A medical emergency is never something anyone anticipates, but if it happens to you or someone close to you, some things can be done beforehand. One of the most important steps is to determine how you will pay for any necessary procedures. Here are some tips on financing emergency medical procedures.
1. Obtain a Credit Card with No Annual Fee and Low-Interest Rates
Credit cards offer several benefits when paying for medical bills. They provide the most protection in terms of insurance and can be used to purchase goods and services from participating merchants even if you do not have enough money in your account at that moment. Additionally, credit card interest rates are usually lower than those on other types of loans after an emergency is over. However, it is essential to note that some providers will add hefty fees onto patients’ accounts if they pay with credit instead of cash or check. If this happens, then using another financing method may help save money in the long run.
2. Consider Putting Your Assets Up as Collateral Against a Loan
This includes life insurance policies, retirement savings, stocks, and bonds. These types of loans typically have a lower interest rate than those which are secured by collateral. However, the downside is that these funds will be unavailable until they’re paid back, so you may need to use another method for paying medical bills if your account runs out of money. Many doctors and hospitals offer their patients different ways to pay for care, such as payment plans, installment payments, and credit-based discounts. Doing this can save time after an emergency because it allows people to plan instead of waiting until all necessary treatment has been received before figuring out how much everything will cost them.
3. Get Medical Malpractice Attorneys If It’s a Doctor’s Fault
Doctors and other medical professionals should always try to give the best care possible. But, unfortunately, there are times when something goes wrong during a procedure or treatment, which can result in costly lawsuits against them and their employers. This is where having medical malpractice attorneys on your side comes into play because they will be able to negotiate with insurers so that you’re not liable for paying out-of-pocket expenses such as legal fees and court costs, and medical fees caused by doctors who made mistakes.
4. Get Help From Family Members
There’s nothing wrong with asking loved ones and close friends to lend you money or help pay for medical bills. This can be a great solution because the interest rates will typically be much lower than those of other types of loans. Additionally, this type of financing does not require any collateral, so if your friend forgets about their loan, then it won’t affect anything in terms of credit ratings or financial standing. A few things to keep in mind are that family members may only agree to assist in certain circumstances, such as when someone is very ill but has no insurance coverage; they also might consider helping out on an emergency basis but not continuing aftercare has been received.
If the above options just aren’t viable for you in an emergency, there are other means of raising money to help with medical bills such as setting up a crowdsourcing fund which is funded by the kindness of people you know and total strangers looking to help others. Companies such as CrowdRise, Fundly, FundRazr, GiveForward, GoFundMe, and YouCaring are good examples of crowdsourcing platforms that could assist you. Be sure to check each as there may be fees for taken for each donation, processor fees, limits to daily access to funds, or penalties for missing a set goal.
Having some medical coverage is very important for everyone. However, accidents happen, leading to long-term treatment and expensive procedures that need to be paid out of pocket. We hope that these tips will help you plan in advance should something happen to you or a loved one.