Finding out that you need surgery is always a stressful moment. The stress can be heightened if you discover that your insurance deductible is too high for you to afford. This type of financial constraint can feel designed to prevent you from getting the medical treatment you need. Fortunately, you have some options if you can’t afford surgery due to your high deductible. Let’s go over your options here, so you can get your medical treatment scheduled as quickly as possible.
Consider a Health Savings Account (HSA)
HSAs are specialized plans designed to help individuals with high deductible health plans (HDHPs). They let you put tax-free income aside to cover medical expenses. You can generally sign up for these plans through:
- Your Employer
- A Local Bank
- Online Sites
There’s no enrollment window for HSAs, so you can join them anytime. However, you do have to put some funds in before you can withdraw money, so they may not be useful if you need surgery quickly.
Discuss Payment Options with the Hospital
Many hospitals are aware of the strain healthcare costs can place on their patients. If you call and speak with the billing department, you may be able to negotiate a payment plan. In some cases, you can have payments for the deductible spread out over a lengthy period of time. Some hospitals will even offer you 0% interest if you show that you want to pay off the expense.
Note that if you don’t have insurance you may be able to have the hospital billing department lower your overall costs. However, hospitals are generally not allowed to lower payments for deductibles, as these are part of your insurance plan.
Draw Money Out of Your Retirement Account
Do you have a retirement account with your employer? If so, you may be able to make an early withdrawal to pay for your high deductible. You may even be able to withdraw funds without penalty tax if:
- The Deductible is for a Qualified Medical Expense
- The Expense Represents More than 10% of Your Income
You may also be able to take out a loan against your 401k plan without taking a tax penalty. Additionally, some Roth IRAs allow for the withdrawal of funds for medical expenses without a tax penalty.
Take Out a Loan to Cover the Deductible
Many of the other options we’ve mentioned will take time to implement. If you can’t wait for your surgery – or if the other choices aren’t for you-you may consider taking out a loan. A loan can allow you to pay off the deductible over a lengthy period of time, instead of all at once.
You may be able to get the funds you need quickly with a:
- Bank Loan
- Credit Union Loan
- Online Car Title Loan
Fast online loans can help you cover unexpected expenses that you need to handle.
You Have Options to Handle High Insurance Deductibles
It’s important that you get the medical care you need quickly, especially if you require surgery. A high insurance deductible can raise questions about how you can afford the surgery. You can take steps to get the medical treatment you require by considering an HSA, a payment plan, a loan, or a retirement fund withdrawal today.