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Financial Figures: How to Pay for a Medical Emergency When It Happens

May 15th, 2017 | No Comment Yet

If there’s one everyone can count on, it’s the fact that everyone will get sick. However, there are more serious and dire cases that most people don’t prepare for. It’s one thing to come down with the common cold, experience a rash or fracture a small bone. It’s another thing to deal with a life-altering disease like cancer or a debilitating injury like a broken leg. Between treatments, physical therapy and medications, you can easily find yourself deep in financial ruin. The financial factor can debilitate a lot of people. If you find yourself in a situation like this, don’t get discouraged. There is hope. Consider trying these four ways to pay for a medical emergency when it happens.

1. Crowdfunding

There are a lot of sites, such as GoFundMe and YouCaring.com, that have gone viral ever since social media emerged on the scene. These sites are ways for people to create a financial campaign and ask for friends and family to donate to their need. In recent years, many people have abused these sites and used them for selfish gain. However, the true reason for these sites is to help people who go through hard times like medical emergencies, house fires and similar unforeseeable circumstances. You should also note that a lot of these fundraiser campaigns are set up by someone other than the person in need.

2. Medical Assistance Loans

Medical assistance loans are available for people who’d like to consider this option. Once you apply for the loan and go through the process, most lenders will put the money directly in your bank account. It’s wise to stick with a repayment plan that’s manageable based on your circumstances. You don’t want a medical assistance loan that feels more like a burden rather than a blessing. If, for some reason, you can’t get a medical assistance loan, then you may want to consider an installment loan, such as those from Las Vegas Finance, so that you can access the funds needed to help you in your situation and get immediate care.

3. Negotiation

Negotiation is one of the best ways to really bring down the cost of bills. In some cases, you may be able to completely eliminate the costs. It’s important to really read your health insurance policies and communicate with the insurance company. Talk to the billing and accounting departments to see if there’s any arrangement they can make. With anything that’s medically-related, it’s very important to be your own advocate. No one will advocate for you like you can. Knowing this, look at other plans and see the costs that people normally spend on specific treatments and see how you can lower or eliminate your costs.

4. Payment Plan

Take a look at all of your hospital bills and see if there’s a way to get on a feasible payment plan. You don’t want to create a plan that will stretch you or make it impossible for you to catch up again.

Though medical emergencies are often very scary and stressful, remember that they are temporary situations. Take a deep breath and understand that the moments of financial strain will eventually pass. Just do the best you can to create a financial solution that works in your best interest.

Author: Hannah Whittenly

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