It is natural to be anxious and worried about your dear ones when they are in an emergency medical needs. At this point of time, you will not only have to take care of the patient but also of your finances.
This is the most crucial thing that you have to worry about because money is the only thing that will decide your limits. Take a look through the following guide that can surely help you during medical emergencies.
· Know the situation- ask questions to yourself like how much do you owe in the present situation?, whom do you owe it?, when are you liable to pay it?, is the hospital giving you any credit plan?
· Are you able to pay the normal bills?- if you are unable to pay the visit bills, or credit card bills then directly contact the business to come up with an agreement. Try to negotiate and talk about the payment crisis.
· Are you in debt position?-if you are in deep debt then trying to pay it off over time. Calculate the exact amount to be paid per month and then decide your hospital expenses.
· Debt collections- if some people are liable to pay you then this is the time to get in touch with them. Contact them through the mail.
· Illness- when your family member falls sick and needs emergency medical attention then you will definitely have to burn your pocket. At this time it is important to communicate with your insurance company and the hospital’s billing office. Also remember that even if the insurance company supplies you money, still you are the ultimate person who will pay the bill. This shows that an overdue bill may be sent in your name and could heavily damage your credit structure.
· Credit cards- this is the cheapest way to borrow money when you are in crisis. For dealing with short term problems, it is the best way to solve the crisis. Also make sure that at least 35 percent of your credit balance is maintained.
· Savings- savings at the time of emergency may not sound good, but it may be a smart move. You don’t have to pay interest when you borrow money from your savings account. Try and save some dollars for the future events.
· Payday lender- when you find all the roads blocked to borrow money, payday lender can be your only option. You can borrow up to 1000 dollars. Generally 8-25% of the amount you borrow is charged as a fee by the payday lenders.
· Take personal loans- you can borrow up to 15000 dollars as a personal loan. Borrow such humongous amount only if you have a stable income. These loans usually have 1 to 4 year term to pay off the loan.
· Equity loans-if you are the owner of your home and have some equities in your property, then you can easily cash out some equity. You can refinance these equities. But remember, the equity is of your home. If you fail to pay off the loan, then you are at the risk to lose your home.