Who is the money going to?
Will the funds be given to you or to the doctor?
What will the monthly payments be?
Is this something you can fit into your budget?
If not, is it possible to make changes to your current expenses?
How much interest will I pay in total?
Ask the lender or use a personal loan calculator to determine how much interest you’ll pay throughout the life of the loan.
Are you at ease with that figure?
The Benefits and Drawbacks of Medical Loans
Here are a few features to help you decide whether a medical loan is good for you:
Pros
- No collateral is required.
- You can frequently obtain the finances you require immediately.
- A wide range of applications, including elective and cosmetic procedures
Cons
- When compared to alternatives, it can be highly pricey.
- Good to outstanding credit may be required.
Medical Loan Alternatives
Medical loans are merely one possible element in the jigsaw of paying for healthcare. Here are some other things to think about before going with the most expensive option:
Employ a Medical Billing Advocate.
To comprehend the medical billing and payment system in the United States today, you essentially have to be an expert.
If you aren’t an expert in this field—and most of us aren’t—you should consider hiring a medical billing advocate. The services provided by these companies differ, but in general, it’s similar to hiring a personal assistant for your medical costs.
They can, among other things, comb through your bills line by line to look for billing problems (spoiler alert: they’re surprisingly prevalent and can be extremely expensive), negotiate payment plans or lower costs, and so on. Even better, many medical billing advocates only charge a fraction of the savings they obtain for you.
Others charge hourly but hiring someone to help you might be well worth your time, sanity, and money.