In Australia, we have both private and public healthcare. Our universal public healthcare system is known as Medicare, and has been designed to help Australians with the costs associated with the diagnosis and treatment of a number of medical issues.
Sometimes, these costs aren’t covered by Medicare fully if at all, and if you have private health insurance, they may cover you, but if you don’t or they don’t you might consider a Medical Loan to help cover the costs. Before you apply, check out our short introduction to Medical loans in Australia
What are medical costs?
Medical costs are costs associated with the diagnosis and treatment of illness and injuries.
These costs may be related to a visit to the GP or referral to a specialist, or for a hospital stay, transportation by ambulance, tests, scans, medicines, procedures, surgery and equipment designed to aid in healing or to assist with day to day activities before or after treatment.
How do you finance medical costs?
In Australia we have access to Medicare which can help Australians with the costs of treating a number of illnesses and injuries, however not all medical costs are covered wholly, if at all by Medicare.
Some medical procedures that aren’t covered under Medicare fully are subsidised, which means that depending on your practitioner, you may pay the full costs up front and claim a rebate back from Medicare, or in the case of bulk billing your practitioner may bill Medicare directly and charge you only for the balance(if there is any).
If you have health insurance, check with your insurance provider if they cover the procedure you require and that your level of cover is appropriate, it’s also a good time to ask if there are any other associated items codes that may be covered – you might be surprised to learn that some medications and treatment aids can be covered, depending on your insurer and level of cover.
Confirm how the billing operates with the office of your chosen medical professional to ensure you’re prepared when you arrive, and for the final bill.
Some medicines can cost a lot of money. While a lot of medication is subsidised by the PBS and accessible in Australia, there are many that aren’t which might prompt the question how am I going to pay for this?
If the medical costs will be ongoing or are not affordable, your medical provider may be able to direct you to government or non profit groups designed to support people in your situation with the costs of treatment.
If the costs are short term, you might consider health insurance if your required procedure isn’t affected by the waiting periods, but if it’s an emergency, you might be consider an emergency loan to help with the costs.
Can you borrow money for medical bills?
Yes. There are many providers that loan money to cover the costs of medical treatment. Your medical practitioner would be able to direct you to a financier that is able to provide loans for people in your situation, however approval is not guaranteed.
If you are concerned about possibly having bad credit, Fundo may be able to help! Fundo is able to approve loans up to $2000, and has a different attitude towards your credit score – every individual has a unique set of circumstances, and mistakes from the past shouldn’t always dictate the future.
What is a medical loan?
A medical loan is a loan provided to cover the costs associated with medical treatment. Depending on the type of medical treatment you require, your practitioner may be able to offer you a payment plan, or have an option to refer you for finance.
You can also apply for a personal loan for medical bills with your bank or other finance provider. Fundo can approve medical loans up to $2000 FAST, and have the cash in your account in under an hour!
How much are repayments on medical loans?
When you take out a medical loan there will usually be fees and interest on top of the amount that you have borrowed that will need to be repaid. The repayment amount will take into consideration the amount you have borrowed, how frequent payments are to be made, and the term of the loan. Many providers offer loan calculators so you can see for yourself how the loan might look over time.
FAQ
Why should I apply for a medical loan with Fundo?
FUNDO makes it simple, easy, and accessible. Once you submit all required information, our experts can provide you with an answer and cash funding all on the same day. Chat with us online to learn more.
How can you get medical loans for patients with bad credit?
FUNDO believes that your credit score should never impact your ability to apply for medical care loans. We’ve helped thousands of Australians get the funding they need by offering medical loans with no credit check.
If you’ve been turned away from traditional lenders, FUNDO may be able to help. Call us today to learn more about medical loans for bad credit in Australia.
What are the requirements for quick emergency loans?
There are five major requirements for receiving an emergency loan from FUNDO.
- You must be over the age of 18.
- You must be a citizen or resident of Australia.
- You must be able to prove a regular source of income (min. $300 a week)
- You must have a full time or part-time job.
- You must meet other relevant borrower requirements.
Reach out to FUNDO today to inquire about our medical lending services.
How can I contact FUNDO if I have any questions about their quick loans for bad credit?
Just give us a ring! Call 02 9066 9660 and one of our friendly staff will be more than happy to talk through the process with you. We can also help you get started on an application, too.
We’re available between the hours of 9AM and 6PM Sydney time.
Disclaimer: The opinions expressed in the Blog are for general informational and entertainment purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific investment product. It is only intended to provide education about the financial industry. The views reflected in the commentary are subject to change at any time without notice.