Pretty much everyone is in agreement—healthcare costs are out of control. Even if you have a good health insurance plan, you will still find yourself looking at uncovered medical expenses. If you need an “elective” procedure, you will be responsible for most, if not all of the entire bill.
There are some basic steps you can take to reign in these costs somewhat, but even if you are smart and follow all of these strategies, you may still find yourself with medical debt that you cannot cover. This is the time to turn to an alternative lender for access to a peer to peer medical loan. With a p2p loan to cover your medical expenses, you can move forward with obtaining the medical procedures you need, or covering those unexpected charges that have been neatly tucked into your bill.
- Do your homework, and check out the standard medical costs for the procedure you require. You can use resources such as Healthcare Blue Book or New Choice Health to help you identify the average costs for the medical services you need. Shop around—find the doctors and hospitals that come closest to the established average.
- Negotiate. If you do not have good health coverage, negotiate with your doctors and the hospitals. This is what the insurance carriers do. Doctors and hospitals would much prefer to work out a negotiated price, and even a payment plan, than to deal with retaining a collection agency or face the prospect of you filing bankruptcy.
- Check your bill very carefully. The hospital bill is itemized, making it easy to compare with your insurance statement. Many times hospital bills are filled with errors, such as duplicate charges or charges for procedures, medicine, or supplies that you never received. Take the time to meticulously examine every line item and if you see errors, immediately bring it to the attention of the billing department.
- Do not ignore the bills. The costs may seem overwhelming, but simply ignoring the bills will only result in worse problems. Medical care providers will turn to collection agencies, which will wreak havoc on your credit rating. If you find you cannot pay the bills, this is the time to seek out a loan so you can avoid the negative spiral of growing medical debt.
How to Pay your Medical Bills when Insurance is Not Enough?
Let’s say you performed all of the above steps, and still you are facing a bill that you cannot pay. Or, you need an elective procedure, something not covered at all by your insurance carrier and you do not have the funds to cover it.
Let’s talk about elective procedures first. Elective procedures include: angioplasty, infertility treatments, chiropractic treatments and cosmetic surgery, all of which are necessary but not necessarily reimbursable by insurance carriers because they are not addressing life-threatening conditions. Shop around, do your research and turn to an alternative lending platform, such as peer to peer lending for a medical loan.
For other uncovered medical expenses, do not turn to your credit card! The high interest rates and fees you will pay to your credit card company will only cause your medical bills to grow. As long as you are paying your doctor and/or hospital, the debt is not reported to credit bureaus, whereas your credit card charges are, especially if you fall behind in payments. If your negotiated payment plan is still unmanageable, this is the time to consider peer to peer loans to cover your medical expenses.
A recent study found that medical debt is the leading cause of personal bankruptcy in the US. Don’t let this be your story. Seek out a loan from an alternative lending platform as quickly as possible and enjoy your new healthy life.