5 Ways to Handle Unexpected Medical Costs

by Guest Posts

America has privatized healthcare. That means the federal government doesn’t pay for the medical bills of private citizens. Each person must come up with their health insurance, and they’re responsible for paying for hospital stays, doctor visits, etc.

There are various ways to pay for medical costs. We’ll talk about a few of the options right now.

Get a Personal Loan

If you feel that it’s the best way to raise some money for your medical bills, you can always look into good loans in Utah. You can approach either a credit union or bank and get a short-term loan that will give you the money to cover your medical bills.

If you go this route, then you will certainly want to try and find a loan that gives you a favorable interest rate. You can compare a few of the ones that are available and choose the one that makes the most sense for you.

Borrow Money from a Family Member

Maybe you have a family member who is in excellent financial shape. If so, and if you have a good relationship with them, then perhaps they would feel comfortable lending you the money.

They might not charge you any interest on the loan, or perhaps they won’t charge you as much as a lending entity like a bank would. Be careful if you decide to do this, though. A loan that you can’t pay back can sour your relationship with a relative and cause a rift between you. 

Pay for the Bills Out of Your Savings

Maybe you have a nest egg that you have been adding to over the years. If you have some major medical bills, then you can take some money from that account and pay the entity that you owe that way. 

You might have to wipe out your rainy day fund, but that’s why you have it. There’s nothing more essential to pay for than medical bills, so if that’s what the cash goes to, then so be it. 

Sell Something Valuable 

If one of the options that we’ve mentioned so far is not viable to you, then you might decide to sell something you have that’s valuable. That could be your house or your car. Maybe you have jewelry for which you can get a good price.

You might be reluctant to do this, but if that’s what it takes to pay back the entity that you owe, then you may not have any better options.  

Set Up a Payment Plan  

If you can’t pay back the money you owe to the entity that treated you, then you might ask if you can set up a payment plan with them. They may be okay with that if you plead poverty. If you make sure they understand that you are impoverished at the moment and it’s a significant financial hardship to pay them their money all at once, then they might be fine with you paying them back a little at a time.

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