How to Cover Unexpected Medical Expenses in Texas

Medical bills can put Texans in difficult financial positions when they expect it the least. The average cost of personal health spending per capita in Texas is $5,924. Even when you have health insurance, sudden illnesses and unexpected injuries can rack up thousands of dollars in medical costs that insurance doesn’t cover. The stress it adds to your life when you are trying to focus on recovery compounds the hardship. The best way to ease your mind and manage these unfortunate expenses is to take out an unsecured medical loan.

Are Medical Costs Really That High?

It is no secret that healthcare costs can be daunting. Many Americans have no health insurance coverage at all, and those who do often have limited coverage and high deductibles. Simple doctor visits can sometimes be too much for people to afford, and hospital stays can raise costs even that much more.

The out-of-pocket costs for care vary depending on the type of visit and treatment required. Healthcare Bluebook is an online tool that helps users estimate their costs, and patients in Ennis, Texas can expect these prices for common visits:

  • Office Visit, Established Patient (~10 min) $72 – $223
  • Office Visit, Established Patient (~40 min) $228 – 710
  • Urgent Care $147 – $458
  • Flu Treatment $99 – $146
  • Treatment of Sinus Infection $59 – $146

If your health needs don’t line up with your budget, you can’t always afford to put off getting care. Personal loans can help to cover expenses so you can get healthy now and pay off your medical bills over time.

Ways to Cover Medical Expenses

If you live in Texas and need to come up with funds to cover the high cost of medical treatment, there are a few options to consider. Health care providers sometimes agree to negotiate a payment plan for medical costs, but this is not a guarantee for all procedures and providers.

Some patients opt to use a credit card, or even open new cards to cover the medical debt. This can be a short-term solution, but often results in further financial burden, as high-interest rates make paying the cards off nearly impossible. At times, a patient can qualify for a 0% interest rate card for a specified period. If the patient can manage to pay the charges on the card off before the end of the 0% interest period, this can be a viable solution, but it is different in every situation.

When these options don’t work out, or the cost of the line of credit outweighs the benefits, it is often best to consider taking out a medical loan.

Personal Medical Loans Make Paying Off Medical Debt Easier

One of the best methods of managing medical expenses is to take out a personal medical loan from a qualified lender. If your out-of-pocket costs are more than you can afford, a medical loan gives you the means to break down expenses into more manageable, regular payments. A personal, or unsecured, loan is one that doesn’t require any assets as collateral. The lender evaluates the loan application, based on the applicant’s credit score, income, and current debt. If the loan is approved, it is given as a lump sum for a set amount, which is then paid back in monthly payments at a fixed interest rate.

Western Shamrock Can Help

The trusted advisors at Western Shamrock have been helping our Texas neighbors for over 50 years with their financial needs. When your unexpected medical bills begin to seem overwhelming, we are here to help you determine which solution is best for you. Reach out to us any time you have questions, and we will set your mind at ease. We have become a leading company in the financial industry by treating our customers as more than just numbers. Our dedication to our clients’ best interests is what has enabled us to build strong relationships and a reputation that speaks for itself. If you are ready to get a start on your personal loan approval, fill out our application today.

 

Sources:

https://jamanetwork.com/journals/jamaoncology/fullarticle/2648318
https://www.ahajournals.org/doi/full/10.1161/CIRCULATIONAHA.117.030128
https://www.beckershospitalreview.com/lists/100-things-to-know-about-healthcare-in-texas