Emergencies Happen—Tips for Paying Unexpected Medical Bills
Unfortunately, it’s all too common that one second you’re fine, and suddenly, you’re on the ground, writhing in pain, the victim of an unfortunate accident. Medical emergencies can be exceptionally painful, stressful times, but they can also be expensive. Unexpected medical problems are a huge source of financial trouble and associated stress. That being said, if you are the victim of a medical emergency, there are ways to cope. Here are three things you can do.
Talk to Your Insurance Company
A common reaction by insurance companies may be to deny coverage or to say that you have a massive deductible or copay, but calling to check never hurts. This may allow you to find alternative payment options or give you a chance to see what other funding or financing may be available. Insurance companies may have hardship programs or connections to a local health care provider which allows you to save money. It may not always be successful, but a simple phone call is always worth the time.
Apply for a Loan
Another option you have is to take out a personal loan, which can be used for emergencies and medical bills. Personal loans usually have installment terms between 12 and 96 months. While this is certainly not an ideal option, applying for a loan with reasonable terms is a preferable alternative to filing for bankruptcy or damaging your credit. Alternatively, you can apply for a loan against equity which you have built up, such as in your house, or with a friend who has more resources than you do. This may enable you to get more favorable repayment terms, or lower interest rates.
Prepare With a Health Savings Account
Health Savings Accounts are tax advantaged accounts which allow users to put away money and then withdraw them for a medical expense. Essentially, they are savings accounts exclusively for health-related purposes that are also tax-free, and using them can help you reduce your taxes. They are certainly not applicable to everyone and require either an employer who offers one or the proper funding to set one up, but they can be beneficial in the event of an emergency.
The financial hardship of a health emergency is very real and can be very traumatizing. However, no matter what your financial situation is, you are not powerless. Asking for help, identifying resources, and being proactive can go a long way towards minimizing the financial burdens that an unexpected emergency can cause.
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