Tag: medical finance

Why it’s so Important to Pay Medical Bills on Time

Posted on | by Carlie Lawson

Okay, let me be straight with you. It is radically important that you pay all of your bills on time. Medical bills fall into one of those categories of bills though that you must pay on time and must repay period. The other category is your housing – your mortgage or rent.

Why Pay Your Medical Bills on Time

If you do not repay your medical bills, a hospital can actually refuse you treatment. As horrible as that sounds, you could get denied admission, even to the emergency room.

Ideally, your insurance pays for the medical treatment. You should only need to pay your co-pay when you visit the doctor, specialist, hospital, physical therapist, etc. Sometimes though, if you have to go out of network for treatment, you will have additional costs.

The other awful scenario is if you do not have medical insurance. Right away, you know that you will need to pay for every penny on your own.

Medical bills can be huge. Even small items, like a dental visit for a root canal, can top $1,000. If you do not have medical insurance, chances are you do not have $1,000 or more sitting in the bank to pay it. You might need to apply for loans for medical treatment. Since you probably aren’t an aging grandpa looking to amuse yourself in TSA lines, you need a plan for the medical bills because elective surgery isn’t covered by most insurance.

How to Pay Your Medical Bills On Time

What? You did not plan to become a medical finance expert? Well, welcome to the 21st century where four to six types of health insurance plans exist, you can open a flexible health savings account (FHSA) to pay for certain items and the cost of medical care keeps skyrocketing. Without health insurance and an FHSA, you need medical bill loans unless you are independently wealthy.

Taking out a loan for medical bills proves way smarter than letting the bills slide. According to Loanry, as of 2012, 30 percent of non-elderly US adults had past-due medical bills.

Start before you need to get treatment for anything. That means adhere to preventive care steps like healthy diet and regular exercise, monthly breast self-exams if you are female, and regular wellness checkups.

Let’s say you do become ill though or you are injured in an accident. You need treatment at a hospital or out patient facility.

Rather than have your bills go unpaid which ruins your credit, you can reduce the medical bills and obtain help paying them off. Your credit affects your ability to get a job, take out a mortgage, obtain a car loan and more.

Reducing and Paying Medical Bills

After you have been treated and you obtain your first bill, you may experience shock at its size. Let’s look at some ways to reduce the bills, then pay them off.

Have an Advocate Check for Errors

Medical billing advocates say they find errors on 80 percent of the claims they examine.

A NerdWallet analysis revealed errors on 49 percent of Medicare claims.

Those clerical errors result in overcharges. A medical billing advocate examines medical bills for errors, then advocates for the patient to lower the costs. They typically advocate for patients with extremely high medical bills after a long treatment time.

You can do this same thing for every bill you receive. Simply review the bill when you receive it. Check to make sure that you have been charge the correct amount. If the charges do not reflect the appropriate amount for a medical service, you should phone them and have it corrected. You will need to have a copy of your medical records and your insurance company’s explanation of benefits.

Seek Preventative Care

Use every preventative care program or resource available to you to maintain your health. Visit the doctor as soon as you feel ill. Small health issues can grow quickly into serious conditions. Accept it as soon as your doctor suggests medicine or a procedure that could hold off the development of a larger issue.

Opt for Generic and Test Drugs

Choose the generic version of drugs. These typically cost less than branded drugs. If an over-the-counter version exists, you can try it, too, to save money. Also, inquire about test medications. You may be able to enter a drug trial that lets you obtain free or extremely low cost medications. This can cut down on or completely eradicate one of the largest medical bills you could incur.

Statistic about generic medication.

Open a Health Savings Account

If you do not already have a health savings account, open an account. You can auto-deposit funds into it on a monthly basis as a pre-tax withdrawal. You can also invest the money in the account so it grows. If you start saving now, by the time a medical emergency rolls around, you have a ready made store of funds.

Persistently Haggle the Medical Bills Down in Price

Find out what the cheapest charges are for the medical service you received. Typically, that is the cost provided to those with insurance. Even if you do not have insurance, you can haggle your bill down in cost. Negotiate with your hospital or doctor’s office, or even your health insurer to reduce the costs. Negotiate with the medical billing manager. They are capable of fixing bill errors or negotiating a discount. Try using the following to document your request for a discounted bill:

  • Phone calls,
  • Faxes,
  • Emails,
  • Letter

When the doctor or hospital agrees to a lower rate, get a copy of the agreement in writing.

Crowdfunding to Pay Medical Bills

Sure, you’ve seen such things listed on crowdfunding sites like GiveForward. You can do this, too. There’s no reason you can’t ask for help. Do it right though. You need to be able to prove you really do have the medical bill. Most people only donate to the causes they find that are genuine. Crowdfunding, the process of gathering many donations from a large group of people in support of a need or cause, can help you to pay the medical bill quickly. Most websites that let you crowdfund charge a small percentage for administration fees. Some let you access funds even if you do not raise your goal amount, others let you have partial funds.

Look for crowdfunding platforms with a strong social media presence that share campaigns virally. Also, share it to your own Facebook, Twitter, etc.

Apply for Assistance

Low income households or individuals experiencing financial hardship from a medical issue should apply for assistance. Many medical centers and hospitals provide assistance programs. Contact their help desk or billing office for information. The hospitals may be able to refer you to other assistance, such as charities that assist with your bills. This may include the local chapter of your Elks or Lions Club. If you attend church, inquire with your minister if the congregation provides charitable assistance for members. Also, check with your local government or state government for medical assistance programs.

Taking Out a Medical Loan

After exhausting all of those avenues of payment assistance, apply for a medical loan. A medical loan can help you pay for your needed treatments, so you do not hurt either your medical health or financial health. If you stop paying your medical bills, your doctors and hospital may stop providing you treatment. A health care loan can provide you with the funds to immediately pay the medical bills, so you can continue getting treatment.

