If a medical crisis should ever come up, you can bet that your medical bills will be high. Extremely high because the medical professionals charge you various amounts for every service they complete. If you end up in the hospital or need a ride in an ambulance, your bills will be tripled or more.
Hopefully, you have a good insurance plan to help cover most of the charges. However, you will still find that you are left with some sizable charges. You will need to find some options to help you cover those charges left on your doorstep, so let’s cover 5 quick loan options beyond health insurance to overcome any medical crisis that may pop up.
- Credit Card – The first line of defense that you have is to use your credit cards to pay off the medical bills. This may be the only option available to you, so if none of the other options work for you, hand the card over to the billing department in the hospital. Using this method to pay off your medical debts will get them covered fast, but remember that the credit card will charge you high-interest rates on that amount.
- Personal Loan – You can always go through your lender and get a personal loan for the money you need to finish paying for the medical bills. If you have great credit, this may be the best option for you, but just like using credit cards, it will have an interest rate attached to it. Anything you set up with payments over time will cost you interest, so it is important to shop around for the best loan, unless you already have one.
- Private Loan – Another viable option that is available to pick up where the iSelect health insurance stops is to secure a private loan. This can be through a family member, friend, or even a private lender that works with specific people. The important thing is that you can get enough money pulled together to pay for the entire amount owed.
- Loans Against Investments – If you have some investments or retirement funds that have been set up in such a way as to allow loans from them, this will be one of the easiest ways. Coming up with cash by taking out a loan, or cashing out the investments, may be enough to cover the amounts you owe. Each will have its own process you will need to follow and stipulations you must meet, but it can’t hurt to check into this option a little further.
- Payments Through The Hospital – Making payments on your outstanding bill may not seem like a loan to you, but it is. You are taking the services ahead of paying for them, so it is a loan that the hospital gives you. If the medical facilities you went through offer this option, take it before even considering any others.
These five quick loan options can get you out of some serious debt issues caused by a medical crisis. Some government-based programs may help you cover some of the costs, so while in the hospital, talk to a social worker. They can inform you of all the options that the hospital offers you, and they will get you the applications you need. It is essential to know all your options so you can take advantage of the one that is best for you and then move on to the next best one if needed.
Remember that the best route you have may not be the best route for other people in the same position. Weigh your needs against what you have, and then go after an outside funding source that can help you wrap up the bills in an ordering fashion that will not cause a bad strike on your credit report.