Healthcare Finance Options

If you need healthcare financing, it’s probably because you already owe for some emergency. You cannot finance your insurance; premiums must be paid on time and in full to receive coverage. Often the insurance does not even kick in until after the deductibles have been paid so make sure you have a savings buffer to cover them. But again, if you’re having to finance healthcare, it’s too late.

Your first step should be to contact your local department of health and social services to determine if you qualify for help. If you are hospitalized, many hospitals have a social worker. If you are hospitalized, do you have an advocate—a friend or family member who can run interference for you? Often a hospital patient is not in a position to ask questions or make decisions.

So, assuming you’re talking about financing healthcare that has already taken place: you have to look at it as any other debt. Try to talk to the creditor about working with you, rather than sending the bill to a collection agency. It’s to the advantage of the creditor to work out payments you can manage. If they do hand you off to a collection agency, the original creditor collects only a percentage of what you do repay. Unfortunately, some creditors won’t work with the debtor directly, but it’s worth a try.

There is the very real possibility that if you’re having trouble paying healthcare bills, there are other debts you’re behind on as well. To try to stave off a domino effect in your finances, you may need to talk to a credit counselor. Be very, very careful about any credit counseling group. The skinny is that about half of them do not have your best interests at heart. It might be better to find a self-help group through a church or social service agency. Sometimes just knowing you’re not alone in your predicament can help keep your chin up.

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