Unexpected medical expenses are a major problem around the world. Whether you have top-tier insurance or a policy that just helps to get you by, the threat of medical debt is very real. Having a backup plan in place can help you make ends meet when you don’t have the cash on hand to pay outright. We’re breaking down a few ways to finance medical expenses that you may not have thought of.
1. Credit card
A credit card is an important tool for financial planning. Not only can it be beneficial for daily purchases to reap the rewards and points on the things you’re already buying, but it is also great in a pinch. Your credit card can allow you to spend money to the credit limit, and pay back what you owe over time. This can make it easier for you to cover medical expenses.
2. Health savings account
A health savings account, referred to as an HSA, is a savings account that you can pull from for medical expenses. Many employers offer these plans as part of an employment package, but health insurance companies may allow you to tack an HSA onto your insurance as well. The funds put into a health savings account are pre-tax, helping to stretch your dollar further. Keep in mind that HSA funds must go toward qualified expenses.
3. Payday loan
While payday loans are usually limited in how much you can borrow and for how long, they can be a good choice to help make ends meet. Whether it be for living needs in between paydays or to help cover a much-needed medical expense, a payday loan can give you a few hundred dollars to meet financial needs. Many companies offer same-day approval, and payday loans don’t usually require good credit scores or lengthy application processes.
4. Personal loan
A personal loan allows people to borrow money depending on their needs. When you go through a bank that you’re already a customer of, you might even receive better rates or be approved for a higher borrowing amount. Personal loans are usually paid out in a lump sum and can be used for any expense. For example, the funds from a personal loan can go toward medical-related expenses like treatment costs and transportation.
5. Life insurance
There are a few ways that your life insurance policy may be able to help cover medical expenses. One option is a living benefit. When you take out a whole life insurance policy, the amount invested grows in equity, and your policy develops a cash value. This cash value can be accessed while living and used as needed, whether that be for a doctor’s visit, prescription, or other medical expense.
Another method is accelerated death benefits, an option specifically designed for health emergencies. With accelerated death benefits, the policyholder can use the funds that would be paid out upon death to help cover expenses while living.
The bottom line
Finding a way to pay for medical expenses can be an exhausting process, but there are more options available than ever before. Be sure to consider how each method works carefully and your needs, whether short or long-term, to make the right decision. With funding in place, you’ll be able to focus on what matters most – healing!
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