How to Get a Loan for Medical Expenses

It’s no secret that the rise in the cost of living has hit Aussies hard. The struggle to keep up with basic needs such as food, housing, and utilities is causing many Australians to delay their own healthcare. Taking out a medical loan can be a way to fund the vital healthcare you need without sacrificing your basic needs. We’ll show you how to get a loan for medical expenses, and explore ways you can get help with medical bills in Australia.

Overview:

• Can you get a loan for medical expenses?
• How to apply for a loan for medical expenses
• How can I get help with medical bills in Australia?
  • How can I get my super to pay for surgery?

Can you get a loan for medical expenses?

It is possible to get a loan for medical expenses. A medical loan is a type of personal loan specifically designed to cover healthcare-related expenses. These loans can be used for a variety of medical costs, including surgeries, dental work, cosmetic procedures, fertility treatments, and other healthcare services not covered by insurance. They can be secured or unsecured and generally paid back, with interest, over a specified timeframe.

How to apply for a loan for medical expenses

Generally, applying for a loan for medical expenses in Australia involves several steps.

1. Determine how much you need to borrow

Find out how much your treatment or procedure will cost and what portion of the cost will be covered by your insurance. This will give you an idea of how much you will need to borrow.

2. Compare lenders and loan options

There are many lenders who offer medical loans such as:

• Banks
• Credit unions
• Online private lenders

Compare lenders and loan options, including their rates and terms to determine the best option for you. This can be a good time to consult a loan broker, like our friendly team at Oceania Finance. Loan brokers, like our expert team, can help research your loan options and negotiate with lenders on your behalf.

3. Check your eligibility

Before applying for a loan, it’s important to check your credit score and ensure it meets the minimum requirements. Typically, your credit score will be a significant factor when a lender is determining your eligibility for a loan.

You can request a credit report for free once every 3 months from any of the major credit agencies:

• illion – 132 333
• Equifax – 138 332
• Experian – 1300 783 684

4. Prepare your documents

Generally, with any loan application, you will need to provide documentation. To ensure your application is assessed and approved as fast as possible, it’s best to gather all your documentation in advance. Documents you may need include:

• Proof of identity
• Proof of income
• Information on any existing debt or liabilities

5. Apply for the loan

Once you have determined how much you need to borrow, checked your eligibility, and gathered your documents, it’s time to apply for the loan. Most lenders offer simple online applications, and some lenders may also offer in-person applications.

6. Loan approval and disbursement

The lender will review your application and creditworthiness. Approval times can range from a few hours to several days. Once approved, the funds are typically transferred to your bank account or directly to the healthcare provider in one lump sum.

7. Repay the loan

Make regular monthly payments as agreed upon in the loan terms. Check if there are any penalties for early repayment and consider paying off the loan early to save on interest.

If you’re facing health issues, the last thing you want to do is worry about financial matters. Using a loan broker, like our friendly team at Oceania Finance, can help ease the stress of getting a loan so you can focus on what matters most – your health!

Contact us today to talk to our medical loan experts.

How can I get help with medical bills in Australia?

If you’re low on funds and in need of medical care but aren’t keen on taking out a loan, there are other options you can explore first such as:

• Medicare (public health system)
• Private health insurance
• State and Territory schemes and programs that may assist with travel and accommodation costs if you need to travel for treatment (depending on your individual circumstances)
• Centrelink through services like Health Care Cards or income support
• Non-profit organisations and charities
• Community health services which offer free or lower-cost healthcare services
• Crowdfunding campaigns such as GoFundMe
• Speaking directly with hospitals about payment options or payment plans

How can I get my super to pay for surgery?

In Australia, accessing your superannuation (super) early to pay for surgery is possible under specific circumstances.

Generally, the process includes:

1. Preparing any necessary documentation such as medical evidence, cost estimates, and proof of your inability to pay.
2. Applying through the Australian Taxation Office (ATO) by creating a MyGov account and submitting an application.
3. The ATO will assess your application and, if approved, provide a release authority to your super fund.
4. Submit the ATO release authority to your super fund. Your super fund will process the release and transfer the approved amount to your nominated bank account.

It’s important to remember that withdrawals from your super are subject to tax, and accessing super early will also reduce the amount available for retirement. So consider this option carefully and seek the advice of a financial professional.

Confused about your medical loan options? Have a chat with a personal loan broker today!

Whether you’re ready to get the ball rolling on a medical loan today or you’re still considering your options, we’re here to help! Have a chat with our team at Oceania Finance today.

Medical Expenses FAQs

What happens if you get surgery and can’t pay?

Most private healthcare providers will require an upfront payment before any surgery takes place. However, if you do have surgery and find you are unable to pay for fees, it’s best to be upfront and honest with the healthcare provider. They may offer a payment plan or schedule that will allow you to pay off the amount you owe in more management instalments.

Can Centrelink help with medical expenses?

Centrelink may be able to offer income support to those with a disability, injury, or illness and who can only work limited hours. Centrelink also offers Health Care Cards which can provide concessions on certain medications and medical services.