Recovering from Unexpected Medical Expenses
Your financial situation can change in a flash if you’re suddenly burdened with unexpected medical costs. Broken bones, disease diagnoses, and catastrophic health events are scary and hard enough to deal with on their own; but add the medical bill on top of it, and a bad situation only becomes much worse. If you’re already living paycheck to paycheck, unexpected medical expenses can leave you with nothing – no way to feed your family or put a roof over your head. However, there are solutions that can help you. Read the five ideas below and start recovering now from your unexpected medical expenses.
Apply for a Loan from AmeriCash Loans
If you need money, and you need it fast, there’s no better, quicker, or more secure alternative than taking out an installment loan from AmeriCash Loans. When you take out a loan for the lump sum of your medical expenses, you can pay them off immediately and then take your time paying your loan back in installments. Having your medical bill taken care of will give you the peace of mind you need to get well. If you’d like to apply for a loan from AmeriCash, visit us online or stop into your neighborhood AmeriCash Loans location, where our friendly, knowledgeable staff is waiting to guide you through the process.
Consider Critical Illness Insurance
Most insurance companies won’t cover you, or will charge you sky high rates, if you try to apply once a medical emergency has already occurred. Critical illness insurance is different. Critical illness insurance will pay you a lump-sum cash benefit after the diagnosis of a qualifying disease or medical problem.
This type of insurance takes into account that your medical bills aren’t the only unexpected costs you’ll be taking on when you get sick or in an accident. A lot of the time, medical emergencies will force you to take time off of work, need additional childcare, or lead to more medical costs, such as physical therapy. Depending on the company you get it from, critical illness insurance can be applied to all expenses related to your injury or diagnosis, making it easier to recover from unexpected medical expenses.
Apply for a Payment Plan
If you owe the hospital a lot of money, you can ask them to put you on a payment plan to help pay off your balance. On a payment plan, you’ll be able to pay smaller amounts over a longer time, but you’ll still have to adjust your monthly budget to allow for the extra expense. Sometimes, payment plans earn interest while you pay them off, so you wind up paying more in the long run. Make sure you know all of the facts before you sign up for one.
Use a Medical Credit Card
If a procedure or medical bill is out of your financial reach, ask your health provider if they recommend using a medical credit card to cover your unexpected medical expenses. Sometimes, these credit cards offer interest-free financing for 12-18 months, which can be a great option if you need a little more time to make your payments on your unexpected medical expenses. However, be wary and make sure you read the fine print, as some of these cards can be traps. If you miss a single payment or fail to pay off your balance in the allowed time frame, you could face sky-high late fees and even retroactive interest.
Ask the Hospital for Financial Assistance
If you have a low income, are a single parent, or face any number of other financial hardships, you may be eligible for financial assistance from the hospital itself. Ask the hospital staff if they have any program like this and if you are eligible for any aid. Even if you wind up having to pay some of the balance, financial assistance could make all the difference.