You hope you’ll never have to face a medical emergency. But if you or a loved one gets hurt or sick unexpectedly, and incurs steep medical bills. As a result, it’s better to be prepared.
You never know when it might happen, and don’t want to be stuck wondering how to deal with it.
There are a few different ways to prepare for just such a contingency. We’ll look at them in this article. In particular, we’ll review some solutions for paying medical bills after the fact.
Health Insurance
Health insurance can be a lifesaver when you least expect it, especially when an unexpected medical emergency arises. In this instance, health insurance has the power to help you cover the costs associated with the emergency.
Depending on your insurance plan, the costs of necessary treatments, tests, and procedures can be nearly entirely covered, leaving you to worry about the financial aspect of your emergency later on. Furthermore, health insurance saves you from the often expensive out-of-pocket costs associated with treatment and other healthcare services.
Payment Plans
Payment plans are an excellent option for those dealing with unexpected medical emergencies. It provides a way to handle the cost in manageable payments over time instead of having to front the entire cost simultaneously. It is important to shop around, as different payment plans may have different terms.
Some may have low-interest rates and longer terms, while others offer a more flexible repayment schedule. It is important to speak with the hospital where the medical emergency occurred and explain the situation.
They may be willing to work out a payment plan for both parties. If the hospital cannot offer a payment plan, other lenders specialize in medical loans and may be able to assist.
Negotiate
Negotiation for an unexpected medical emergency can be a daunting yet important task. Negotiating with health care providers or insurance companies can often mean the difference between life-saving treatments or financial ruin.
First, be informed regarding legal and financial rights, including state and federal regulations. Next, prepare to negotiate by gathering price comparisons and estimates, researching payment plans, and preparing a list of questions and expected answers. Be aware of any further costs that are hidden or not covered.
Communication is key, so maintain a positive and diplomatic attitude while negotiating. Be prepared to walk away if necessary, and remember that negotiation is a process and not a one-time event. Most importantly, always remember to be assertive and patient throughout the process.
Use a Credit Card
When a medical emergency comes up out of the blue, it can be very helpful financially to use a credit card. In some situations, cash can be less safe than a credit card.
Credit cards often come with extra benefits like purchase protection insurance, purchase bonuses, and extended warranties. These can be very helpful if a faulty product or an unexpectedly expensive repair causes a medical emergency.
Also, it may not be easy to come up with a lot of cash (or other forms of money) right away. A credit card gives you the chance to pay for something over time. Still, people need to be smart about how they use credit cards.
Emergency Savings
People need emergency savings to be prepared for medical emergencies that come up out of the blue. When a medical emergency comes up out of the blue, people may not have the money to pay for any out-of-pocket costs. To avoid being in this situation, it’s important to have some extra money saved up.
Emergency savings should only be used for unexpected medical costs, like vet bills, hospital visits, prescription drug purchases, etc., that you didn’t plan for. People should have an emergency money to cover their living costs for three to six months. Instead, they should give people peace of mind that they have a financial buffer in case of an emergency.
Personal Loans
Personal loans can give people quick and easy access to money, so they can pay for medical bills without using up all of their savings. Personal loans can be used for a wide range of medical costs, such as:
- doctor’s visits
- diagnostic tests
- even surgery
Personal loans usually have flexible and manageable terms for paying them back, so people can pay off their debts over a longer period if they need to. A payday loan without a credit check could be a good way to get money quickly in case of an unexpected medical emergency.
Unlike other loans, these loans are backed by something, so there is no need to check your credit. This way, borrowers can be sure that their information is kept private and safe. Here, you can find out more from Ready Payday Loans and learn about this type of payday loan.
Crowdfunding
Crowdfunding can help families and individuals cover unexpected medical bills. This financial help can be used for anything from occupational therapy to medical devices to doctor visits. With many medical emergencies, the bills can be overwhelming, and the cost of the treatments can be astronomical.
By crowdfunding, a person facing an unexpected medical emergency can receive the financial support they need to pay for some of the bills. This can be done online, where they can contact family, friends, and their community. Some crowdfunding applications even allow people to submit paperwork and receive funds deducted directly from the donors.
Seek Assistance From Government Programs
If you or someone in your family has a sudden medical emergency and needs help, the government can help. Medicaid and Medicare are two programs that can help with the cost of medical care and some prescriptions. Supplemental Security Income (SSI) helps people who are disabled, blind, or at least 65 years old and don’t have much money or resources.
The Veterans Administration helps military veterans with their health care, and the Indian Health Service helps Native Americans. Children from low-income families can get help with medical costs through state programs like Georgia’s CHIP (Children’s Health Insurance Program).
Be Financially Prepared for the Unexpected With These Medical Emergency Options
When paying for an unexpected medical emergency, the best way forward is to find out what options are available. Research any possible discounts or insurance coverage, explore different payment plans or financing options, and look into potential assistance programs and leveraging friends and family.
Feel free to contact your healthcare provider to find out what options are available to you. Taking these steps will provide financial security and peace of mind.
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