You do everything you can to stay healthy and build an immune system capable of fighting off every case of the sniffles. Unfortunately, your healthy habits aren’t enough to protect you from a fluke case of appendicitis or a broken bone in a car accident. These emergencies can happen suddenly to anyone, regardless of their health or lifestyle.
Without advance warning, your budget isn’t always ready for a medical emergency. Can you handle the inevitable bills that come with surgery, x-rays, and other unexpected treatments?
What Kinds of Bills Can You Expect in an Emergency?
Even a quick trip to a walk-in clinic about a sinus infection can deliver some pretty nasty bills. Without insurance, a single visit to see a doctor could run you as much as $600!
For more serious conditions and issues, specialized treatments, tests, and surgeries can pack a devastating financial wallop — even if you’re insured.
According to an eHealth Insurance study, the average single person is paying $4,364 in healthcare deductibles. This number nearly doubles to $8,439 for family coverage, and it doesn’t include the other out-of-pocket payments you could face, such as copays or coinsurance.
Should You Use a Personal Loan to Help?
Borrowing money for your health might be the financial solution you need. But when you’re sick, the last thing you can spare is time and mental energy. You might not feel well enough to go to a bank for a personal loan or deal with complicated paperwork from your hospital room.
A digital financial institution such as MoneyKey champions accessibility for all borrowers, including those suffering from illness or injury. That’s why they offer an inclusive lending platform that’s available any time, anywhere. All you need is a phone, tablet, or PC to access their website.
You won’t have to make a special visit to a brick-and-mortar location to make your application. And if approved, you can arrange direct deposit loans through MoneyKey that you receive and repay automatically online.
3 Questions to Ask Before You Borrow Money:
While borrowing an online loan is a convenient option in an emergency, even the best offer comes with interest and finance charges. That means you’ll eventually pay back more than the base cost of your deductible, copay, or bill than if you paid out of pocket.
To save as much money as possible, call up the billing department and ask a few questions:
- Can I see my itemized bill? This question will deliver a detailed bill you can review so you pay a fair amount for the services, supplies, and procedures you received.
- Do you have a financing plan? Many practices are willing to offer an adjusted payment plan for those in need. You might be able to break down the overall bill into smaller payments or strategically push out a due date.
- Can I save money if I pay in cash today? Sometimes, a healthcare provider is willing to cut you a deal if you can pay in cash right away.
Prepare Today for Tomorrow’s Emergency
Just because you can’t predict exactly when you’ll face a health scare doesn’t mean you can’t prepare for unexpected expenses in your future. Set aside a little bit of cash each month in an emergency fund. Consistent deposits will add up over time, even if you can only spare $50 at first.
To ensure your emergency fund stretches further, financial advisors recommend you invest in healthcare insurance to reduce the burden of out-of-pocket expenses.
These tips can help you pay for treatments, prescriptions, and other unexpected expenses with greater confidence.
