Medical Loans

Medical loans are debts to meet one need regarding obligations to hospitals and other medical institution for medical services obtained in the past. Why medical loans? Why should the individual consider borrowing money for meeting these obligations?

Why Medical Loans

  • Medical Expenses cannot always be Planned in Advance

It is not possible to schedule a hysterectomy or a limb fracture in advance. Such emergencies can crop up without any advance warning. From accidents to internal medical complications, medical loans may be needed to pay for immediate treatment at a very short notice.

  • Medical Expenses cannot be Budgeted in Advance.

One may be in a position to anticipate certain problems in advance. However, it is not possible to anticipate the cost of treatment in advance. A shift to a bigger hospital may increase the bill to go beyond budget. Having the option of medical loans will be a good safety option.

  • Medical Expenses cannot be Deferred

This is the primary reason why people opt for medical loans. It is just not possible to defer medical expenses beyond a certain date. One cannot wait for bonus or business debt collection before going in for the medical procedure. Hence, the option of liquidating investments or earning more income before undergoing treatment is not available.

  • Other Loan options may be too Expensive

Relying on credit cards or other such short term debt options is not a wise option. Medical problems often affect productivity of the breadwinner of the family. In such a scenario, credit card balance may rise beyond safe limits and the individual may be pushed to bankruptcy. A medical loan will have simpler repayment terms and the schedule of repayment of medical loans can be determined accordingly.

Sources of Medical Loans

One can opt for medical loans from

  • Independent Third Party Lenders

Such entities specialize in providing loans that will be used for payment of medical bills. One can use the internet to search for such lenders and secure the best deal for the highest amount at the lowest possible rate. However, such loans may involve additional procedures between the lender and the medical institution.  

  • Medical Institutions

Most big hospitals have their own medical loans department where patients can negotiate and secure credit terms for the repayment of their debt. The amount payable is converted into a loan and the hospital earns interest on the same after offering installment payment options.