Many reasons abound for taking out a medical loan. These include:

  • Consolidating your medical debt into a single, minimum monthly payment. You can probably land a lower interest rate, too
  • You can avoid high interest rates. Medical loans often offer lower interest rates.
  • It lets you avoid trying to piecemeal the charges onto a number of credit cards. Those cards typically have high interest rates
  • This method helps to improve your credit score because with every on time payment your credit score improves. That makes it easier to get loans in the future
  • You avoid pop-up fees because medical loans provide extended details of the loan agreement. You will not experience hidden fees. Once you pay the upfront fees of the loan, you are done

Medical loans are usually rather easy to obtain. They’re an unsecured loan that requires no collateral as security. The lender can require you to only spend the money on medical debt though.

Benefits of Medical Loans

You may not think of it as a benefit to take out a loan, but there are many reasons to want to obtain a loan. Think of it this way:

  • You get treated at your choice of hospital. Your insurance may limit you to in-network, but a medical loan never will.
  • The loan length, or tenure, is pretty flexible. You can make monthly payments to repay it in monthly installments with up to 24 months to pay it off.
  • Medical loans have no prepayment penalties. You can prepay the loan payments. This reduces the amount of interest you must pay.
  • You do not need collateral. These loans are unsecured.
  • They are easier to qualify for than a conventional loan.
  • They require truly minimal documentation. Typically, you only need to submit details of your treatment and your medical history.
  • There are medical loans specifically designed for those with bad credit or no credit.

Regardless of the reasons you need to take out a medical loan, you can do so with good, bad or no credit. A medical loan lets you obtain the medical treatment that you need, when you need it. Make it your last option though, after exhausting other avenues of bill negotiation and crowdfunding.

Medical Bills in Collections

Ethically, you should pay every bill as soon as possible and definitely by the due date. However, sometimes, life takes over and that is not possible. When you fall ill or get hurt in an accident, you may not be able to work, therefore you may get behind on the medical bills, along with the rest of them. Sometimes, these get sent to collections. At this point, you may feel that things have grown hopeless and ask yourself,
“Should I pay a medical bill in collections?”

Fico 9 Rules

If the total cost of the medical costs has you basically hyperventilating, take a deep breath and negotiate. You might be able to settle the bill for a fraction of the cost. Once upon a time, settling also created a negative comment on your credit report, but not with the new FICO 9 rules.

As long as your potential lender uses FICO 9, you will benefit from paying off the medical bill that went into collections. While not every lending institution has begun using this new calculation, FICO is moving more institutions to it.

Begin by offering the collection agency one third of the medical balance. Negotiate from there. If the amount they forgive exceeds $600, it counts as income and you will receive a 1099. You will need to include this on your state and federal income taxes.

Since the older debts will fall off of the credit report first, you should prioritize repaying your newest credit lines and loans first. Those show up on your credit report the longest.

The Dreaded Lawsuit

If a creditor takes legal action and sues you, breathe. It is not the end of the world. Go to court when the summons says to do so. Explain why you have not paid the bill and why you simply need time and a payment plan. Make payment arrangements with them.

Let the court know what your current income is and what you can afford to pay each month. Let the judge know you want to pay, but need to make reasonable monthly payments rather than a lump sum. The great thing about a court payment plan is it protects you. Once the court orders you to pay in a specific manner, the collections agency cannot demand anything else. They cannot come back a month later and harass you and demand full payment all at once. It actually benefits you to go to court and set up a payment plan.

In Conclusion

You can pay off all your bills. You can do it. It will take time, budgeting, hard work and lots of telephone time to negotiate. You will end up with a good credit score and you’ll be able to get loans and credit cards when you need them. You have to take a deep breath and start making a plan to get out from under your debt. Start at Budgetry.com. Visit Loanry.com to find an appropriate medical loan, if needed. You can pay it all off and benefit from a strong credit score and a debt-free life.

Loanry

Medical Credit Card: Swipe Here for Health

Posted on | by Carlie Lawson | Leave a Comment on Medical Credit Card: Swipe Here for Health

Sometimes you have medical costs spring up. You might apply for a medical credit card. You have probably seen applications for these at your doctor’s office or veterinary office when you took your cat or dog to the vet. A medical credit card is a similar product for humans.

You have a few options when faced with a medical situation costing $1,000 or more. You could pay it using:

  • cash,
  • money borrowed from family or friends,
  • credit cards,
  • a short-term bank loan,
  • a payday loan,
  • drawing from retirement savings,
  • a medical credit card.

What is a Medical Credit Card?

A medical credit card lets you pay for medical expenses. While it is a type of medical loan, it comes in the familiar format of a credit card. The credit cards do provide a much-needed service in that they can provide a quick line of credit for medical costs. They typically charge a high-interest rate and annual percentage rate.

Medical credit cards have become available the world over but remain most commonly issued in the US. That’s because in the US, the annual cost of health care per person is greater than any other country. In 2020, the per-person cost of health care in the US was $12,530 per person. This option works best if you have health insurance. The insurance covers the majority of the expenses and the medical credit card leaves you a specific account to charge to which you can charge medical care. You’ll only need to charge co-pays and items not covered by insurance on the card.

Health insurance covers much of the expenses of preventative care, but if you do not have insurance or are underinsured, you may need a medical loan to pay for services. A medical credit card lets you charge checkups, tests, physical therapy, and more. It’s also useful if you receive a diagnosis of a catastrophic illness.

Crop close up male doctor wearing white uniform with stethoscope.

Risks of Using a Medical Credit Card

Many people obtain credit cards for medical costs at an emotionally charged time. They have just received a diagnosis and quickly jump at a method of paying for treatment. This means they do not obtain the best interest rates or other fee terms. They generally go by whatever is handy. Some cards offer an introductory low-interest rate or an interest-free period. This can quickly run out leaving you to pay more than a 20 percent interest rate.

