Make a payment arrangement with the doctor or hospital.
When you obtain a doctor’s bill, it will usually say “due in full.” But here’s the catch: this isn’t always the case.
However, to determine the correct due date, you must contact the billing department.
Most healthcare providers are extremely happy to work with you to set up a payment plan, especially for non-optional healthcare.
This is usually a far better option than applying for a medical loan right away because healthcare providers frequently provide these payment plans at a low-interest rate, if not interest-free.
Unlike the auto industry, they are generally in the business of providing healthcare, which is what they want to be paid for—not extravagant finance programs.
Apply for a Medical Credit Card
A medical credit card is another alternative if your doctor’s office cannot work with you on a payment plan and you genuinely need to fund your healthcare.
These unique credit cards can only be used with specific healthcare providers, so check to see if your doctor’s office accepts them before signing up.
CareCredit, for example, is a popular alternative.
Medical credit cards are helpful since they can be used to cover ongoing expenses such as therapy or routine procedures such as allergy injections.
However, they carry APRs ranging from 4.99 percent to 35.99 percent, making them more expensive than conventional loans.
You can also keep a watch out for zero-interest promotional programs.
These are relatively prevalent, although unlike actual 0% APR credit cards, they are frequently “delayed interest” cards.
That implies that if you don’t pay off the account entirely before the end of the promotional time, you’ll have to pay back all the interest you thought you were avoiding, so you don’t save anything.
It’s a cunning approach, so keep an eye out for it and don’t take on more debt than you can pay off before the deferred interest term ends.