How to Finance Medical Bills

Medical bills can rack up if you have recently had a hospital stay or medical procedure, and you may not have the ability to pay them off right away. If so, you probably will want to look into financing options to pay off the balance over a set period of time. Before you look into financing options, attempt to get the bills lowered. Contact your insurance company and health-care provider to inquire about price reductions.

Instructions

1

Work out a payment plan with the billing departments of your health-care providers. Hospitals and some medical offices will often let you finance medical bills directly through them. Their interest rates may be lower than your other options.

2

Take out a personal loan to pay off your medical bills. Banks and other lending institutions can offer personal loans as a way to finance your medical bills. The lender will consolidate the bills and allow you to make one monthly payment. Check the personal loan rates of multiple lenders before you apply. Ideally, you will want to lock into a low fixed rate instead of a variable rate.

3

Consider a home equity loan. Home equity loans typically have lower rates than personal loans because you are putting up your house against the loan. The monies from the loan can be distributed in any manner you choose, including paying off medical bills.

4

Charge the bills to your credit card. Most hospitals and doctors' offices accept credit card payments. You will then be responsible to pay off the balance to the credit card company. However, these rates may be the highest out of all of your options, and this course of action should probably only be considered if you can't finance the medical bills another way.