An interest-free promotion may make it seem like a good choice, but you may end up missing that re-payment window due to your illness. A medical credit card best benefits someone who has the existing financial resources to pay off the credit card.

But, if you decide that a credit card is the right choice for you, you need to research ALL lenders out there. But if you don’t have time for that, like most people, you can trust Loanry to give you the best recommendations.

For What Types of Medical Needs Can a Medical Credit Card Cover?

Medical credit cards most often are used to pay for urgent medical needs. They’re easily obtainable and lenders quickly issue them. Other common uses include paying for co-pays or items not covered on medical insurance.

Consumers frequently use medical credit cards to pay for treatments related to sexually transmitted infections (STIs) and human immunodeficiency virus (HIV). Other large categories of expenditures include institutional care such as general hospitals, mental and other special hospitals, long-term nursing care, residential care and hospices, pharmaceuticals and vaccines, ambulatory care, home care, elderly support activity/service centers and categorical programs such as immunization, family planning and screening for diseases. These situations can lead to significant medical bills. A credit card can provide a quick loan for medical bills.

Other reasons for obtaining a medical credit card include financing future medical care needs. It is common in the following seven situations to use a medical credit card to help pay for health care expenses that insurance rarely covers:

  • chiropractic treatments,
  • cosmetic procedures,
  • dental work,
  • hearing aids or cochlear implant surgery,
  • LASIK or other vision surgery,
  • urgent care,
  • weight loss surgery.

Help Finding Medical Care Financing

Individuals with medical bills health insurance don’t cover or without insurance may feel like they have to file for bankruptcy. Instead, many people turn to the credit or loan community. Loanry unified finance to help make shopping for loans, credit, money, and real estate more efficient. Loanry organizes numerous lenders into a database. It’s laid out similar to an online shopping mall. You enter the basic information about your loan needs, and it helps you find a potential lender.

Loanry organizes potential loans by category. Choose the loan type you need, then complete the form to get started. You’ll find applicable loans called by many names including, medical loans for urgent care, general medical loans, signature loan, personal loan, or unsecured loans.

Medical Credit Cards for Bad Credit

Those with bad credit may find it tough to pay for medical care. There are still options for those with poor credit scores to obtain a medical credit card. Loanry works with these lenders as well, presenting them in its loan mall. It works with lenders who extend medical loans for bad credit.

To be clear, Loanry is not a lender. It does not extend loans, nor does it offer credit cards. You won’t get a loan from Loanry. You will obtain referrals to lenders who provide online credit card applications and work with individuals virtually to provide funding. It is a key player in medical finance though.

You can find credit cards for medical services from the major names in the finance industry. These include CareCredit, Citibank and Wells Fargo. Some providers provide better terms than others. Some credit card lenders have better reputations than others.

CareCredit logo.
Citibank logo.
Wells Fargo logo.

After a Consumer Financial Protection Bureau investigation in December 2013, CareCredit refunded more than $34 million to its cardholders. The Bureau determined CareCredit had enrolled customers without adequately explaining the credit card terms.

These medical credit cards remain popular with patients because they can apply for the card without leaving the doctor’s office. In many cases, they obtain a decision instantly. An approval lets them immediately make future appointments knowing that they can pay for it.

Even for individuals with bad credit, the approval rates are high. The credit card companies tend to approve these cards which can only be used for medical care. These cards allow those with bad credit or of low-income to afford emergency or long-term treatment.

Can Not Pay the Balance?

Beware if you cannot pay the balance in full at the end of each month if you have exhausted the interest-free period of six to 24 months. You could end up paying interest that approaches that of a loan shark. For example, in the state of New York, the usury rate maximum is 25 percent. That makes it a crime in that state to loan money at a rate higher than 25 percent. A 1978 Supreme Court decision keeps the credit card companies from legal trouble for their exorbitant rates. The medical credit card from CareCredit charges 26.99 percent and the Citi Health card charges 29.98 percent.

That means that using a medical credit card can result in you paying one-third of the cost of the medical care tacked onto the actual care’s cost. That’s pretty steep. Most people who take out a medical credit card do not have the funds to pay it off within the free-interest period. While it works best for those who can pay and simply use it for convenience, those people do not normally take one out.

Deferred-interest also affects the amount paid. That’s when interest is applied to the full amount charged to the card – even the amount already paid. That means if you charged $1,000 and only repaid $500 by the time the interest-free period ran out, you’re still paying interest on the full $1,000.

Second Thinking? Why Wouldn’t You Consider Online Lender?

That’s where organizations like Loanry come in handy. You can search for medical loans and medical credit cards that suit your needs. You’ll be able to determine which organization offers a rate that might work for your situation.

It may be tempting to apply for the card your doctor’s office advertises. Instead, go to Loanry and compare personal loan rates. Find an affordable card with terms that can work for you. You could also apply for a medical loan instead. This provides you all of the funds you need at the outset. You’ll probably obtain a better interest rate, too.

If you have decent credit, you should opt for a regular credit card. You can get a much better interest rate, plus you will be able to use it for other things. Even those with bad credit can get a better credit card deal this way. For those with no credit though or extremely poor credit scores, a medical credit card provides an almost certain guaranteed approval.

The Smart Way to Use Medical Credit Cards

You can use a medical credit card to save money. You just need to know how to best manage the credit line. Here are a few tips to help you make the best possible financial decision.

  • The best situation for obtaining a medical credit card is that you have savings or a recurring monthly income source that does not depend on you working. This lets you make stable payments while in the no interest period even if you cannot work due to illness or surgery.
  • Divide the number of months of the interest free period by the total amount charged. You should pay this amount each month regardless of the minimum monthly payment. The minimum payment won’t result in you paying down the full bill especially not within the short term of the six to 24 months of interest free.
  • Make every monthly payment on time or early. Medical credit cards do not usually have a grace period for late payments. These cards also carry rather hefty fees for late payments. A late payment can also end your zero interest period.
  • Read the terms with extreme care before signing up for any credit card. Know the no-interest period. Know the interest rate that you incur after the no interest period. Check for a deferred interest policy. Check for limited periods of repayment.

