If you have exhausted all appeals, and now want to consider financing the procedure or service on your own, there may be options available. Some hospitals offer “in-house financing” programs and some hospitals contract “external financing” companies to assist patients in paying for their medical care. Ask your doctor about the financing programs available at your hospital. Contact the hospital to learn more about the different options available to you and research what makes most financial sense for you.
In-house financing programs are offered by some hospitals for their patients to use. In many cases, this plan takes place as a result of a patient not having enough money to pay all at once. The patient will make a monthly payment to the hospital and over a period of time will pay down the balance. Some hospitals offer this program without charging interest.
If the hospital does not offer in-house financing, some hospitals outsource this and contract with finance companies to assist patients in paying for medical procedures on their own. These finance companies allow you to apply for credit to finance your medical care. You most likely will apply to the program through the hospital. Typically, this requires a credit check or income verification.
If you are approved, you begin making payments to the finance company (NOT the hospital) based on the terms established by the finance company. You no longer owe money to the hospital or doctor, rather your obligation is to the finance company. These medical finance companies typically carry interest rates and a specified length of time to pay off the loan. It is worth shopping around to see what plan makes most financial sense for you.