Covering the Cost of Medical Bills When Insurance Won’t Cover it


It would be nice if health insurance covered all of your medical expenses, however, for many people, it doesn’t. As not all insurance coverage is created equally, lots of patients end up paying out of pocket for specialized treatments, medical services, and medications. Just one visit to the doctor or other medical professionals could set someone back several hundred dollars easily. Unfortunately, the bills are excessive and with time can wreak havoc on a patient’s finances.

When medical bills aren’t paid on the spot, they can accumulate interest, tack on late fees, and even turn it over to collections. Past due medical bills can ruin your credit and even prevent you from being able to seek treatment from practices you owe until the balance is paid in full. This can be a nightmare, to say the least. However, there are a few ways to start knocking those bills out.

Short-Term Loan

If you need to cover a medical bill but don’t have the money upfront, you can apply for an online cash loan. There are short-term loan providers that will lend money to individuals with quick turnaround time. You will need to provide proof of income and a checking account in good standing but the requirements are a lot easier to meet than a traditional bank. You could get a lump sum of cash in one business day to handle your medical expenses and then budget the monthly installment payments for the loan until it is repaid.

Car Title Loan

If the funds from the short-term loan aren’t enough to get your medical bills out of the way there’s also a car title loan. This is a loan that is offered to you based on the type and condition of your vehicle. You must own the title to your car outright and the car needs to be in decent condition to get a loan. After the vehicle has been inspected they determine how much they’ll provide. You should be careful with this type of loan, however, because if you don’t repay it, they could very well take your car.

Payment Arrangements

Doctors are aware that their bills are high and that patients may not have the money to pay in full on the spot. Many medical practices have payment arrangement opportunities you can take advantage of. They may ask for a percentage upfront and then break the rest down into smaller monthly payments. This keeps the bill in the office and off your credit report.

Negotiate a Settlement

If your medical bill has been outstanding long enough a medical practice or collection agency may be willing to work something out with you. If the bill is too high, contact the practice and ask if there is an amount they would settle for. In many instances, they will offer a percentage off or remove late fees and interest which saves you a ton of money.

Financial Assistance

For those who are dealing with sizeable hospital bills from a medical emergency, paying it off may seem impossible. Before trying to figure out how you’re going to pay it, you should ask a hospital representative about financial assistance programs. They give financial aid to patients who are uninsured, underinsured or those who have low-income and a high bill even after insurance pays their portion. You can get your bill dramatically reduced or even forgiven depending on your circumstances.

Medical bills are outrageous these days and, unfortunately, it doesn’t look like they’re going to decrease anytime soon. Whether you have insurance or not, there are medical expenses you may have to pay out of pocket that is just too much to handle alone. Instead of ignoring the issue and ruining your credit, take the time to try the solutions listed above. If it doesn’t get the bills paid in full, at the very least, it can reduce the costs and keep your credit intact while you work to pay them at a pace most convenient for you.