How Medical Credit Cards Affect Your Credit

Take into consideration a few items before applying for a medical credit card. Applying for any credit product creates a hard hit on your credit report.

You’ll complete an application that requires the same information as any other credit card or loan. You’ll still need a monthly source of income. Denial of the card is a possibility although it is rare.

If you get approved, the credit card lender will report your monthly account details to the credit bureaus. Late payments to a medical credit card affect your credit report and credit score just as late payments to any other credit card would.

Read the terms carefully. Some medical credit cards limit the time during which you can make repayment. You may have to pay the balance off within six to 36 months. Others offer repayment periods of up to 60 months.

Consider Other Options

Leaving medical credit cards as the last resort, consider the other options first. These include cost negotiation, a home equity line of credit, loans and dipping into savings.

Loans

You can take out a regular, run of the mill loan. You’ll need a credit score of about 600 to qualify. The higher your credit score, the lower your interest rate. An interest rate for an unsecured loan will range from five to 36 percent.

Home Equity

You can take out a home equity line of credit or loan, if you own your home and a better credit score of 620 or more. Your home’s existing equity can provide the money you need with a tiny interest rate of four or five percent.

Retirement Savings

You could raid your 401(k) plan, traditional or Ross IRA. Most plans let you withdraw early to help pay for medical emergencies. You may be able to avoid the tax penalty of early withdrawal. If your unreimbursed medical expenses are more than 10 percent of your adjusted gross income. If not, you’ll pay ten percent federal taxes on the amount.

Other Doctors or Treatment Centers

Search for an alternate doctor who charges less. You can compare medical treatment costs using the Healthcare Bluebook or the New Choice Health. Some hospitals offer charitable funds to assist low-income patients with medical care.

Doctor’s Extended Payments

Ask your provider if it will provide extended payments without interest. Some providers will set up no interest or low interest in extended payment plans.

Health Savings Account (HSA): If you have an elective procedure or non-urgent medical need, save the money for it in a Health Savings Account or Flexible Savings Account (FSA). These pre-tax contributions are deducted from your paycheck before payroll taxes are applied.

A medical credit card varies vastly from a major credit card. They bear more resemblance to retail store accounts. You will only be able to use the card at the service provider who issued it, in some cases. In other cases, you can use it within a provider group. Avoid the temptation to charge procedures you do not need. That can cause you to rack up a bill that you cannot pay within the limited term of the repayment.

Parting Thoughts

In the right circumstances, a medical credit card can help you organize your medical costs. It can also provide emergency funding for treatment. If you know you can pay it back within the repayment time period and within the zero-interest period, apply for it. If you think there’s any chance you will miss a payment or be late for one, do not take out the card.

Leave a medical credit card as the last option for payment. Visit Loanry.com to explore your many options. It provides numerous options including secured and unsecured loans, short-term loans, credit cards, plus medical credit cards. Explore your options before applying for any card. Research your possibilities and talk to your doctor. If you do determine that a medical credit card is what you need, read the fine print and make sure you understand fully what you are getting. You know ahead of time that you can pay it all back within the time limits.

Visit Creditry first to check your credit. Improve your score as much as possible before you apply for any loans. This gets you the best interest rate and terms. Go to Loanry to scout for a lender. You can look for short-term loans, long-term loans, and medical credit cards. The loan mall at Loanry lets you find a lender or use money tools to compare terms before you work with a lender. It considers your financial information before making any suggestions.

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Medical Loan No Credit Check: Get A Check Up

Posted on | by Lisa D | Leave a Comment on Medical Loan No Credit Check: Get A Check Up

We all get sick or injured at some points in our lives. Many of us resist the need to visit a doctor due to finances. There is no need to avoid a visit to the clinic or hospital when needed. Lenders provide many options for medical loans. There are many for bad credit or just medical financing when needed.

No Credit Check Medical Loans

If you’re looking for a no credit check loan, you’re probably doing so because you have bad credit. And we completely understand your worries. But you also need to understand that your credit is the most important piece of information for a good, reputable lender. This tells them exactly where you stand when it comes to organizing your finances, being responsible about them and how you’re dealing with your debts. So what you actually need to do is find a lender which cares enough to look at your credit score and be honest about your options. If a lenders says they don’t care about your score, that’s a red flag. You can end up literally buried in debt in no time, and that can easily be avoided if you get a loan that’s within what you can handle financially.

You will find that interest rates are higher for those with bad credit. Although these lenders do not shy away due to a poor credit situation. These loans will give you the amount you need to pay for a procedure and allow repayment over time. Medical loans for bad credit are available from reputable lenders here on Loanry.

Types of Loans for Medical Bills

Situations happen quickly in life, causing financial strain on many. At times this financial strain is going to cause a drastic dip in your credit rating. Keep in mind that these loans will still require the same personal information as a bank would. The online loan process can be much faster though. However, obtaining an online loan for medical expenses is better than having the bills go to collection. Do not be one of those people that suffer with severe pain. Even when you have a toothache, you need to be seen and have that fixed. Dental expenses are considered as medical costs.

Even with online loans, there are different options available.

Secured vs Unsecured Loan

A secured loan requires that the borrower has something of collateral. This is generally the borrower’s car, house or possible other items like Certificates of Deposit. An unsecured loan for medical bills is generally for those who have built up a long standing trust with their bank. However, there are some online loans available as unsecured. You may need to search through the web to locate one you trust, or find one option through a suggestive site.

