Trying to save while managing standard living expenses is hard enough, but when it comes to unexpected costs like medical emergencies finding money to pay the bills can be a real struggle. What’s a family to do?
If you want to steer clear of medical debt, you have a few options at your disposal. Here are X solutions that can reduce the burden of a health crisis and let you focus on what really matters.
Medical crowdfunding is not really a new invention, but the internet has given it a new form. Rather, in decades past people would have turned to mutual aid societies for the sort of assistance we go online for now. If people find themselves struggling financially due to medical costs, then they have the option to look online at sites like GoFundMe to find out more about how they can avoid bankruptcy due to their medical bills.
If you’re considering crowdfunding your medical costs, do some research into what it takes to run a successful campaign. There’s a lot of competition for limited public giving and certain groups – for example, small children or mothers – and certain types of illnesses tend to fare better in the public perception. For example, lung cancer still carries a lot of blame and stigma and tends to attract fewer funders than ovarian or breast cancer or accidents such as being hit by a car.
Draw On Your Home
If you’re facing a serious medical expense you’d like to keep private, such as seeking drug rehab for a family member, one way you can cover the cost is by getting a home equity loan. A home equity loan draws on saved wealth in the form of your house and can be one of the most affordable ways to borrow money.
Among the advantages of a home equity loan are the facts that they typically have a very low interest rate, long payback period, and fixed monthly payments – though you can generally pay back such a loan early without a problem. For medical expenses not covered by insurance, the large sums unlocked through a home equity loan can be a lifesaver.
Make A Deal
It’s a well-kept secret, but like other creditors many hospitals are willing to negotiate medical bills. Whether they’re willing to adjust the cost of a procedure, seek support for a drug company to reduce treatment expenses, or just set up a manageable payment schedule, negotiating your medical bills can help put payment within reach.
Ultimately, it’s much better for doctors and hospitals to find a way to get some payment from you and to negotiate a long payment period rather than simply allow you to default. With medical debt so pervasive today, many hospitals are already facing budget issues and this has made them increasingly open to compromise and cost management.
Even people with insurance face emergency medical expenses that aren’t covered or which exceed coverage limits, so none of us should feel secure just because we have health insurance. Instead, we should all be prepared for the frightening possibility that the cost of healthcare may exceed our means. By acknowledging that and knowing what’s out there, you’re less likely to fall into serious debt and to seek help if disaster strikes.