Getting the medical care you need in the U.S. can be very expensive. Even if you have health insurance, your insurance provider may not cover many procedures that are considered to be “elective.” And if you don’t have insurance, even a single medical procedure could cost you thousands of dollars out-of-pocket.
Medical financing can help you get the procedure or treatment you need right away, without waiting until you can raise the money yourself. Keep reading to learn more.
The Basics of Healthcare Financing
Healthcare financing is a loan. In most cases, you’ll apply for a medical loan through a lender company. The lender company will assess your credit score, financial history and current financial situation to approve you to receive a sum of money that can be used to pay for medical treatments, procedures and prescriptions. After you’re approved, you’ll be responsible for repaying the loan per the loan term and interest rate you’ve worked out with the lender company. Medical financing is repaid with a fixed monthly payment until the loan is paid off. The average cost of a monthly payment could be anywhere from less than a hundred dollars to several hundred dollars, depending on the terms you work out.
The interest rate you’re offered will depend on your credit score and finances. Typically, a better credit score means that you’ll be offered a better interest rate. Many lender companies offer flexible loan terms so that you can repay the loan at your own pace. You can pay off your plan within two to three years, or even longer. An extended loan term means you’ll owe less on your monthly payment, but you’ll be paying down the loan amount with interest for a longer period. A shorter loan team means your monthly payment will be higher, but you’ll finish repaying the total amount faster. Your lender company will be willing to work with you to find a plan that fits your needs.
Is Financing a Good Option?
A financing option can be a very affordable way to pay for medical care. Most medical loans have fixed interest rates, which means you’ll have peace of mind knowing you owe the same amount of money every month. If you put an expensive procedure on a credit card, your interest rate could increase over the years, putting you even further in credit card debt. Additionally, medical financing can come through very quickly, sometimes within minutes or one to two business days. With funds available for use almost instantly, you’ll be able to schedule the treatment or procedure you need right away and pay the full cost up front.
Finally, the procedures or treatments your insurance company considers to be “elective” may be a necessity for you. For example, many treatments and procedures for chronic pain are deemed elective by insurance providers. But if you’re living with daily pain that’s decreasing your quality of life, you shouldn’t have to wait to feel better.
Radiant Pain Relief Centres Has Financing Options
At Radiant Pain Relief Centres, we exclusively administer scrambler therapy to provide long-lasting pain relief for people with chronic pain conditions. Scrambler therapy is a non-drug, non-surgical and safe treatment option that’s helped hundreds of patients regain their previous quality of life. At this time, scrambler therapy isn’t covered by most insurances. But we want to make sure every patient who wants scrambler therapy has the option to receive treatment.
That’s why we partner with Advance Care for fast and affordable medical financing. When you apply for financing with Advance Care, you’ll be approved instantly or within 24-48 hours. You can schedule your treatment session immediately.
Additionally, Advance Care financing provides the following benefits:
- Up to 14 months of interest-free financing with FICO scores as low as 635 depending on overall credit profile
- Competitive interest rates after interest-free period ends for remaining balance
- Monthly payments as low as 2% of remaining balance
- No prepayment penalties
- Option to have a co-applicant to receive approval for best financing terms
At Radiant Pain Relief Centres, our goal is to make scrambler therapy accessible and affordable for everyone with chronic pain. We offer a free evaluation and free scrambler therapy session so that you can make an informed decision on whether or not this treatment is right for you before you invest.