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Financing Medical Care

Financing Medical Care

When it comes to medical expenses there are a few ways that these expenses can be financed, but you will need to weigh up your options.



Financing Elective Care

Many people will choose to use a loan or a credit card to pay for elective dental care, weight loss surgery, eye surgery or fertility treatments.

There are some medical expense credit cards that people are able to apply online for and get approved almost immediately. This makes them attractive to those that do not want to wait for some medical care.

Understanding the Contracts

Medical financing does have some benefits, but many borrowers end up paying more in interest and late fees because they do not understand their contracts. This can really damage your credit score.

You will need to go through your contract carefully and ensure you understand any promotional terms, what you will be paying once the term has ended and other costs. If you do not understand anything then you need ask.

Getting the Best Deal

If you are considering paying for medical bills with financing then you need to know how you can get the best deal.

The first thing that you will need to do is research. It is not a good idea to go for the first deal you find. Rather spend your time doing research.

There are providers that will not accept medical credit cards and medical credit card issuers will not let you use your line of credit for chronic and acute care, emergency room visits or to finance any existing medical debt.

It might not be a good idea to apply for credit at your doctor’s office as the application process is often rushed.

As with any loans or credit cards, a medical credit card will have interest and fees that you will need to understand. If you do not pay on time then you may incur a late fee that is reported to the credit bureaus, which in turn will affect your credit score.

You could consider using a credit card that you already have especially if it has a low interest rate and you are able to get a higher credit limit. Banks and credit unions may offer better loan terms and credit card offers.

There are some procedures that take more than one doctor visit to complete. You should not allow your doctor to bill your credit card for services they have not yet been provided.

medical bills

What To Do When You Can’t Pay Your Medical Bills

What To Do When You Can’t Pay Your Medical Bills

Medical bills can become expensive and you may find that you are not able to cover them. This leads you to being in debt and collection agencies can even be sent to recover the cost. If this happens it will affect your credit score quite badly.



If you get a medical bill that you are not able to afford then there are a few things that you should do.

Don’t Ignore It

A medical bill should not be ignored. As soon as the bill goes to collections you could lose some of your bargaining power and it can wreck your credit score.

Read the Details

When you receive a medical bill you should look over it carefully. If you need to ask for an itemized bill so you can see where the money is going.

Check the medical bill for any errors, double billing, wrong room rates and any medications that you didn’t receive.

These errors happen and will equal extra money tacked onto your bill.


You are able to negotiate with your medical provider especially when you do not have insurance. Patients that pay from their own pocket will usually have a higher rate then patients with insurance. However, you can ask for lower rates you just need to ask.

Speak to the Billing Department

Medical providers don’t want to have to get collections involved, which means they are willing to work with you. Doctors and hospitals generally have protocol in place so that payment plans can be set up. This allows patients to pay their bills without having to go through collections.

Speak to the billing department and tell them what you are able to afford each month and see how they can work with you.

Negotiate Again

If you are not able to avoid a medical bill going to collections then you should wait and then negotiate with the collections agency. You should tell the agency the amount that you can afford each month.