Credit Cards

Many people will think that if they use their credit cards, this will be the remedy needed. However, the interest rate can increase, there are generally limits on your credit card.  The repayment on credit cards is likely to be a shorter amount of time than obtaining a medical loan would be. This would mean that you are still in a financial strain even though you relied on the plastic to take care of it. This is not suggested. Many medical finance options are available for bad credit. We all need help paying for medical bills. Medical loans with no credit check is what you need to research.

Marketplace lenders will show you a slew of possible loans you can obtain for medical financing.

Home Equity Loans and 401k

Home Equity loans are a useful source to turn to when needed. These loans are based on the equity that is built up in your home at the time you apply. Having the property evaluated is almost as good as an online credit report, except this is for the property you may choose to use as an equity loan.

You may also have access through your employer, to your 401k plan. When borrowing from this, there is no interest rate, however, you do need to pay it back.

We do highly caution about the predatory lenders out there. Predatory lenders feed on the weak, especially when they need it the most. These lenders do more of a payday loan scheme and obtain an extremely high interest rate. Do not go through one of these predatory lenders for monies to handle medical financing. They might seem like a quick option, but tend to create more issues for the borrower. This type of high interest along with the principal payment can put you into financial ruin. You end up having to get another loan to pay off the first, then another and so on.

Installment Loans

Installment loans can be ideal for medical bills. You can use an installment loan as a medical loan for bad credit, or medical loans no credit check. An installment loan is available through the best lenders. They have a lower payment each month and for longer terms. These are the types that will generally help those that are stuck in a financial bind.

Flex Spending Accounts

This is another option through many employers. It is basically a savings type account held by the employer. This would allow you to place a certain percentage or amount of your paycheck into this account each pay period. Some of these elective surgeries could be paid through this account.

Healthcare Credit Card

Many of our leading lenders and healthcare companies have begun to issue health care credit cards. These are designed with one purpose in mind, that is to help you when you are facing major medical expenses. These cards come with a low interest percentage, and many of the many major health facilities accept these cards. Unfortunately, many of these companies are a for profit business, and rely on their card holders to be unable to pay.

When they began issuing these healthcare credit cards, there were many who thought it was a great idea and thought that they would have no problems paying. Many of these accounts have gone on to the collection agencies now. This will cause you to face extreme finance charges when you are unable to pay the credit payments. Simply stated, health care credit card options provide us with an option of paying for the medical services we require, but can stick us into a financial mess in the end.

58%

of all third-party debt collection tradelines were for medical debt, making medical debt the most common debt collection tradeline on credit records.

Source: consumerfinance.gov

You Have to Know Your Options

Imagine rushing to the hospital after receiving a call that your parent is there. They need an immediate surgery but have no money, what do you do? Seems quite obvious correct? Yes, it is, unless of course you know you have no savings in the bank, and insurance will not cover all of the expense. This is the time to have the ability for a medical finance option. Get that loan you need to save your parent. Obtaining the loan will reduce the stress on the financial side so you can focus on helping your parent. Whether it is long term care they need, weekly therapy, an abundance of medication. Be there and be prepared.

It may seem silly to some, but many of us have already been there. Take our advice, research loans online for medical expenses. Visit with your banker and see how you stand if you were to need an emergency medical loan. This option of medical loans no credit check, or medical loans for bad credit will lift the burden for family and friends. Borrowing money from friends tends to cause a rift in the friendship if it is not paid back immediately.

Keep in mind that medical loans no credit check should be used strictly as needed. There is still repayments to be made. If your income does not allow for another monthly payment it could put you in a bind. Find a way to consolidate the medical bills into one account and find the medical expense loan based on the total. It may very well help to research before you need it, so that if the time ever comes you are better prepared.

Tax Deductible Medical Expenses

When you have medical bills or medical financing, you should be one that looks forward to tax time each year. Dependent on your income, many medical expenses are tax deductible. Keep all medical receipts and check to see if you qualify for more than a medical deduction. You may be able to recoup some other medical expenses also. Some of the fees include:

  • Long Term care for a family member
  • Hospital Fees
  • Medical devices and equipment
  • Prescription Drugs
  • Dental fees
  • Addiction Treatment
  • Transportation fees
  • Prescribed massage therapy
  • Health insurance fees

Also, be careful to screen the possible deductions and those that are not allowed.

Conclusion

Don’t wait until it is too late and you are so stressed that you are willing to settle for anything. Remember there are predatory lenders that are able to eat us for dinner. This is not a case you want to deal with after facing a medical emergency. Do not put the burden on your children, or if you are an adult, do not put the burden on your parents.

Always remember that everyone has financial problems at times. Finding medical loans no credit check for bad credit is possible. Just do the research and do not fall for a predatory lender.

“It is very expensive to give bad medical care to poor people in a rich country.” Paul Farmer. This quote is very intriguing to me. Shall we give good medical care to the rich in a poor country? I would much rather see that all people are treated with good medical care, no matter if they are rich or poor. Be thankful that there are companies who do not hesitate to lend medical loans no credit check to those with rougher credit. Even those people deserve assistance when needed. How could anyone tell someone that they can not get the medical care they need because they do not have the funds to pay immediately?

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A Medical Loan for Dental Work: Pulling Teeth?

Posted on | by Ethan Taub | Leave a Comment on A Medical Loan for Dental Work: Pulling Teeth?

Many people avoid going to the dentist because they dread having a tooth pulled or a cavity filled. However, another major reason people loathe going to the dentist is the cost. As you may know from experience, getting dental work done isn’t cheap. That’s why some people consider a medical loan for dental work.

Even though the costs associated with dental work can be high, it is essential that you don’t skip your appointments with the dentist. Most medical plans don’t cover dental work because dental insurance is frequently sold separately from medical insurance. Even if a patient does have dental insurance, it’s not always guaranteed that the policy will fully cover the cost of a pricey dental procedure.

