When facing a financial medical emergency, it’s good to stay calm and access aid quickly to prevent bills from piling up. Knowing where you can find support for such an urgent need will give you peace of mind and allow you to focus on getting better or supporting your ailing loved one.
According to the Peterson-KFF Health System Tracker, people all across the US have medical debt that adds up to at least $220 billion. That’s such a high number, and it shows that many families are drowning in bills because of accidents and illness.
Getting emergency financial assistance may help you out when you’re facing overwhelming costs.
What Qualifies as a Financial Emergency?
A financial emergency is any situation that comes up without giving you any sort of warning. You could suddenly need to be admitted to the hospital for urgent care, only after going in for a simple check-up. Other financial medical emergencies are:
- Needing urgent surgery
- Ongoing treatments you didn’t plan for
- Costly prescriptions that your insurance won’t cover
- Follow-up care that isn’t optional
Even if you aren’t the one who’s sick, medical expense management can still impact your life in many ways if it affects a dependent. If your parent or child gets sick, you may need to take some time off work to look after them as they heal, or hire someone to do it at a cost.
Your joint income may also be reduced significantly if they lose their job for missing so many days. If such a thing occurs, you may have to help your loved one out with things like paying for their rent or groceries.
Situations like these can leave you looking for any available financial crisis solutions in Tampa.
How Do I Get Emergency Funds?
It may seem hard, but it’s possible to get the money you need during a financial medical emergency because you have many options. Once you know where to look, you won’t be that stressed, and you can even clear all the bills before they affect your credit or lead to collections.
Many hospitals have emergency financial assistance programs to help those in need pay their bills. If you can qualify, you’ll be surprised by how much you can reduce your bill.
No one wants to get into debt, but when you have an emergency, you can go to a community bank in Tampa for short-term loans. They may have a lower interest rate than what your credit card offers, which is a great thing, too.
If you have a car in your name, Florida Title loans are also a good option. They can help you out as you find long-term expense management strategies.
Insurance companies may refuse to pay medical bills the first time you approach them, but you can get them to pay for more if you are strategic. Use these insurance claim tips:
- Appeal to any claim they rejected: An appeal may be all you need to get more coverage
- Review your policy: You can ask a lawyer to help you find loopholes
- Call your provider: Insurance agents may sometimes give you misleading information
Practical Steps for Managing a Financial Medical Emergency
Dealing with a medical emergency is definitely stressful, but a clear strategy will make your situation much easier. Do these things:
- Prioritize care first: Don’t let finances stop you or your loved one from getting necessary care
- Collect every document: You’ll be able to appeal to insurers if you have all the records
- Negotiate with providers: A hospital may accept a lower payment if you ask
- Explore community resources: You can find charities and churches in Tampa to help you out
- Review employer options: Your employer may offer a hardship or short-term disability loan
With these options, healthcare cost recovery won’t be that hard, and you can start regaining your peace of mind. Try out several steps to lower the bills as much as possible.
Frequently Asked Questions
What is the difference between a financial emergency and a non-emergency?
The timing and consequences. You may be stranded with emergencies like:
- Paying rent because you spent all your money in the hospital
- Buying food for a loved one who’s sick
- Buying costly medication
These things are emergencies because if you don’t do them, they may have negative effects. Your loved one’s health may worsen because they didn’t get the drugs they needed to treat an illness.
A non-emergency can wait, even if it may also be important. Your car might be broken, but you can use public transport in the meantime as you save for another one or repairs.
How Can I Claim Financial Hardship for Medical Bills?
Medical bills may become too much, even after trying to borrow money from any source you can think of. You can apply for financial hardship by filling out an application that will provide your hospital with information on important factors. The details may include:
- Your income: You need to show how much money you’re making
- Household size: It helps them tell how many people may be depending on your income
- Essential expenses: Things like taking care of a child can affect your ability to pay medical bills
Don’t be afraid to ask the hospital staff about such programs because they might end up being very helpful.
Can I get a payment plan for medical bills?
Yes. Your hospital may create a payment plan and let you pay your bill in bits instead of a lump sum. You may end up getting months or, in some cases, years to clear your bills.
These plans usually don’t come with any interest, which makes them even better.
Manage Financial Medical Emergencies Better
A financial medical emergency is easier to deal with when you ask for help and get your insurance to cover more costs. If you appeal your case, you may end up with a much lower bill and not have to borrow money.
Medical expenses shouldn’t have to drain you because many hospitals can scrape some of the bills or even let you pay in installments. You’ll prevent damaging your future with a lot of debt just by knowing your options.
Check out our news for more financial guidance.
This article was prepared by an independent contributor and helps us continue to deliver quality news and information.
