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Medical Procedure Loans

Hospital stays can be extremely expensive, especially when surgery is involved. If the surgery is for treatment of an illness or accident, the costs are often covered by insurance. But procedures such as a bariatric surgery or plastic surgery are rarely covered by insurance. Patients often turn to medical procedure loans to cover their costs.  Banks, credit unions and responsible lenders like LoanNow are among the possible sources for medical surgery loans.

medical-procedure-loansSurgery and Insurance

Medical insurance companies almost always limit their coverage to what are labeled “medically necessary” procedures. For instance, surgery to correct a heart valve defect would be covered by nearly all insurance polices without question. On the other hand, a rhinoplasty procedure would likely only be approved for insurance coverage if the surgery was performed to correct a deviated septum or for some other similar reason.

FSAs and HSAs

Flexible Spending Accounts and Health Savings Accounts are designed to provide a means to deal with medically related costs that are not covered by insurance. Among the more common uses of FSAs and HSAs are deductibles and co-payments.  Such accounts may allow patients to avoid taking on debt in the form of medical procedure loans.

One of the major advantages of FSAs and HSAs is that the IRS does not treat funds deposited into either type of account as income. Withdrawals from FSAs and HSAs that are used to pay eligible medical expenses are not subject to federal income tax.  On the other hand, withdrawals FSAs and HSAs cannot be made to pay for elective procedures.

Banks and Medical Procedure Loans

Banks and credit unions are potentially good sources for medical procedure loans. They generally charge the lowest interest rates and have repayment schedules structured in manageable monthly installments. But bank loan applications especially can require patients to wait seeks to obtain an approval.  Borrowers must usually have good to excellent credit to qualify for bank loans. Applicants with less than stellar credit must usually provide collateral or a creditworthy co-signer to be approved for bank loans.

The LoanNow Option 

The LoanNow option allows borrowers who may have been turned down by banks to obtain medical procedure loans. We look beyond FICO scores to consider the entire financial profile of our potential borrowers. We also don’t require collateral. And unlike banks, we provide responses in hours or days, not weeks. LoanNow could be the right solution to cover the costs of so-called elective surgery. Why not check us out today!

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* Funds will be distributed via ACH. Most banks will post the funds to your account by the next business day. Subject to underwriting approval.

** Subject to online availability and underwriting may request additional items prior to final approval.

† Loan approvals are subject to underwriting criteria and the approval process may take longer if required items are not able to be verified online or additional items are requested.

‡ Funds will be distributed via ACH. Most banks will post the funds to your account by the next business day. One’s bank will determine when funds are actually available.

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