If you don’t have the money to cover the cost of dental work, you’re probably better off getting a medical loan rather than putting off your visits to the dentist. Here is some information about getting a medical loan for dental work.

Can You Get a Personal Loan for Dental Work?

One question that many patients have is whether it is possible to get a medical loan for dental work. A personal loan is a type of loan that individuals can use for just about anything. Due to the inherent flexibility of a personal loan, many individuals apply for personal loans to pay for out-of-pocket dental expenses.

In general, a medical loan for dental work has a lower interest rate than a credit card. The average interest rate for a credit card hovers around 16 percent. On the other hand, personal loans can have interest rates as low as five percent. Accordingly, most people find it more advantageous to use a medical loan for dental work to cover the costs than to use a credit card for medical expenses.

After all, a lower interest rate translates to a lower monthly payment. Many people also find that the terms associated with a personal loan are more favorable than the terms associated with their dentist’s payment plan.

Not only are personal loans versatile in terms of what you can use them for, but they are also flexible when it comes to how much you can borrow. A personal loan for medical bills can amount to as little as $500 to as much as $100,000. However, depending on the state in which you reside, you may face some restrictions in terms of how much you can loan. Overall, a personal loan is an excellent option to cover dental needs, both basic and complex. It’s important that you go to the right lender when taking out a personal loan. 

Can I Get a Medical Loan for Dental Implants?

A dental implant refers to a surgical component that interacts with the bone of the skull or jaw to support a crown, denture, bridge, facial prosthesis, or another type of dental prosthesis. Dental implants can also function as an orthodontic anchor. In general, patients get dental implants after losing a tooth due to injury or periodontal disease.

Unfortunately, many patients struggle to afford dental implants. The average dental implant procedure costs $3,000 to $10,000. A dental implant can cost even more if additional procedures are needed. Some examples of procedures that may be performed in addition to a dental implant include bone grafts, sinus lifts, extractions, and tissue grafts.

Dental coverage may limit or exclude benefits for dental implants. Of course, some patients don’t have dental coverage at all. If you’re in this position, you’ll be happy to know that it is possible to get a medical loan for dental implants. Financing your dental implants can allow you to start your treatment plan immediately so that you can restore your beautiful and healthy smile.

How to Pay for Dental Work with No Money or Insurance

If you can’t afford a visit to the dentist due to a lack of money and insurance, here are a few tips that will help you save money on dental care.

  • Participate in medical studies
    Many organizations and universities conduct research on certain treatment methods and dental conditions. For example, these institutions may establish clinical trials to test the effectiveness of a treatment method on a certain dental condition. Of course, these clinical trials require volunteers.If you’re short on cash and don’t have dental insurance, you should consider joining a medical study to receive free dental care. However, you should keep in mind that the type of care you will receive will depend on the nature of the clinical trial. Therefore, you will need to take the time to look for a clinical trial that will provide you with the type of dental care you need.

     

  • Use free or low-cost dental care providers
    Many dental providers offer their services to patients who don’t have insurance. These dental providers often charge based on a sliding scale, which means they will set their rates based on your income. To find dentists that charged based on a sliding scale, you should contact your local United Way branch. 
  • Sign up for a discount dental plan
    Some dentists offer a discount dental plan. If you pay a yearly membership fee, you will be able to partake in a discount dental plan, which will allow you to enjoy significant discounts on the cost of dental work. These discounts can amount to as much as 60 percent off. Discount dental plans are especially worthwhile if you have a spouse and children and can expect to pay for multiple dental procedures per year.

Loan for Braces That Will Make You Smile

According to the American Dental Association braces cost about $6,000 on average. Due to the high cost, braces are a luxury for many families. Whether your children need braces or you need adult braces, you have the option of getting a loan for braces if you can’t afford to pay for them out of pocket.

Most orthodontists permit families to pay for the cost of braces over 24 months with no interest. However, some orthodontists require families to pay a down payment for the braces. If the payment plans offered by orthodontists aren’t feasible for your family, you can pay with the help of third-party financing companies.

Working with a third-party financing company can help you extend your payments for braces for three years or more. The main disadvantage of medical finance is that it carries interest. However, many families prefer getting a loan for medical bills rather than putting the payments on a high-interest credit card.

Ways to Get a Medical Loan for Dental Work with Bad Credit

One obstacle that many people face is a bad credit history. As you probably know, medical loans for bad credit can be difficult to get. In comparison to regular credit cards, dental credit cards tend to have a higher rate of acceptance.

However, if you have a bad credit history, it is more likely that your application for one of these cards will be denied. If you have a bad credit score, you will likely need to apply for a bad credit loan to cover the costs of your dental work. In general, these loans tend to have higher interest rates than normal personal loans. Despite this, many people find that bad credit loans are an excellent financial solution. Another option is applying for no credit check loans, so make sure to look into that as well. 

Final Thoughts

Dental services are expensive but necessary. Prevention is always better, so make sure you’re going to the dentist regularly to check your teeth and gum health. This will ultimately save you money as well.

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Your Prescription to a Medical Loan for Bad Credit

Posted on | by Ethan Taub | Leave a Comment on Your Prescription to a Medical Loan for Bad Credit

Life can change in an instant. One day you’re fine, the next – not so much. No one knows when they will get sick or suffer an injury. Even if you have insurance, you may have high deductibles or co-pays. If you don’t have health insurance, or you don’t have sufficient insurance, the situation is even worse. While you are trying to recuperate, you also have to pay your bills, but your credit isn’t good. Fortunately, a medical loan for bad credit exists, and you may prove eligible. These are emergency cash loans for medical bills.

Can You Get a Loan for Medical Bills with Bad Credit?

Even if your credit isn’t good, that doesn’t mean a loan for medical bills is out of reach. First, find out your exact credit score, so you have a basic idea of your eligibility. You can get this information from one of the three major credit reporting agencies: Equifax, Experian or TransUnion.

