You’ve seen the statistics. Over 40% of Americans can’t financially absorb a $400 emergency. That includes medical emergencies. That number is likely to be larger with small business owners, who don’t have employer-provided health insurance.
Our healthcare costs have skyrocketed over the last few decades and it’s commonplace to go bankrupt over medical bills.
You don’t have to go to such extreme measures to make yourself financially secure. That’s why medical loans have become a way to get cash for medical bills and not have a huge financial burden over your head.
Keep reading to find out how medical loans can help ease your financial stress.
Why Get a Medical Loan?
Medical loans are like personal loans. You get a loan for funding a medical procedure or an existing medical bill and you pay the loan back in monthly installments. You monthly installment amount depends on how much you take out and your interest rate.
Insurance standards are getting more and more strict as far as approving procedures. Many people should have procedures or additional medical support that’s not always covered by insurance.
With a medical loan, you can get those procedures and potentially get a lower cost from the medical provider because they’re getting paid right away. For them, a medical loan is just as good as getting paid as cash.
You don’t have to invest time on the phone with your insurance company trying to figure out what’s covered, what’s not covered and how much you’ll pay. In a lot of cases, you don’t know that until you get a huge medical bill.
For you, you get services that aren’t covered by insurance that can support your overall health. For example, all natural therapies for addiction aren’t covered by most insurance. Click here for more information about these types of services.
How to Get a Medical Loan
Medical loans can be a financial lifeline in a tough situation. You do have a lot of options available to get a medical loan. For business owners, the appeal is to lower your overhead expenses while getting the treatment you need.
The amount of your monthly payment rides a lot on your interest rate. Your interest rate is determined by your credit score. If you have a low credit score, you’re going to have a high-interest rate and higher monthly payments.
A low credit score will allow you to take out more money at a lower interest rate. You’ll want to go to a site like AnnualCreditReport.com and pull your credit score. If you see any errors on your report that are affecting your score, get them fixed as soon as you can.
You’ll then need to apply and show proof of income to verify your ability to pay back the loan. You’ll get approved and you’ll get your funding shortly after approval.
Medical Loans Can Save You Financially
When you’re facing financial difficulty because of a medical bill, you need to look at your options. Same with wanting to get a procedure or treatment that’s not covered by insurance.
Medical loans offer an opportunity to pay your medical bills and pay them back with a monthly payment. You get the cash you need and a reasonable payment plan.
Want more business tips? Check out our Small Business Forum today.