Medical Bills

Medical Bills

Having medical bills is stressful, and even when you have insurance, your policy doesn’t always cover everything on the final bill. Also, if a medical procedure needs to be scheduled for you or one of your family members, but you’re unsure of how you’ll cover the costs, that can also bring about quite a bit of stress.

Some people are forced to opt-out of even an emergency surgery based on the belief that it will be financially impossible to cover the expenses because of your current financial situation. A survey conducted by the Kaiser Family Foundation1 found that many of those with medical bill problems reported delaying or skipping health care over the past 12 months because of the cost. 

If you’ve been in this situation, you’re not alone. According to a Consumer Reports survey2, over 40% of respondents said they put off necessary procedures, because they feared they couldn’t cover the costs. This type of fear and stress not only affects your financial health, but it can also affect your physical and mental health as well.

It’s not just emergency medical situations that bring about high levels of stress and worry. Choosing to have an elective procedure, be it laser eye surgery so you can ditch those glasses, a tummy tuck to feel more confident, or dental work for a more self-assured smile and wondering how to cover the costs can also be distressing.

Whether it’s emergency surgery or an elective procedure, any time there’s a health issue alongside a financial burden, it could lead to a more nerve-racking time than it needs to be. Having the money to cover these expenses could relieve more stress than you realize, and it might mean the difference between a road ahead full of worry and stress or using that same energy to focus on getting well.

In a situation like this, explore if a personal loan can help you cover these expenses. One advantage to this option is the quick access to funds, which may be one of the most important factors. It could be a less costly option than spreading the fees among several different high-interest credit cards.

In addition, the loan can be used for a variety of other expenses that may be related to the procedure, such as travel, hotel, or home-care costs and with a budget-friendly fixed monthly payment, a loan could be a better option than draining your savings or believing there’s no other choice.

At LendingPoint, we believe everyone deserves to experience the power of possibilities and having good health. Ready to see your options? Click here.

1 https://www.kff.org/wp-content/uploads/2016/01/8806-the-burden-of-medical-debt-results-from-the-kaiser-family-foundation-new-york-times-medical-bills-survey.pdf

2 https://www.consumerreports.org/medical-billing/could-your-medical-bills-make-you-sick/

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USA PATRIOT Act Notice: Important Information About Procedures for Opening a New Account

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.

* Applications submitted on this website may be funded by one of several lenders, including: FinWise Bank, a Utah-chartered bank, Member FDIC; Coastal Community Bank, Member FDIC; and LendingPoint, a licensed lender in certain states. Loan approval is not guaranteed. Actual loan offers and loan amounts, terms, and annual percentage rates ("APR") may vary based upon LendingPoint's proprietary scoring and underwriting system's review of your credit, financial condition, other factors, and supporting documents or information you provide. Origination or other fees up to 10% may apply depending upon your state of residence. Upon final underwriting approval to fund a loan, said funds are often sent via ACH the next non-holiday business day. Loans are offered from $1,000 to $36,500, at rates ranging from 7.99% to 35.99% APR, with terms from 24 to 72 months. Minimum loan amounts apply in Georgia, $3,500; Colorado, $3,001; and Hawaii, $2,000. For a well-qualified customer, a requested loan of $10,000 serviced by LendingPoint over a period of 48 months that has an APR of 26.59% with an origination fee of 10% may have a payment of $340.52 per month. (Actual terms and rate depend on credit history, income, and other factors.) The total amount due under the loan terms provided is $16,345.12 and the disbursal amount is $10,000. In the example provided, the total financed amount is increased to receive the full requested loan amount after the origination fee is deducted. The total amount due is the total amount of the loan you will have paid after you have made all payments as scheduled.

* Applications submitted may be funded by one of several lenders including First Electronics Bank, a Utah-chartered bank, Member FDIC; Coastal Community Bank, Member FDIC; and LendingPoint, a licensed lender in certain states. Loan approval is not guaranteed. Minimum loan amounts apply in Georgia, $3,500; Colorado, $3,001; and Hawaii, $1,500. Upon final underwriting approval to fund a loan, said funds are often available the next non-holiday business day. Actual loan offers and loan amounts, terms and annual percentage rates (“APR”) may vary. Loans are offered from $500 to $10,000 (loan amount maximum based on MCC codes), at rates ranging from 7.99% to 35.99% APR, with terms from 24 to 48 months. For example, for a well-qualified customer, a $5,000 purchase will have a 90-day promotional period with no interest, a 3% fee, and $100 monthly payments. After the promotional period, a remaining balance will be a 24-month term loan, and $263.72 monthly payments with an overall APR of 26.54%.

**Minimum initial transaction of $1,000 in Alabama, Idaho and Iowa.

1. Alimony, child support, or separate maintenance income need not to be revealed if you do not wish to have it considered as a basis for repaying this obligation.

2. The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided the applicant has the capacity to enter into a binding contract); because all or part of the applicant’s income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The federal agency that administers compliance with this law concerning FinWise Bank is the FDIC Consumer Response Center, 1100 Walnut Street, Box #11, Kansas City, MO 64106. The federal agency that administers compliance with this law concerning Coastal Community Bank is the Federal Reserve Consumer Help Center, P.O. Box 1200, Minneapolis, MN 55480. The federal agency that administers compliance with this law for LendingPoint is the Federal Trade Commission, Equal Credit Opportunity, Washington, DC 20580.

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