If you have a relationship with a bank or credit union, start there. Whether or not your local lender offers you a loan, you should still search online to see if you can get a better rate. The beauty of such online loan shopping is that you can fill out the required forms in just 10 minutes or so, and receive offers from lenders quickly. That helps you make a decision as soon as possible. The offers themselves are not actual loan approvals, but they do let you know the rates you’ll pay if you qualify.

As with any loan, you must supply personal information such as your employment and income, bank account details and any outstanding loans or credit balances. You’ll need to provide the documentation for this information, such as pay stubs, tax returns or bank statements. You may have to provide your employer’s contact information so the lender can verify your employment.

What is a Medical Loan for Bad Credit? 

You’re familiar with typical loans, such as those for education, house, or car. Just as you might obtain a loan for medical bills for big ticket issues even with bad credit – assuming you will pay higher interest rates – you might also qualify for a medical loan for bad credit.

Just as you might pay off a car over a five-year period, you would do the same for a medical loan for bad credit. If you qualify for a longer-term medical loan for bad credit, you may pay less in interest even though it will take you longer to pay the loan off.

How to Get Medical Loans with Bad Credit 

Even if your credit is bad, don’t despair. It is entirely possible to get medical loans for bad credit. The last thing you want to do is have your debt go to a collection agency. That will tarnish your credit rating even further. Instead, consider a medical finance loan, which is a personal loan for paying medical expenses.

If your credit is bad, you will pay a higher interest rate, but you can shop around to get the best rate available. Every lender has its own requirements for financing. Usually, once you are approved you will receive the funds within a week, sometimes within 24 hours. Funds are generally deposited directly into the bank account you provided the lender.

Medical Loans No Credit Check
May 20, 2019

Medical Loan No Credit Check: Get A Check Up

There is no need to avoid a visit to the clinic or hospital when needed. Lenders provide many options for medical loans. There are many for bad credit or just medical financing when needed.

Read more

Cost of Medical Procedures

The cost of medical procedures depends on many factors, especially the type of procedure. By shopping around, you may find a qualified doctor who charges less than competitors. When it comes to hospital charges, tax deductible medical finance charges and costs come into play. These include:

  • Anesthesia
  • Lab tests
  • X-rays
  • CT scans/MRIs
  • Medications
  • Operating room charges
  • Surgical charges
  • Physician and specialists’ fees

The circumstances surrounding your illness or injury plays a role in costs. For example, a person with diabetes or a heart condition might require a different type of surgical procedure than someone with no pre-existing conditions. It is hard to pin down exactly what your bottom line is, because things can happen during the course of the procedure.

Hospitals may offer you a good faith estimate, but the real cost may change radically depending on the outcome. You may also have to deal with lost wages and additional expenses, such as child care. If the hospital is not close to your home, travel expenses occur.

Considerations when Taking out a Medical Loan

When considering loan offers, read the fine print and consider the following:

  • Fees – Check whether the lender charges a loan origination fee or a prepayment penalty. The former is charged upfront, while the latter means you’ll owe additional money if you pay off your loan before the end of the loan term. If you think you can pay off the loan before the end of the term, try to avoid agreements with prepayment penalties.
  • Annual percentage rate – The APR is the amount of interest you’ll pay each year, but it may also include loan origination fees. That APR is your overall money borrowing cost.

Financing Plastic Surgery with Bad Credit

Plastic surgery is an investment in yourself. Whether you want to look younger, or change your appearance with a nose job, eyelid lift or similar procedure, it affects how people relate to you. That investment, however, is often expensive.

Even if you are covered by health insurance, elective cosmetic surgeries require out-of-pocket payment.

The cost of plastic surgery depends on the procedure. Botox and similar injections are a few hundred dollars per session, while breast enlargement may run to nearly $5,000.  The advantage of an elective procedure such as plastic surgery is that you have time to find the best price. That’s not something you can do if you’re injured or require emergency treatment.

If you want to improve your appearance via plastic surgery but your credit isn’t good, you still have options. The surgeon may offer payment plans, or you can finance the procedure with a credit card. A medical loan is another possibility.

In Conclusion

If your credit score is in the 500 range, you may think you can’t obtain medical financing. That is not necessarily the case. You may qualify for a medical loan online, even with a low credit score. Loanry.com matches people shopping for a loan with willing lenders.

If you meet the lending criteria, you can receive a medical loan and avoid dealing with a hospital’s or healthcare provider’s collection agency. Keep in mind that if your credit score is just 500, you will pay a high interest rate, with an APR starting at approximately 35 percent and heading upwards. However, if you pay your loans on time, your credit score should improve.

A medical problem affects every aspect of your life. You need to spend your time recovering from your illness or injury, not worrying about how you will pay your medical bills. If your credit rating is bad, you have even more on your plate.

Medical financing for bad credit offers a solution, so you can get back on your feet physically, and then financially. There’s no question money is important, but it’s not nearly as critical as good health.

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What Kind of Medical Finance Expenses are Tax Deductible?

Posted on | by Ethan Taub | Leave a Comment on What Kind of Medical Finance Expenses are Tax Deductible?

It might seem like you have to be a tax professional to navigate the world of medical expense deductions. However the truth is that even a layperson can learn and understand the information that is necessary to know. And although medical finance can get rather complicated, it does not have to be that tedious and difficult. The IRS allows you to deduct qualified medical expenses that exceed 7.5% of your adjusted gross income.

With that in mind, here are some key facts you need to know when it comes to medical expenses. You will also discover which of those expenses are tax deductible.

What Is a Medical Expense Deduction?

Its name gives a clue as to what a medical finance expense deduction is. Put simply, it is a deduction you can take on your annual tax return. At least for certain medical expenses that you pay. The medical finance expense deduction that is allowed will vary. This variation is based on certain factors, such as your annual income.

