Advice for Finding Emergency Treatment Finance

If you have to undergo an emergency medical treatment, there are options for patient finance in order to help you bear the burden. First, it is important to understand you cannot be refused treatment in an emergency situation due to a lack of ability to pay. A hospital in the United States must provide you with lifesaving treatments if you are uninsured, under insured or even not a citizen of the country. However, even if you cannot pay, the hospital will not stop billing you in the future. As such, you will need to explore options for payment in order to avoid penalties.

Direct Payment Plans

Most hospitals and medical care centers are sensitive to the payment challenges caused by costly emergency treatment. Instead of ignoring the bills, speak with the medical care provider directly regarding your lack of ability to pay. In most cases, the office will offer to assist you in setting up a direct payment plan to meet the payment requirements. You will have to make payments each month, and if you miss a payment the office may report you to a collections agency. However, even making small payments each month should be enough to keep you out of trouble with debt collectors and negative credit scores.

Loan Deferment

When you experience a medical emergency, you may lose the ability to continue payments on your other debts and obligations. Often, medical bills can lead to defaults on auto or home loans. Instead of allowing this burden to wear on you, contact your lender and provide a hardship letter. You will need to explain that you have a pressing emergency preventing you from making payments as they are currently scheduled. This only works if your loan is otherwise in good standing and you have made regular payments in the past. If you have done these things consistently, your lender may help ease your current burden by deferring your payments until your medical bills are paid off. This little boost will keep you from losing the other assets in your life over a necessary treatment payment.

Personal Loans

When you simply cannot make payments on your given income, you may consider taking out personal loans in order to make medical payments. This should be used only as a final option because you will have to go further into debt in order to secure the arrangement. You will also have to pay interest on the loan, making the cost of your medical bills even higher. However, you do have the option of taking out a loan either using collateral or placing no collateral down at all. If you have an asset, like a car or home, using the asset to secure the loan will increase your chances of getting funding and reduce the cost of the loan. An unsecured loan, also called a high-risk personal loan, will have a much higher interest rate. In both cases, you will need to make sure you can make payments on the new loan in the future to avoid consequences down the line.

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