Can You Get a Medical Loan With Bad Credit?
Healthcare costs are plunging more and more Americans into debt. This reality has been created by a number of converging factors, all of which work against you: skyrocketing costs of medical care, higher costs of health insurance premiums, and more out-of-pocket and uncovered medical procedures.
If you find yourself with no savings, and you need an uncovered procedure what do you do? You get a medical loan. It’s much better than using your credit card. But can you get a medical loan with bad credit? Yes, you can.
Medical Bills are Overwhelming Consumers
The Consumer Credit Bureau reports that 72 million Americans were dealing with medical debt at the end of 2018. One in five Americans were holding medical debt. 52% of all debt in America was due to medical expenses.
More recently, an American Cancer Society study published in the Journal of General Internal Medicine found that over 50% of all Americans are struggling with healthcare costs.
Even more troubling, people are so worried about medical debt, they are not getting the medical treatment they need. Poor health impacts every aspect of your life. Postponing visits to the doctor or skipping medicines will end up costing you more in the end.
What to do About Medical Bills You Cannot Pay?
There are easy steps you can take to reduce your healthcare costs.
- Read the details of your insurance coverage. This will eliminate surprises. There are lots of details related to out-of-pocket costs, in-network restrictions, pharmaceuticals, etc. Knowing exactly what is covered might save you from unexpected and crippling medical bills that will plunge you into debt.
- Shop around for the most affordable providers and pharmacies.
- Use generic drugs whenever possible.
- Ask your doctor for drug samples.
- Negotiate on the costs for procedures.
If you already have medical bills, there are things you can do to reduce the burden. We’ve spoken about some of these in previous posts.
- Dispute the bill. Medical bills can be filled with errors. Carefully read the bill. If you find errors, go to your doctor’s office to get the errors corrected. This could result in a significant reduction in your medical bill. Be sure to go with all the information to support your dispute and keep a written record of all your communications.
- Set up a payment plan
- Talk to an advocate
Uncovered Medical Procedures
If you’re living paycheck-to-paycheck, making health insurance premiums is already stretching the bottom line for you. But what about all those uncovered medical procedures? How do you pay for them?
Medical procedures not covered by your insurance carrier are those your carrier considers to be non-essential. However, for you, these procedures can be quite essential.
A Medical Loan with Bad Credit
Paying for these procedures with your credit card will trap you in debt unless you are able to pay the balance in full. This is when you need a medical loan, and yes, you can qualify for a medical loan with bad credit.
Some examples of uncovered medical procedures include:
- Lasik eye surgery
- Plastic Surgery, including dental implants and scar removal
- Hip replacement surgery
- Infertility treatments
- Weight loss surgery, including bariatric procedures
These and other uncovered medical procedures are essential to your physical and emotional well-being. They might even improve your productivity in the workplace, meaning that the procedure will boost your financial health.
If you can’t afford it, postponing the procedure is not a good option. Neither is paying for it with your credit card. You need a medical loan even if your credit score is not so good.