How Can Individuals and Families Pay for Expensive Surgery?
How Can Individuals and Families Pay for Expensive Surgery?צילום: Depositphotos

Unfortunately, medical debt is one of the most common causes of bankruptcy in the United States. Therefore, lots of people who have been told that they require surgery are wondering how they are ever going to cover the cost. Even though it is good news that a lot of people have insurance that can cover a lot of these expenses, the deductibles, co-pays, and coinsurance alone can cause people a significant amount of financial stress. How can individuals pay for expensive surgical procedures?

Ask for Financial Assistance

The first step is to ask for financial assistance from the hospital. Hospital systems, surgical groups, and large universities understand that everyone comes from different financial backgrounds. Not everyone has good health insurance, and not everyone has the funding to pay for surgical procedures out-of-pocket. By simply explaining the difficult financial situation to the hospital, it may be possible for individuals and families to receive a discount on their surgical procedures. It is still important for everyone to make sure they are not going to sacrifice the quality of the procedure if they ask for financial assistance. Sometimes, asking for help is all that it takes.

Consider a Home Equity Loan

Next, families who own their homes might be able to take out a home equity line of credit. A home equity loan is a great way for people to access the wealth they have already built up in their homes. Families are under no obligation to pay back home equity line of credit immediately.

Even though it is important to talk to the bank to discuss the specifics, families may only have to pay the loan back before they sell the home. Typically, the only payment that is due every month is the interest on the home equity line of credit, which is usually tied to the market. Think about using a home equity line of credit to pay for surgery.

Explore Other Sources of Financial Assistance

Finally, there are other sources of financial assistance as well. For example, there are some groups, such as Baker Street Funding, which could be willing to provide injured people an advance on other sources of income so that individuals do not have to put off an important surgical procedure they need.

Or, there are also opportunities for medical crowdfunding, such as CoFund Health, where individuals and families source small amounts of money from large numbers of donors to pay for surgery. Finally, there are some banks and credit unions that even provide medical loans to people who need them.

There Is a Way To Pay for Surgery

Healthcare is a right, and nobody should ever have to choose between a surgical procedure they require and paying their bills. That is why it is critical for everyone to think carefully about every option they have at their disposal if they require surgery. By simply reaching out and asking for help, it is possible for individuals and families to pay for surgical procedures they require.