Medical care is notoriously expensive, even for folks who have top notch health insurance. No one should ever have to forego a necessary procedure just because of lack of funds. However, there’s no fairy godmother handing out cash for medical procedures, which means that people need to get a little creative. Here are 5 tips for funding an expensive and necessary medical procedure.
1. Go Abroad
Forget the horror stories about botched procedures in Mexico. Medical tourism is a very real, safe and affordable thing. One of the top destinations is Costa Rica, which is only a four-hour flight from Atlanta. Many of the doctors are actually westerners who choose to live and practice in paradise. The costs vary, but people can expect to spend about 20-30% less compared to costs in the US. Keep in mind that health insurance isn’t accepted there, so this will all be out of pocket expenses.
2. Care for the Pets
Medical procedures aren’t just for people. Many families lose beloved furry friends because the cost of procedures is just too much. However, a vet wellness plan or pet insurance can help make things affordable. Whenever a family welcomes a new pet, it’s critical to get pet insurance right away. Remember that dogs and cats are susceptible to cancer and other diseases, too.
3. Tap Into Native Status
If someone is a registered member of a tribe, healthcare is completely covered. There are a number of hospitals and medical centers around the country, but they might not be convenient. However, when it comes to a serious and expensive procedure, it’s worth the trouble to travel to another state. All that’s required is a person proves their Native status by having a tribal enrollment card.
4. Go Back to School
Depending on the procedure, it’s possible that there’s a school that needs patients. For example, dental schools are always in need of patients so that students can practice their skills. This is often free, or the only cost is for materials. Skilled dentists are always watching, so there’s very little risk of something going wrong.
5. 401(K) Loans
Sometimes if a procedure is considered cosmetic (even if it’s necessary), health insurance won’t pay up. Some medical offices offer procedure loans, but these often have very high APRs. Instead, look into taking a loan on a 401(K). While this is almost never recommended, it’s not the same thing as “cashing out” a 401(K). Instead, borrowers will pay back the loan with interest.
Don’t give up just because the cost seems unmanageable. There’s always a way to fund a procedure, but it might take a little research and digging.
