What you need to know about medical loans – Bankrate
- January 20, 2021
- By: Greenpath Financial Wellness
Does it make sense to pay medical costs with a medical loan? BankRate asked GreenPath’s Katie Bossler to weigh in.
As the Bankrate article notes, medical debt can be a significant challenge for Americans.
GreenPath Weighs In
A medical loan is a type of personal loan, the proceeds from which can be used to pay for medical expenses. In fact, many lenders may not even distinguish the loan as a medical loan, but instead will state in their loan terms or literature that medical costs are an acceptable use for the loan proceeds, says Katie Bossler of GreenPath Financial Wellness.
As the article notes, medical bills are among the highest expenses Americans will pay in their lives. While the cost of elective and preventive procedures might seem prohibitive, remember that taking good care of your health now can help prevent a serious illness later that results in tens or hundreds of thousands of dollars in medical bills.
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Understanding how to manage expenses like medical costs and loans starts with a conversation. Our financial counselors are available to talk. They can help you figure out a plan and will walk through your whole financial picture to help you understand the best way to borrow money.
Katie Bossler has been with GreenPath since 2003. She currently serves as a Quality Assurance Specialist and is based out of our Detroit office. Katie passionately believes everyone can achieve financial wellness and is grateful to dedicate her work to help GreenPath remix the American Dream so it works for everyone.