It’s a fact: medical expenses can be huge, and paying for your medical expenses can be challenging. As you become older, your body begins to wear and tear, leaving you with more time at the doctor’s office. All of this time at the doctor’s office can leave you with looming larger medical expenses. Paying for quality care can be very cumbersome if you don’t have long term care insurance.
The good news is that there are some pretty creative ways to pay off all of your medical expenses that you probably were not aware of. You should explore all of these options as you think through how to best pay your medical expenses.
A life insurance policy is a valuable asset, which can be sold for cash, just like your house or your car. If you have an old life insurance policy laying around, you can likely sell it for an upfront cash value. Learn more about life settlements here.
The cash value from selling your life insurance policy can be used to pay off your medical expenses, potentially leaving you and your heirs debt free. The simplest and most secure way to sell your life insurance policy is to use a free service like Ovid to cash out the policy to large investors.
Selling your life insurance can give you an upfront cash value of hundreds of thousands of dollars fairly quickly. This can be particularly helpful for paying off big ticket items like Alzheimer’s care or chemotherapy.
If you’re 62 or older, you may consider a reverse mortgage. A reverse mortgage allows you to convert a portion of the equity in your home into cash. You can achieve this without having to sell your home or pay additional monthly bills. While this sounds great in practice, it is very complicated – so take your time and do your research.
The biggest drawback to a reverse mortgage is that you are giving up the equity in your home – leaving you and your heirs with fewer assets. There are many places to start looking for a reverse mortgage lender. We would recommend LendingTree.
It is common and possible to work out a payment plan with the doctor or hospital if you are having difficulty paying for a large bill. In some cases, no interest will be charged, but often you will be required to pay interest. Make sure the plan is realistic and that you can stick with the plan. If your circumstances change, don’t sweep it under the rug. Be proactive. Contact the medical provider and try to negotiate a different arrangement. Get all payment terms in writing by asking the medical provider to send you written confirmation so there is proof.
In general, make sure you have health insurance to cover as much of your medical expenses as possible. When faced with out of pocket costs, consider a life settlement or a reverse mortgage.
Ovid is the premier life settlement broker. We work with consumers to help you sell your life insurance. Getting an offer for your policy is completely free. If you do want so sell your policy, Ovid operates an industry auction that gets you the highest market price for your policy. We’ve been featured in Forbes, US News, Business Insider and many more for the incredible work we do for consumers. You can learn more about Ovid here.
Quick Resources on Life Settlements
|Calculate your Policy Value||Policy Sale Process|
|What is a Life Settlement||Sell Your Life Insurance|