Health Loan Basics: Should You Apply for Medical Health Loans?

Health Loan Basics: Should You Apply for Medical Health Loans?

Medical debts are becoming a nightmare in the United States. Health care costs have risen while health insurance coverage options have been limited, which has left people with no choice but to apply for medical health loans.

According to a survey conducted by the Kaiser Family Foundation, twenty percent of working-class American citizens are unable to pay their medical health bills.

Maybe you could opt to subscribe to an insurance plan to cover a portion of your health bills, though, it is better to consider looking into ways of how you can secure health loans.

What’s a Medical Health Loan?

Medical health loans are personal loans that you take to help you cover some of your medical expenses. Usually, your lending institution has personal loan rates that will apply when you’ll be paying back your loan.

Why Should You Apply For Medical Health Loans?

According to the Patient Advocacy Foundation, American residents file bankruptcy because of huge medical bills that they are unable to foot out.

Opting for a medical loan to help you trim some of your medical expenses could be a significant stepping stone. The best of all is that there are online personal loans options you can opt for. Therefore, don’t fret about paying substantial medical bills all by yourself.

Below are some of the benefits of securing a medical loan:

  • You can receive the financial faster as compared to an insurance cover that will keep you waiting
  • You don’t need collateral if it’s unsecured loans
  • Medical loans, in most cases, may not affect your credit report
  • Medical loans in some cases have the best finance options and interest rates as compared to other money lending institutions
  • You have the freedom to use your medical loan funds in sorting out other medical issues

5 Situations When Medical Health Loans Could Be Of Benefit

Usually, you can use your medical loan funds to cover a variety of medical expenses that aren’t covered adequately by your insurance company. Below are the five most common situations when medical health loans could be of benefit:

  • Fertility medications
  • Orthodontics
  • Cosmetic surgeries
  • Weight loss surgeries
  • Medical debt consolidation
  • When to Use Medical Loans

You may have an insurance cover but not sure whether your insurance company will cover all your medical expenses. In this case, you’ll have to go for a loan from a reputable financial institution like that offers pre-approved loans.

For instance, some insurance health plans may cover just a portion of your medical bills. So, you’ll have to apply for a medical loan to help you settle the bills.

Sometimes you may be subjected to a medical procedure, in which your insurance provider doesn’t view as medical-related. Similarly, you’ll opt for medical loans to supplement your funding.

How Medical Loans Work

First, it’s critical to note that the process for applying a medical loan is similar across financial institutions, though, there could be differences in the credit score requirement from one lending institution to the other.

Sadly, medical loans are subject to have higher interest rates. That’s why it is advisable first to know their interest rates.

How to Compare Medical Loans

1. Annual Percentage Rate

The interest rate on loan can significantly affect what you’ll have to pay every month. Besides, it can impact whether or not you will be able to pay back your loan.

Five to six percent interest rate could be considered a low rate. Sadly most medical health loan interest rates range between twenty to thirty percent.

If the interest rates are high, you’ll take a long time to complete paying back your loan – especially when you have a large loan yet your payments every month is small.

2. Origination Costs and Interest-Free Periods

Some loans will offer you a grace period of up to eighteen months to start paying interest. This is a bonus, and it should be one of your considerations.

Originations costs are charges that you incur to process your loan. Usually, the lending institution will charge it once, and it usually costs around $100 or more.

The origination cost is the percentage of your loan value. So, the more your loan, the higher your origination cost.

For example, if you apply for $10,0000 and your origination cost is $500, you will receive only $9,500 and not the full $10,0000.

Therefore it is essential that you check if your loan has an origination cost and familiarize yourself with how it works.

3. Choose Between Fixed and Variable Interest Rates

A variable interest rate occurs when your interest rate changes over your loan period. This can affect your monthly payments, and how long you will take to complete paying back your loan.

On the other hand, a fixed interest rate enables you to know the exact rate you will be paying monthly. Unlike the variable interest rates, this type of interest rate doesn’t change. So, it won’t affect your monthly payment schedules.

