Nobody plans to catch pneumonia or break their collarbone in a car accident. Unfortunately, these things can happen with very little warning. Are your finances ready? Keep reading to learn more about your options.
Being Underprepared When Disaster Strikes
Between emergency room visits, doctor appointments, and pharmacy pick-ups, the bills add up. Just how much they end up being depends on where you live.
One study shows, the average person living in Missouri spends $7,327 on healthcare costs — and that’s with insurance! Without it, you could be on the hook for a lot more.
Unexpected lab visits or doctor’s fees can be challenging to handle on your own. Without savings, you may need to take out a personal loan. There are quick ways to borrow cash online in Missouri due to their simple and convenient applications. Some online personal loans are even available if you have bad credit.
While borrowing money is a helpful safety net in an emergency, even the best personal loan Missouri has to offer comes with rates and fees. That means you’ll wind up paying more for your medical care with an online loan than if you pay out of pocket.
So how can you replace installment loans in your medical emergency toolkit? Here’s how you can be prepared, even in an emergency.
Arrange a Payment Plan
You aren’t the only person struggling to pay their medical bills, so this won’t be an unusual request to your doctor or clinic. In fact, your healthcare practitioner will appreciate you reaching out about the bill.
Most professionals would rather work with you to find a payment plan if the alternative is not getting paid at all. These payment plans usually break down your entire bill into several, smaller installments so that you don’t have to come up with all the money right away.
Research Insurance Policies
One of the easiest ways to handle unexpected medical expenses is through insurance. When you have a comprehensive policy, your insurance company will foot the bill for small and large procedures.
Take the time to comparison shop for coverage, remembering to see how your policy changes if you play around with your deductibles.
You should do this even if you’re currently insured. A little bit of research could help you find a more affordable plan with better coverage.
Can You Ignore Health Problems to Save Your Budget?
Short answer, no! While you might be able to toughen up and live through annoying allergies, medical emergencies are another beast. The only way to recover is by getting the help you need, no matter their costs.
Once you’ve handled your current emergency, it’s crucial you plan for the next one. Create a savings fund specifically for unexpected medical expenses and contribute to it monthly.
Regular deposits will help you build your fund into a sizeable nest egg, even if you can only put $20 or $50 into it at a time. Savings help you pay for treatment, supplies, and prescriptions without taking out installment loans or dealing with insurance claims.
So, play around with your budget. Putting in the hard work now will pay off in the future!