Hardship Loans – Fast Help with Medical Bills for Seniors
Retirement should be the golden years you can enjoy after you've worked hard all your life. Unfortunately, it's not always possible as many Americans don't have enough savings to provide a comfortable old age. Many seniors now experience financial hardships of various forms, and often health problems are added to financial difficulties and make the situation even worse. For such cases, hardship loans were designed to help seniors go through financial troubles with ease.
What Is a Hardship Loan?
Financial hardship loans are a form of borrowing that helps people overcome financial crises caused by emergencies or unplanned expenses. Whatever unforeseen happens in your life, you can fix it with the help of hardship loans for poor credit. And yes, your credit history plays no role when it comes to financial emergencies, so hardship loan lenders don't set any minimum credit score requirements. However, your credit score may affect an interest rate on loan, and the amount you can get is based on your income and the loan type you choose. The most common types of hardship loans are payday alternative loans, secured hardship loans, home equity loans, 401 (k) hardship withdrawals, and P2P loans.
Where to Get a Hardship Loan?
If you are caught by surprise by financial emergencies and high medical expenses, you can turn to banks, credit unions, online lending companies, and connecting services to get a hardship loan. Also, you may use a cash advance app or turn to a peer-to-peer lending platform.
Before You Owe – Tips on Paying off Your Medical Bills with Low Income
1. Check Your Billing Statement for Mistakes
Mistakes in billing statements are not rare cases. In this way, you need to ensure your bills don't contain any errors in the amounts or list of services you were provided. Sometimes you may see duplicates or medical codes you're unfamiliar with. In this case, contact your medical provider's billing office to discuss the mistakes you've detected. Also, make sure your billing statement contains only the charges that aren't covered by your insurance policy.
2. Ask About a Discount
Once you're sure the amount you owe is correct, contact your hospital's billing office and discuss whether it is possible to get a discount. If you didn't have health insurance at the time of treatment, you're more likely to be charged a higher rate. Thus, get ready for your billing statement to be significant. However, you can negotiate a lower amount, especially if you pay off your bills in one lump sum. Medical providers are also willing to offer discounts if you promise to cover the whole medical debt within a month or two.
3. Set up a Payment Plan
If you can't repay your medical bills all at once or your medical provider can't give you a discount, consider requesting a payment plan. In this way, you will receive a convenient payment schedule with your whole medical debt that is equally divided by the number of months of your payment plan terms. Many medical providers offer interest-free payment plans, so you can even do without overpayments.
You can typically choose a payment plan that will work for you, with affordable monthly payments and flexible terms. Feel free to request more financial information and ask your medical provider to calculate a monthly payment. Also, consider making a down payment between 10 and 30 percent on the bill. In this way, medical providers can offer you a flat-rate discount.
4. Consider Donation
Even if you can't reduce the amount of your medical bill and don't get a payment plan, you can use alternative ways of financing to find extra money to cover it. Use crowdfunding platforms to create a page and describe what happened, and share it with friends and family. You can find many people who are ready to help with small donations. In its turn, all these donations can turn into a significant amount that will be sufficient to cover your medical debt. Also, you can look for charity organizations or foundations that can help you with paying off your medical bills.