Have you been hit with an unavoidable medical cost that you can’t afford? Believe it or not, it happens to more people than you think. Though healthcare coverage is available to more individuals and families, the cost of medical services continues to rise. Impacting patients from all walks of life and income brackets, rising medical expenses, particularly those that are unexpected can blow a budget out of the water. And since most medical services, procedures, medications, and supplies are necessary, going without them isn’t an option.
Types of Unexpected Medical Costs
Even those who have health insurance have out-of-pocket costs they hadn’t planned for. Some of those costs might include:
- Specialists copays – while a visit to your primary care physician may be just a few bucks, if you’re referred to a specialist, you may be required to pay a higher copay.
- Prescription costs – the cost of certain medications can be more than your insurance will cover leaving you with several dollars or several hundred dollars to pay.
- Out-of-Network services – perhaps you visit a medical professional who came highly recommended. If they don’t presently have a contract with your insurance, you could have to pay for the cost of services on your own.
- Medical supplies – not all medical supplies and equipment are covered (crutches, walkers, orthopedic shoes, etc.)
- Dental services – most health insurance covers basic dental services like x-rays and cleanings, but will not cover the total cost of services like surgeries, braces, implants, etc.
- Emergency services – experiencing a medical emergency and require an ambulance? This could cost you a few hundred bucks.
Covering the Costs
If you’ve been hit with any of the above medical costs, but can’t cover it with your paycheck or personal savings, these options can help you cover the expense.
- Cash Loans – if your medical expense is a necessity and urgent, your best option would be to apply for a cash loan online. There are quick cash loan options that allow you to borrow as much as $2,000 towards your needs. If qualified, you could have the funds deposited the next business day.
- Health Savings Account – an HSA is a tax-free way to secure funds for medical costs and related unexpected expenses. Every year, you decide how much you want to contribute to the account and it is deducted from your pay (before taxes) and deposited into an account. The funds can then be used to cover medical costs.
- Discount Cards – got a prescription that costs more than your insurance will cover? Ask your local pharmacy about discount cards. These cards are generally free of charge and can be used towards the balance of medications you need most.
- Payment Plans – For dental services, many dentists have finance options or payment plans you can take advantage of to cover the cost of their services. This would allow you to pay a portion of the expense now and break the rest up into affordable payments (with interest if you opt for financing)
- Financial Assistance – Many hospitals offer financial assistance or charity care to their patients who are unable to afford medical treatment. Ask the intake receptionists about eligibility requirements.
Unfortunately, the cost of healthcare services and related expenses will only continue to rise. Whether you have affordable health insurance or not, your out of pocket expenses can be devastating. Rather than going without treatment, services, or medication that you need, it is best to consider other options that can reduce the costs or cover the expenses for you.