How to Get Medical Loan for Surgery Abroad

Loans for medical treatment are a convenient alternative for individuals unable to finance their surgery. Due to the skyrocketing healthcare costs, it becomes extremely difficult for some to pay for their treatment.

A surgery outside one's home country is a good option to circumvent the high costs. Read on to know how to get medical loans for surgery abroad.

The loans for medical treatments such as dental work and bariatric surgery may either be secured or unsecured. Secured loans involve security (usually the borrower’s assets) till the time the amount is fully repaid.

According to Wikinvest, unsecured loans for weight loss surgery and other treatments do not require any security but have a higher rate of interest.

Why Are Loans for Medical Treatment Required?

Besides being expensive, certain medical treatments, such as weight loss surgery and dental surgery, are not covered by insurance policies.

Even if they are, the insurance coverage is limited. This creates the need for an avenue that can provide funds for your surgery.

If your insurance policy does not cover surgery, you can explore the following options:

• Opt for a medical/personal loan
• Check if you qualify for Medicaid
• Consult a medical tourism company that assists in arranging loans as well as cheaper surgery abroad

What Are Medical Loans?

Medical loans have become an attractive option for individuals seeking treatment but lacking the finances to self-pay for surgery.

In fact, there are specialized medical tourism companies that can help you get a medical loan apart from arranging for your treatment and the surgery trip.

The medical loans are likely to cover the cost of:

• Surgery
• Medical bills
• Hospital charges
• Other treatment-related miscellaneous expenses

Personal Loans

There may be times when a bank may not offer medical loans. In such a scenario, one can go for a personal loan.

The formalities for availing a personal loan would be somewhat different from that of a medical loan.

Usually, in the former, the exact reason for availing it is not asked.

More people are also lured towards personal loans since there is no collateral involved. Despite the interest rates being higher, personal loans attract people because of loose restrictions.

Healthcare Financing for Medical Treatment

Apart from the banks, many other financial organizations have come up with the option of providing finances specifically for medical treatment.

For instance, United Medical Credit and E-Financing Solutions are two non-banking entities that provide finances specifically for medical treatments, such as bariatric surgery and dental surgery.

Some of the benefits of availing loans from these organizations are:

• Multiple plans to choose from as per your requirement
• Simpler process
• Easy and quick access to your medical treatment
• No need to wait and accumulate savings for getting the treatment

Bad Credit Score Hindering Your Bariatric Surgery Or Other Treatment?

The credit score is a numerical expression that represents the creditworthiness of an individual. It reflects on how efficiently an individual has been honoring the credit payments in the past.

The credit score of a person decides for an individual’s qualification and limits for a loan. Sometimes, the bad credit score of an individual becomes a hindrance for availing a loan.

To help individuals with this issue, medical tourism companies help arrange finances for the patients.

Factors Affecting Credit Score

The credit score of an individual depends on certain factors, some of which are discussed below:

• Payment History: This includes timely payment of bills, if your accounts have gone back for collection if there are any charge offs, or foreclosures, etc.
• Amounts Owed: This includes the extent to which you have used your available credit, and the amount you owe to specific accounts and in total.
• Length of Credit History: This factor considers the length of time you have been using the credit. A long history proves to be helpful. However, a short history may be good as well if the payments are being made on time.
• New Credit: This considers the number of new accounts you have recently opened. A higher number of new accounts has a negative impact on your credit score as it is indicative of your cash problems.
• Types of Credit in Use: This considers the mix of different types of credit in use, such as credit cards, store accounts, installments, loans, etc.

Loans are indeed a silver lining for individuals with unavailability or shortage of funds to self-pay a medical treatment abroad.

They are convenient too as the amount borrowed can be paid in easy installments over a period of time.