family deductible—let alone saving extra for a medical emergency. Thankfully, in times of health care financing need, there are personal medical loans.
Financing Non-Covered Health Care
The most common reason people have for turning to a personal medical loan is for financing health care that isn’t typically covered by their insurance plans.
Some of these health care financing needs include, but aren’t limited to:
- Extensive corrective or cosmetic dental work and/or oral surgery. Dental plans may max out well before the cost of implants or bridges are covered. Cosmetic procedures like bleaching and bonding may not be covered at all.
- Corrective or cosmetic surgeries. Even if your surgeon feels you need a procedure out of medical necessity, your insurance carrier may not agree. Cosmetic procedures are even harder to get covered.
- Specialized or experimental drug treatments. Off-label uses of medications may not be covered by prescription drug plans, and not every necessary medication makes it onto the coverage list. If you qualify for a newer treatment option, it may not be covered either.
- In-patient treatment programs for mental health or addiction issues. Health plans may cap the amount of time or the dollar amount they will cover for in-patient programs—or the appropriate program may be highly specialized and not available through your coverage provider.
Before you decide to secure health care financing above and beyond your insurance coverage and savings, check in with the administrators at your provider’s office—they may be able to offer you payment plans, financing options, or other incentives and deals.
Consolidating or Paying Off Medical Expenses
Whether we plan for medical expenses or not, it’s not uncommon to find ourselves saddled with extra co-pays and bills we weren’t quite expecting. A simple checkup or well-child visit may be a cinch to budget; unexpected illness or, worse, emergencies, can take a bite out of our budgets with added fees and unforeseen costs:
- Uncovered co-pays or fees for specialists. Once you get into the realm of specialized medicine, you leave the familiar confines of your GP’s office and enter the world of unknown network and hospital affiliations, fees, and billing schemes.
- Uncovered co-pays or fees for services. If you needed an ambulance ride to the hospital, you may receive an unexpected bill—especially if your municipality contracts out to a third-party first response company.
- Out-of-pocket expenses for out-of-network care providers. Sometimes, the only person or facility that can provide the care you need in a timely manner doesn’t take your insurance.
- Uncovered tests. Blood work, scans, evaluations by physicians—it all adds up, and not everything may be covered. Even if a test is covered, you may reach a coverage cap or have to pay a large, unfamiliar co-pay.
In the case of an emergency illness or injury, it’s even more likely that you or your family members will come into contact with several care providers, not all of which you’ll get to choose based on your insurance policy. When life-saving care is required, you most certainly won’t be taking the time to make sure procedures or specialists needed are covered by your policy.
Thankfully, personal medical loans are an option for those who find themselves dealing with several different (and perhaps unexpected) medical bills from different creditors. Financing health care—including consolidating bills into one monthly payment—can be taken care of easily with a personal loan that can provide funding often in a matter of days, and without the need to interrupt your or your loved one’s recovery.
Budget Buffer During Times of Illness or Injury
If recovering from illness, injury, or a planned surgery or procedure takes longer than was planned (and your leave from work isn’t fully paid), you may be able to secure a personal loan to cover your medical leave costs. Keep the bills paid and the bank accounts from running dry while giving yourself (or your loved one) adequate time to heal before going back to the daily grind.
Figuring out ways to secure health care financing before a procedure or during times of illness or recovery can be an added stressor during an already stressful time. But with personal medical loans from reputable lenders like Discover Personal Loans, you can get and pay for the care you need, with a manageable repayment schedule, and without breaking the bank.