4. The term of Your Loan

Now, the other thing to consider is the term of the loan. Are you going for a short-term or a long-term loan? If you take a long-term loan, you will pay smaller amounts monthly, but it is essential to note that you’ll be paying more. It’s therefore to choose a plan that best suits your need. Depending on your interests, you can select any plan.

Wrap Up

Honestly, you need a medical health loan. You cannot rely on one option as your primary source of financing your medical bills. Choose the best medical loan that suits you today and secure your life.

Paleo Diet Snacks

Paleo Diet Snacks

With increasing awareness about the advantages of maintaining a healthy diet and keeping the body weight within the prescribed limits, there is a greater effort from people to learn more about the methods that they can use to achieve the two goals. Of course, it might be easier said than done considering our compulsive reliance on unhygienic, processed food items that can prove to be detrimental to our health in the longer run. This is where the Paleolithic or caveman diet has proven to be so successful, providing people with the perfect combination of losing extra pounds and keeping up with their health.

Since the food options in the Paleolithic diet program are quite limited, people have to get extra creative in how they prepare their meals. While bigger meals such as breakfast, lunch and dinner are much discussed about, with a number of ideas on how to create variety in them being floated across the cyberspace, not much has been said about the Paleo diet snacks which are also as important and serve as energy boosters between meals.

Creating variety in Paleo diet snacks

Some people think that the Paleo diet is short on snacking options. If you look at the list provided here, however, you will realize that this is not true. In case you have been searching for ways to come up with diverse snacks as part of your hunter-gatherer guide, here are a few Paleo diet snacks you can give a try:

–          Nuts: Nuts are perhaps the most obvious and also the most popular snacking options as part of a Paleolithic diet. You can create your own combination of nuts by picking and choosing the ones you like and storing them in small zip-lock bags. Every day you go out to work or college, carry a bag with you and satisfy your pre-lunch cravings with these healthy snacking items.

Just make sure that you do not put peanuts in the mix since they are considered to be legumes and not a part of the caveman food list. Opinions are also divided on whether cashews should be included in the diet or not due to their high fat content. You can, however, choose from a wide array of nuts such as walnuts, pine nuts, pecans, brazil nuts, macadamia nuts, chestnuts and hazelnuts to name a few.

–          Seeds: Seeds such as sunflower, pumpkin and flax are high in antioxidants and other important nutrients. These are also easy to carry snacks that will prove to be great fillers for anytime of the day you feel untimely hunger pangs. Just like nuts, you can create your own mixture of seeds and store them in bags so that it is easier for you to carry them whenever stepping out of the house.

–          Raw vegetables: Raw vegetables, whether eaten in slices or combined into a light salad, can also prove to be great Paleo diet snacks. The best thing about vegetables is the amazing variety you can choose from such as carrots, cucumbers, radishes, tomatoes and bell peppers, all of which are healthy, nutritious and filling at the same time. With the important nutrients and fibers contained in vegetables, you can feel revived even on the slowest of work days and replenish your energy levels.

–          Chips: The mention of chips might have raised a few eyebrows since we generally associate them with potatoes, which are forbidden in the caveman diet due to their starchy content. There are, however, healthier alternatives to potato chips which you can easily make at home. These creative Paleo diet snacks are based on vegetables that are thinly slices, drizzled with a bit of extra virgin olive oil and baked to attain the crispy texture of chips. Some of the permissible Paleolithic vegetables that you can use to make your own vegetable chips are carrot, radish, turnip, kale and zucchini.

–          Eggs and meats: The protein content in meats and eggs makes them the perfect Paleo diet snacks as they fill you up and give you nourishment at the same time. You can conveniently make a snack out of boiled eggs, chicken or fish filets and beef steaks and carry them with you wherever you go. Beef or turkey jerky might also be a good idea if you can get them without the additives, or you can try making them at home for more hygienic results.

–          A glass of milk: How about a glass of milk when feeling hungry between meals? Of course, with dairy products completely out of the question in the Paleolithic diet, you might feel challenged in finding alternatives. Almond and coconut milks can not only serve as the perfect substitute for milk, they can also prove to be filling and flavorful Paleo diet snack. You can add small amounts of dark chocolate, berries or nut butters to enhance the flavor of your milk drink and convert it into a wholesome smoothie or milkshake.