Medical finance expense deductions can be especially helpful for people who have large medical expenses. However it can still be beneficial for those whose expenses are not quite as steep.

Make sure you keep all your documentation and records on hand and organized throughout the year. This way you can efficiently make the necessary calculations on medical expense deductions at the end of the year.

What Kind of Medical Expenses Are Tax Deductible?

Many types of medical finance expenses are tax deductible. You can deduct expenses you pay for your own medical care, as well as medical care for your spouse and your dependents. Review IRS Publication 502 for thorough details, but some of the deductible expenses include:

  • Fees you pay to doctors. It Includes surgeons, as well as mental health professionals. Not to mention alternative healthcare providers, and other professionals so they can diagnose, cure, treat or help to prevent illnesses and diseases
  • Hospital fees
  • Medical equipment, including eyeglasses and hearing aids
  • Prescription medication costs
  • Some massage therapy, especially if it is prescribed by a qualified healthcare professional such as a doctor
  • Certain fees you pay to dentists
  • Long-term health care services and nursing home care
  • Health insurance fees you pay, such as monthly premiums, especially if you are self-employed
  • Costs for medical conferences that can help with a health condition you are facing
  • Addiction treatment and help with smoking cessation
  • Your costs for transportation to get to and from medical services, and this includes certain medical-related expenses like costs for an ambulance or, if you use your own vehicle, 17 cents per each mile you drive to and from medical services

What Kind of Medical Expenses Are Not Tax Deductible?

Non-tax deductible medical expenses include:

  • Fees paid to certain types of medical providers
  • Cosmetic procedures
  • Hair transplants
  • Over-the-counter medications
  • Gym and health club costs
  • Certain instructional fees, such as those for swimming and dance lessons
  • Teeth whitening
  • Health-related fees that are paid using health savings account or flexible spending account funds

Any other expenses that are deemed to be unnecessary from a medical standpoint or are only for the general improvement of health are also not permitted to be deducted.

Keep in mind that any medical finance expenses that are tax deductible are ones you pay. So for example if you pay for a medical finance expense that your insurance company later reimburses, you cannot deduct that expense on your tax return.

Those are just some examples of medical finance expenses you can and cannot deduct on your tax return. Always check before you attempt to write off a medical expense. Verify that you are indeed allowed to deduct it.

Needless to say, medical care can be expensive. Deducting medical finance expenses on your tax returns can help to relieve the burden of high medical and dental care costs. Even so, you still have to pay for those costs up front. Then wait to recoup any of those expenses via an increased tax refund or a reduced tax burden on your next year’s tax return.

Meanwhile, it is up to the taxpayer and consumer to come up with the money to pay those medical finance expenses, which can be steep. Some people opt to get a medical loan to help with medical expenses. That includes funding sources like emergency cash loans that can serve as a loan for medical bills.

Dental Loan

Are Dental Expenses Tax Deductible?

Certain dental expenses are tax deductible, although there is somewhat more of a gray area when it comes to this as compared to the medically related expenses that can be deducted. Some of the dental expenses that are typically not included as being tax deductible are tooth whitening and cosmetic procedures.

But if a dental procedure is considered to be medically necessary, for example, it tends to be more likely that it is tax deductible.

The more dental expenses you can include on your taxes as being tax deductible, the better it is for your personal bottom line. Even so, coming up with the money for expensive dental fees can be a serious challenge. Particularly if you have bad or limited credit. However, there are some options that might be available to you. Including medical loans for bad credit.

When in doubt about whether a particular dental expense is tax deductible, it is wise to ask and research. On the one hand, you do not want to risk attempting to deduct an expense that is not allowed to be deducted. However on the other hand, you also do not want to forego the tax benefit that can come from deducting an expense that is definitely allowed to be deducted.

Can I Claim Medical Bills from Previous Years?

Typically you should claim medical bills and expenses on the year’s tax return that is for the year in which you paid for the expenses. So for example, if you paid for a particular treatment in 2018, you should claim that expense on your tax return for 2018. Even if you pay for a treatment in 2018, such as toward the end of the year, but do not receive part or all of the treatment until 2019, you should still claim the expense on your 2018 tax return.

If you work with a CPA, they can answer questions you might have about the year in which you should claim particular medical expenses.

How to File Your Medical Expense Deduction

It is fairly straightforward to file your medical expense deduction for any year in which you have that type of expense. As you are completing your tax return for the year, you will include your medical expenses on Schedule A of the 1040 form. Do the following:

1. On Line 1 of the form, write or enter the amount that is the total of medical expenses for the year.
2. On Line 2 of the form, write or enter your adjusted gross income that you entered on Line 38.
3. On Line 3 of the form, enter the number that is your adjusted gross income multiplied by 0.075. This number is your deduction threshold.
4. On Line 4 of the form, enter your medical expenses deduction amount. You get that number by subtracting the deduction threshold from your total expenses.

If you work with a CPA, tax preparer or tax software, you may not have to do as many of these calculations, or the process for calculating numbers might be more automated.

Helpful Reminders for Medical Expenses and Deductions

Remember to keep all of your medical expense receipts in a safe place along with all of your other documentation pertaining to your tax return. You may need that information if your tax return is ever audited.

Claiming medical expenses on your tax return can help you to come out further ahead on your taxes in the form of receiving a larger tax refund than you would have received if you did not claim medical expenses. Or it might help to reduce the amount of taxes that you owe. Of course, you still have to pay the medical expenses as you incur them, and that can be a particular challenge when the expenses are high or sudden and unexpected. But the good news is that there is assistance available, so for example many people discover it is possible to get a loan for medical bills.

Conclusion

Keep all your medical expense information organized throughout the year to make it easier when it comes time to complete and file your annual tax return.

Remember that the rules for many tax-related issues, including medical expenses and deductions, can change from year to year. Stay informed so you will know how best to handle your medical expenses and deductions each year.

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