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Nearly 1 in 5 credit reports contain a medical bill in collectionsNearly 1 in 5 credit reports contain a medical bill in collections View in Article. Unpaid health care bills lower credit score, thus making it difficult to avail further medical loans.
There are myriad of nonconventional ways to fund surgery with a bad credit score.
Informal Loans from Friends and Relatives
Family and friends are the first people we go to when we are in need. An individual can ask their near and dear ones for financial help during a medical emergency. Usually, a loan taken from friends and relatives bears no interest. The borrowed amount can be returned at a convenient time. It is a hassle-free way of financing weight loss surgery.
Refinancing involves the replacement of an old loan with a new one. It is a method of paying out an old loan by taking a fresh credit. The fresh credit is used in a way that all existing loans are foreclosed. The liability that remains is of the new loan only.
Refinancing can be opted for reasons like a high rate of interest on the old loan, not being able to avail new credit facilities, etc. See more on refinancing bariatric surgery here.
Medicaid is a joint program of the federal and state governments of the United States. It aids the payment of health care costs of the individuals and families with limited income and resources.
Check if you qualify for Medicaid. Click here!
Crowdfunding is one of the most ingenious ways to collect money. People fund passion projects through crowdfunding platforms on the internet. Through crowdfunding for surgery, people can document their progress and convey their story to the community. Some popular crowdfunding platforms are:
Money Pooling involves the contribution of a certain pre-decided amount towards a common fund. People contributing to this fund are the members of the pool.
The members make a specific contribution at predetermined intervals for a particular duration. Each member takes the collected lump sum amount in turns.
eMoneyPool is a great website that helps you create your pool with family and friends.
Medical/ Dental Tourism
Going abroad to a medical tourism destination for medical treatments has become very popular as it is incredibly cost-effective. Several countries have come up as attractive medical tourism hubs due to excellent medical facilities and low prices.
By 2020, over 650,000 medical tourists will travel to Mexico, from the U.S.2
Bariatric surgery in Mexico has become quite popular in recent years. Mexico’s proximity to the United States and Canada attracts thousands of patients from these countries for treatment.
Save for Surgery
Loan rejection can be upsetting and saving up with an expensive modern lifestyle is tough. Hence, we at Medical Tourism Corporation(MTC), have come up with an alternative to aid you in getting your desired medical treatment.
Savings is another self-financing method for getting the surgery done. An individual in need of surgery can plan out his/her expenditures in a manner that a specific part of the income is kept aside as savings every month. Henceforth, the accumulated income can be used for getting the treatment. This method involves financial planning and budgeting so that one can collect a reasonable amount for the surgery.
It saves the patient of additional costs such as interest and the hassle of repayments.
Our monthly savings scheme aims at aiding you with collecting the amount required for your desired medical procedure. The best part – we do not have any charges for this service. Read on to find out about MTC’s saving’s scheme.