What to Know About Getting a Medical Loan in New Mexico

If you are a New Mexico resident who is facing the financial burden of medical bills, you are not alone. Health insurance may cover some of the expenses, but many Americans don’t have health insurance, and even those who do often have high deductibles that are nearly impossible to pay up front. When you have experienced a sudden illness or an injury due to an accident, times are stressful enough without having to worry about expensive medical costs. Patients in New Mexico can take out personal medical loans to cover unexpected costs and keep up with payments.

How Much Do Medical Visits Cost?

Health insurance helps to cover the cost of medical expenses including doctor’s visits and pharmacy bills. Even when you have coverage though, most plans still require you to pay deductibles or copays out of pocket. These costs can range anywhere from tens to hundreds of dollars depending on the type of visit and your coverage benefits.

According to Healthcare Bluebook, the out-of-pocket cost for a 10-minute visit with a physician in Albuquerque can cost around $105. A sample of other estimated costs for common visits are below:

  • Office Visit, Established Patient (~10 min) $84 – $263
  • Office Visit, Established Patient (~40 min) $272 – $848
  • Urgent Care $178 – $555
  • Flu Treatment $99 – $174
  • Treatment of Sinus Infection $59 – $174

When multiple visits are needed to take care of your or your family’s health, it’s easy to see how these costs can quickly add up.

Options for Paying Medical Bills

If you are living in New Mexico and need to find a way to cover unexpected medical costs, there are a few different things to consider. Some patients choose to apply medical costs to a credit card. Unfortunately, credit cards usually have high interest rates. If a patient qualifies for a 0% interest credit card and can manage the payments in full by the end of the 0% introductory period, this can be a viable option. However, this is not normally the case.

Sometimes, financing through a health care provider is an option. Unfortunately, not all health care providers offer this choice to their patients.

Cover Your Medical Debt with a Personal Loan

When medical expenses become overwhelming, and you are worried about your financial future, it is a good idea to talk with a financial advisor about a personal medical loan. Instead of having to pay a large sum of money all at one time, a personal medical loan allows you to pay it off in installments that are much more manageable. Personal loans are unsecured, which means that the lender doesn’t require collateral assets to approve the loan. This removes some stress off patients while they are recovering. Lenders look at an individual’s credit rating and debt-to-income ratio to determine the details of the loan.

At Western Shamrock, Customers Are Our Priority

Western Shamrock is a leading financial institution that has earned the trust of New Mexico residents over the course of more than 50 years. Our skilled professionals can help you weigh your options when you owe medical debt and help you to choose the right path. We understand that this is a stressful time, but we are here to help. Other lenders are only concerned with your credit score, but the professionals at Western Shamrock truly care about your personal needs. Over the years, we have worked hard at building lasting relationships with our valued customers. Take a few minutes to fill out an application, and we’ll get started on your loan approval.