How to Get Financing for Medical Procedures
According to the U.S. Bureau of Labor Statistics, the average household in 2005, consisting of 2.5 people, spent an average of $2,664 on health care costs. Many Americans simply do not have this amount of spendable cash available. Therefore, financing medical procedures is a necessity for many people.
Instructions
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How to Get Financing for Medical Procedures
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Acquire the ICD-9 codes from your doctor for the required medical procedures. The ICD-9 codes are the codes that insurance companies use for billing and coding. Call your insurance company and ask if they cover the procedures associated with the ICD-9 codes.
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2
Use a Health Savings Account (HSA) to pay for medical procedures with pre-tax dollars. HSAs are available through most major employers with high deductible health insurance plans.
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3
Apply for state funded health insurance if you do not have any health insurance. Many states offer free or low cost health insurance to people with excessive medical expenses or extreme financial need. Contact your state's welfare office to see if you qualify.
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4
Apply for medical credit, such as Medi Credit or Care Credit. These companies offer lines of credit to be used for medical expenses. These companies will frequently have promotions that allow a patient to use a line of credit with little or not interest for a certain period of time.
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5
Charge medical expenses to a credit card. Use your card with the lowest interest rate and pay it off as quickly as possible to avoid paying excessive amounts of interest.
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6
Apply for a loan or line of credit with a bank or credit union in your local area. Personal loans, home equity loans, and home equity lines of credit can be used for medical procedures.
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7
Apply for a loan with the "Bank of Mom and Dad." Though asking your parents for money can challenge your pride, it is often the only way for a person with poor credit to get a sizable loan with a reasonable interest rate.
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8
Save a portion of each paycheck in a savings account that is used only for medical expenses. Directly depositing a percentage of each paycheck into the savings account will ensure that you never see the money until it is needed, thereby cutting down the chances of spending the money in the savings account for expenses other than medical procedures.
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