While many people have been able to get more affordable health insurance in recent years, going without coverage is something that many people still face as well. And if a medical emergency comes up and you're not prepared with adequate coverage, it can be a financial nightmare. Read on to find out what options may exist for you to pay for your medical bills.
Look for Catastrophic Health Insurance
Once you've found out you're about to need expensive medical care, it's often too late to enroll in a full coverage health insurance plan. One thing you can do is look for emergency health insurance. That will cover the costs of things like ambulatory services, making emergency treatment a bit less expensive.
If you are eligible for your state's version of Medicaid, you can sign up at any time throughout the year. So now may be the time to gather your income documents and visit a social services center.
Make a Payment Plan
Hospitals don't want you to not get treated because you can't pay. They are often willing to work with people who badly need treatment but can't afford a large medical bill on top of their monthly expenses. It might take a while to pay off, but the hospital will work with you to keep the monthly commitment low.
Consider Your Loan Options
Loans can also be a great way to pay for surprise medical bills. If you have excellent credit, a standard loan may do the trick. You might try hard money loans if you have real estate to use as collateral. Payday loans could also get you over the hump with an expensive medical bill. Trying pawn shops to get a loan based on luxury items may be an option too. And if you haven't looked into health care credit cards or loans yet, those are a good source of loan money to consult for medical expenses.
In the end, sometimes you can't come up with the large amount of funds demanded by a big medical bill. Bankruptcy may be an answer if you don't want to struggle through repayment for years and years to come. That's an option to consider with a financial planner as you weigh the risks of your medical bills. But this is always an option, and it's comforting to people who may otherwise consider foregoing critical medical treatments.