Unfortunately, some healthcare providers will not continue treatment if you have delinquent bills with their clinic. In these situations, medical loans can be critical because they help to ensure that you can continue treatment. When deciding how much to borrow, you may want to look at what you currently owe while also taking into account anticipated future medical expenses.
Pay your deductibles
Most insurance plans have deductibles. The deductible is the part for which you are personally responsible. Also called out-of-pocket expenses, these costs can be a certain amount per appointment, or you may have to pay for everything until you reach a certain threshold and your insurance kicks in. In both cases, you can use medical loans to help cover these expenses.
Spread out costs over a longer time period
Generally, you have to pay your out-of-pocket costs right away, and some healthcare facilities may even require you to cover these costs before they provide service to you. That can be difficult to do when you’re dealing with immediate health issues and pay day isn’t for another two weeks. Medical loans allow you to pay your bills immediately so you can continue treatment, and then pay back the loan slowly over time.
To give you an example, imagine you have a health insurance plan with a $2,500 annual deductible. This means that you have to pay $2,500 out-of-pocket before your insurance will start to pay bills on your behalf. To cover those costs, you take out a loan from Citizens Financial. Then, you use the loan to cover the $2,500, and you make small monthly payments over the course of a few years back to Citizens Financial. Please note that these are just sample numbers and time frames. The exact process varies based on your situation. Apply now to see what your rate is.
Enjoy lower interest rates with medical loans
A lot of dental offices and healthcare clinics offer financing to help patients who can’t afford out-of-pocket costs, but unfortunately, these loans often come with high interest rates. Getting an installment loan can help you to find lower interest rates.
To learn more about our medical loans or the other types of loans that we offer, contact us directly. At Citizens, our friendly finance professionals are committed to helping our clients get the funding they need for life’s unexpected costs and curveballs.
Get dental work
Although it can be expensive to get a lot of dental work done, it’s always best to be as proactive as possible about your dental health. If you ignore cavities, for example, they can get worse, and instead of a filling, you may need a root canal. Dental loans help you fight these issues before they get out of control.