Any type of health issue, medical emergency, surgery or hospital stay can be stressful enough. Compounding those stress levels can be the financial strain. Procedures, medications, hospital visits and ambulance cover are not always government or health insurance-funded and sometimes the financial burden falls entirely on the individual or their family members.
At first it might seem hard to find instant cash for medical bills, but there are ways to find the money you need and in this post, we’ll be looking at ways to reduce your financial stress and focus on your recovery.
Can Someone You Know Lend You the Money You Need?
If you have a medical emergency or find yourself in hospital for something unexpected, but don’t have the money to cover your medical expenses, do you know someone who could front you the money?
It could be a family member, a friend, or even a work colleague. So long as you can give them an idea of when you’ll be able to repay the favour, there’s a chance someone will be able to lend you the money you need to cover expenses to ease the burden.
If you can’t repay them in one lump sum, they may let you pay them back in smaller instalments over an agreed time.
Get An Instant Loan For a Medical Procedure Or Emergency
Medical Loans are another option to get you out of a tight spot when faced with a hospital stay or medical emergency. If you’re looking for an instant loan, then health loans or fast cash loans from a private lender are an excellent option.
You could apply for a loan through a bank or building society, but private lenders process loan applications much faster, often on the same day you apply. When you need the money fast, private lenders can be a great choice.
You can do the entire application online, so it’s a very convenient way to apply for and access the money you need when you end up in the hospital.
Saving For Emergencies Is Always a Wise Plan
One of the best ways to ensure you have the money you require for the unexpected is to have a savings plan. Ideally, every household should have an emergency fund, whether it’s for medical emergencies, an unexpected bill, the car breaks down and so on.
The money could be accumulated in a bank account, online saver account, or even stored as cash somewhere safely in the home. The downside to keeping cash in the house is you might get tempted to dip into the money and spend some on something that’s not an emergency.
Get a Cash Advance On Your Credit Card
If you have a credit card with an available balance, you could use it to cover some of the costs of your hospital stay, either by using credit directly or withdrawing a cash advance.
Credit cards are not the best option in the world as they attract high-interest rates – particularly for cash advances – as well as fees, but using your plastic is a viable option to get you out of trouble when you have to cover medical expenses on-the-spot.
You can always work on repaying the debt once you’ve recovered so you don’t pay too much in interest, and you’ll have time to pay it back, so there’s not any added time pressure that will affect your recovery.
Would Your Employer Front You the Money?
If you have a regular job but find yourself in hospital without the means to pay the bills, would your employer give you an advance on your wages to cover the expenses?
You might be able to work it out with your boss that they’ll deduct a certain amount from your salary each week until you’ve repaid the amount you borrowed.
Not all employers would be agreeable to this, of course, but it is an option to consider if you find yourself really stuck.
A few ideas have been covered here to help you get out of a financial tight spot if you suddenly find yourself in hospital. There are always ways to come up with emergency funds when you need it.