When it comes to finding affordable personal health insurance plans, there are different options and variations of individual health insurance or short-term health insurance programs that can bring an opportunity for individuals to find not only the help they need meeting medical costs, but they can do so at an affordable rate. While there are some consumers who have turned to low premium health insurance options, which will allow them to make smaller monthly payments, but will require a higher deductible be paid, there are also options that consumers have that may require a more expensive monthly payment but will only require a lower deductible be met.
Understandably, consumers who are just looking for a safety net and an affordable health insurance plan that will provide them with this option can benefit from paying minimum monthly payments that are quite affordable, yet knowing that if a major medical emergency arises they will have to meet a set deductible before their insurance kicks in. This has obviously been helpful for individuals who rarely visit the doctor, but individual health insurance plans for those who may make more frequent doctor visits have also offered these lower deductibles but at a more expensive monthly payment.
However, there are some alternative methods that consumers are using to pay these medical costs, and some hospitals are offering assistance through loans that can be used for patients to meet these medical costs or treatments. According to an article on SmartMoney.com, “A growing number of hospitals and doctors have turned into loan brokers, matching strapped patients with lenders so that they can pay their bills.”
Obviously, this practice has drawn mixed reviews by some as, patients who may need a little financial assistance to pay their bills can do so through these loans, but many believe that this practice could end up costing a patient more and may keep some from turning to alternative, affordable personal health insurance plans that could be beneficial for their situation. While some loans may offer a low introductory interest rate or affordable payments, there are concerns that these forms of financing may act like traditional personal loans and could come with hidden fees, sudden interest rate increases, or longer repayment time frames that could lead to overall higher costs.
Essentially, patients may be able to work out a repayment plan with a hospital or medical provider, or again, could find affordability through short-term health insurance plans or individual health insurance plans that can be tailored for their specific medical needs. Obviously, the costs associated with health insurance can be quite difficult to meet for anyone who is uninsured, but when it comes to turning to loans that may be offered to pay medical care costs, advisers warn that caution needs to be taken and, for many, exploring other health insurance options in an individual’s state could be more cost-efficient in the long run.