Summer is a great time to catch up on all those uncovered medical procedures that you have been putting off. But, when you are dealing with credit card debt, student loans, car payments and other financial stressors, who can afford to pay for laser eye surgery? This is where a p2p personal loan for medical expenses comes in.
If your credit score is not good, you might think that you cannot get a personal loan for medical expenses. You might even think that your only option is to charge it to your credit cards. Not true and this would be a disaster. What you need is a peer-to-peer medical loan.
A P2P Personal Loan for Medical Expenses
A peer-to-peer medical loan can help you pay for medical procedures that are not covered by your health insurance. Your insurer considers these procedures to be non-life-threatening. However, studies show that these procedures provide a significant return on the investment in improved work performance, health and mental well-being.
Many insurers today have expanded their list of covered procedures to include what was previously categorized as “elective.” However, typically only a portion of the costs is covered. This means that you will still have out-of-pocket expenses you cannot afford. You need to check your insurance plan to confirm what is covered.
Insurers tend to classify procedures such as infertility treatments, hip replacement surgery, cosmetic procedures, laser vision correction, dental implants, breast reduction, and so forth as “elective.”
Infertility treatments, for instance, may feel like more of a “need” than elective. However, most states do not require insurance carriers to cover it. This procedure can cost as much as $10,000.
In the area of cosmetic surgeries, most insurers will not cover the costs of procedures that do not feel so “elective.” For instance, surgery to reconstruct breasts or other parts of the body impacted by illness or injury can be considered elective cosmetic surgery by your insurer.
If you need one of these procedures, and it is not covered by your health insurance, you will be 100% responsible for the expense.
Medical debt is one of the leading reasons Americans file bankruptcy. According to economic reports, one in five Americans has at least one delinquent medical debt on their credit report.
No one wants to face medical bills they cannot pay and deal with the severe consequences to their credit rating and mental health. If this is your experience right now, be sure to read some of our previous articles about dealing with medical debt. In the meantime, for those uncovered medical procedures, a p2p personal loan for medical expenses can help you.
You Do Not Want to Use Your Credit Card
Even if your health insurance policy is pretty good, you will still find yourself with out-of-pocket expenses or only partial coverage for these basic elective procedures. If you charge these expenses to your credit card, you could soon find yourself with a different problem—credit card debt.
Charging uncovered medical procedures to your credit card is only a good idea if you can afford to pay off the bill in full. If you can make more than the minimum payment or in some other way hasten the erasing of this credit card debt, then it might be a good option.
If not, you will find that the $3000 procedure will ultimately cost you triple the original amount. The longer you remain in credit card debt, the longer it will take to improve your credit score. And, as we have discussed before, your credit score impacts just about everything in your life. It can even impact your relationship!
Options for Paying Uninsured Medical Procedures
Budget and Save
Clearly, the best option is to save up for the procedure. If you have the luxury of time, plug the cost of the procedure into your budget and start saving.
Shop around. Like with everything, medical procedures are also in the consumer market. Let’s take laser eye surgery as an example. If you do your research, you will find there is a wide price range among clinics. Do be careful though, cheap is not better. On the other hand, you don’t need to pay Hollywood prices.
Check out the clinic, the surgeons, and be sure to find out about aftercare and how the clinic handles problems should they arise. Use your social media channels to discover if there are any reviews or if anyone else has used the provider.
A Personal Loan for Medical Expenses
If saving up is not an option, then a personal loan for medical expenses is what you need. Peer-to-peer lenders, provide medical loans to help you cover the costs of uninsured/elective medical procedures. The entire process is conducted online and even if your credit is not good, you may still qualify for a p2p medical loan.