Although it would be wise to make use of your insurance in major medical emergencies, there are indeed several alternatives you can use to save money without trying to file a claim under your policy. Sometimes, the mere act of trying to claim a policy can be overwhelming, time-consuming, and even disappointing.
In this post, we will be looking into some great alternatives to pay medical expenses if you don’t want to make use of your health insurance.
Alternatives for Entrepreneurs Who Don’t Want to Pay For Health Insurance
1. Look up prescription coupons
Some people may not be aware of this trend, but there are also coupons available for prescription drugs and other health products. Now, couponing is not only confined to grocery items. You can get large discounts for prescription drugs and other things you need as part of your medical expenses.
For example, if you have a prescription for the acne treatment Tretinoin, you can get a Tretinoin coupon 2018 in websites such as Single Care. Single Care offers Tretinoin Coupon 2018 that shows discounts of up to 80% off. Additionally, there are also general coupons for drugstores which gives you a discount on all the products either in the prescription drugs portion or regular health goods.
2. Apply for a bank or credit card loan
Another financing option for entrepreneurs is through bank or credit card loans. If you don’t want to pay for health insurance but you have medical expenses at hand, you can apply at your bank for an appropriate loan based on your line of credit.
A lot of banks and credit card companies prefer people who have a good line of credit, which can be determined by checking your credit score on apps such as Credit Karma. However, there are also loans in the bank created for people who may have a lower credit score, in exchange for a higher interest rate. If you are applying for a loan, it is best to manage your financial strategy beforehand to avoid consequentially affecting your credit score further.
3. Try for crowd funding
Perhaps you have seen this on social media sites where people are appealing for help in covering medical costs. Crowdfunding is a great way to get money to pay off your medical expenses. If you are an entrepreneur who may be in a temporary financial trouble due to medical issues, websites such as Go Fund Me are helpful ways to ask family, friends, and other networks to donate to you.
Most people are willing to donate to other people’s medical bills, especially if they see that you are really in need. Do not use Go Fund Me if you are not in a dire situation, as this may ruin your reputation and credibility as a person in the long run.
4. Opt for a home equity loan
Another option for entrepreneurs who may be in debt is going for a home equity loan. Most people would not have their finances, but they would have physical resources such as a house, a car, or something else of value.
Home equity loans are one of the quickest ways to pay off medical dues without trying to go through the hassles of a health insurance. The only risk is that you may have the chance to lose your home if you are not able to pay the balance on time. Make sure that you are willing to take the risk before considering a home equity loan.
5. Getting extra profits from your business
If you are an entrepreneur with a successful business, you can make use of your extra profits as savings instead of paying for insurance. This is to say that you are someone who is relatively healthy, have no history of major diseases or conditions, and know how to avoid medical risks in all of your occupations.
The extra profits may be helpful, and can even aid you in saving more money than paying for insurance month after month with no guarantee that you’ll have a claim.
Although health insurances are considered a safety blanket for all employees and entrepreneurs, they can also be a source of stress especially when companies try to change coverage policies over the course of time.
Protecting yourself with these alternatives can benefit you, especially if you’re someone who knows how to save money as reduce expenses in other areas of your life. As a wise entrepreneur, you can lessen the costs of recurring payments by trying these health insurance alternatives.