Where to Find Money to Pay for Your Major Health Bills

Snowballing medical bills cause about half of all bankruptcies, according to a 2005 Harvard study. Even middle-class people with good health insurance can quickly become mired in debt if they fall ill and can’t work.

Before you write a check for your medical bills, consider health-care financing or a home equity loan.Snowballing medical bills cause about half of all bankruptcies, according to a 2005 Harvard study.

Even middle-class people with good health insurance can quickly become mired in debt if they fall ill and can’t work.

“What happens is, someone in their 50s has a major heart attack. Even with good insurance, their share is $50,000 and they put it on a credit card,” says Winchell Dillenbeck, executive director of the Consumer Credit Counseling Service of the North Coast, in Arcata, Calif., a nonprofit community service agency. “With a chronic condition, they keep piling more and more on the card. Meanwhile, their health limits the amount they can work, they have less income, and they struggle to stay a step ahead of the creditors. Eventually the minimum payment outgrows the affordability.”

Whether you need to pay for experimental surgery that is not covered by insurance, unreimbursed cancer therapy after you’ve maxed out your policy, or modifications to your home so you can live there longer, here are some resources to consider if you need assistance paying your medical expenses.