Well, what can you do about health care promises made by politicians? However you cut it, you might need to find your own way to finance high-cost medical procedures. Take control of your health care bills by finding a creative funding source.
Expensive Medical Bills
Many costs are rising; but, healthcare costs are rising faster than the average. Cosmetic surgery, dental work or LASIK might be necessary high-cost medical procedures. If you have no health insurance, you are not alone. In 2017, CNBC reported that 11.3% of American adults lacked health insurance coverage.
Aren't there any groups or businesses that can help you out? There are many charitable organization and government programs that can help you put a dent in high-cost medical procedures so that you can cover the rest. Here are some other ways to pay those bills.
Health Savings Accounts (HSA)
The primary goal of HSAs is to provide tax deductions for funds that will be used to pay for medical procedures. Now, might be the time to tap into your healthcare account. Obviously this isn’t the option for those who need immediate help, but as with many things in life, preparation goes a long way. No one expects to get sick or need medical care, but everyone does at one time or another. That’s why it’s important to set up a HSA or something like it well in advance.
If the reason why you're getting this expensive procedure is because you suffered a disabling injury, then disability insurance can help cover your procedure by compensating you for lost income, which is a big part of recovery costs. Other types of insurance, like auto insurance and workers compensation can also help, depending on the nature of the injury. Also depending on the type of insurance and degree of coverage, insurance may be able to cover the entire expense.
You could tap into your 401(k) plan. The government allows you to withdraw a certain amount of money without a penalty. Read the fine print of your 401(k) plan to see the terms and conditions. It’s critical that if you’re thinking of tapping your 401(k) you understand what goes into that process. You need to talk to a financial adviser if you’re wanting to do this since it’s very easy to do it wrong and you could cause problems for your financial future. There are also ways you can tap into your 401(k) without causing any problems, and speaking with a financial adviser will help you navigate those tricky waters.
You could also go to a peer-to-peer lending organization. Unlike crowdfunding services, these peer-to-peer funds are personal loans. These sites offer unsecured personal loans which are great for people who have issues with banks or other lending services. But just like any other lending or loan service, you will be required to repay the amount you borrowed plus interest. This isn’t a long term solution, but can help you overcome bills that are due immediately which you will pay back later.
Another intriguing possibility is to take out a HELOC of a Home Equity Line of Credit. You might have built up a significant amount of home equity and wouldn't high-cost medical procedures be one of the best ways to spend this money? A nice feature of the home equity loan is that the interest you pay is tax-deductible.
Other Financial Options
There are other special options to help you pay your medical bills. Most hospitals will have social workers who have access to special government programs. You can talk to the hospital social worker to create a payment plan. Since their job is to help patients and those in need receive the financial help they require they know a lot of information on how to make the system work for your benefit.
If you’re a military veteran, you might have some additional options not available to other citizens. Because of your service and determination you might have the option to look into VA refinance options for your home loan that can allow you gain a substantial amount of money to help cover costs.
You can try to set up a project on crowdfunding, peer-to-peer lending, use HSA accounts, take out a loan, or see if the hospital can help. High-cost medical procedures might save your life. Hopefully, you find ways to finance high-cost medical procedures, so you can enjoy a long, healthy, productive life.
If you’re wanting some financial or insurance help make sure to get in contact with us!