Does It Hurt When I Pay This?
Medical expenses by their very nature often arise unexpectedly. Whether you’ve been in an accident, found yourself unable to shake an illness, or grown increasingly concerned about something that doesn’t look or feel right, it’s far too easy to go from fine one minute to freaked out the next.
Everything medical costs money. Maybe it’s the system, maybe it’s the doctors, maybe it’s the insurance industry – when we’re sick or injured, it really doesn’t matter. The expenses are going to add up quickly at every step along the way. From your co-pay at the front desk to the half-dozen bills piled up on your desk at home months later, it seems like insurance should have covered more than this. You didn’t realize the smallest treatments could cost so much. And some of the statements are from places you didn’t even realize you used!
Take a long, deep breath. There are solutions. You have options. You don’t have to max out your high interest credit cards or default on your medical bills and get turned over for collection. You don’t have to choose between decent medical care and groceries for the week. Medical bill loans are a common solution to temporary medical debt. There are lenders who specialize in personal loans for medical bills and who will understand your circumstances and work with you to arrange a solution that benefits everyone involved.
Some medical finance companies even promote medical loans for bad credit, knowing it’s a need and that most folks are more than happy to pay for the services and products they’ve used if they’re simply offered some flexibility with the terms. Spreading your debt out over a set time period with predictable monthly payments helps bring order to the chaos of medical debt. It allows you to meet your obligations on friendlier terms and avoid damaging your credit. In fact, with a little commitment, it can actually help you make your credit stronger.
Medical lending is an especially important industry because health care providers aren’t always eager to become long-term creditors. Some will work with you to make payment arrangements, but most are quick to turn your account over to a collection agency if you fall into delinquency. Medical debts can damage your credit just like any other missed payments or defaults. Fortunately, there are things you can do and rights you have when it comes to medical bills. If you’re willing to put in a little extra time communicating with your insurance company and negotiating with your health care providers, you can avoid some of the most common pitfalls of medical debt. And for the rest, there’s Loanry.