Getting quality health care in the country can be expensive, even if you have good health insurance. If you have significant medical needs, which may include ambulance rides, multi-day hospital stays, surgeries, and medications, the costs can add up quickly. Many health insurance plans have limits on what they will cover. They also have caps, or deductibles, on the amount of money individuals must pay for their care, but the cap may still be higher than what an individual can afford up front. If an individual is unable to pay their medical bills within the indicated time frame, they may opt for various types of healthcare financing. They may be unable to pay because they have a high deductible, or they needed medical care outside of what their insurance plan offered. 

Healthcare financing is how individuals’ medical bills get paid. They may get paid through private insurance, government insurance programs like Medicare and Medicaid, or by individuals themselves. If you have private insurance, you may receive it through your employer or the employer of someone in your family. Private insurance often covers medical bills after you spend a certain amount of money, or will cover partial amounts of the bill. If you are unable to cover your portion of a medical bill with private insurance, there are other financing options available.

If you use government-run programs, like Medicare, there are limits on what it will cover as well. You may be responsible for certain care if you choose it or need it. Even if you have insurance in some way, you still may find yourself owing money to cover medical bills. 

If you do find yourself in a position that you have medical charges that you are responsible for, you can opt for healthcare financing if you are unable to pay for the expenses at the time that you receive the care. Individuals may turn to healthcare financing, which means they pay back the money they owe in incremental amounts over time. The money that is owed each month or week can be flexible, as well as the length of time it will take to repay the bill.

Many healthcare financing options do not charge interest, unlike car loans or mortgages. This means that if your bill is for $5,000 and you pay it back over the course of two years, you will only pay $5,000 versus paying that much plus interest owed on the loan.