With the COVID 19/Coronavirus pandemic impacting the lives of hundreds of thousands of Americans, you and your family members may also be affected. If your family member is hospitalized, you may need emergency cash. Whether it is to help pay medical bills, or to handle expenses that can come with a long term medical emergency/medical care, or the return home, there are options out there. Many of which may work for emergency cash when a family member is in the hospital.
The first thing to look into is if your family member/loved one has health insurance. You should look to see if their health insurance policy will cover your needs. After that, there are additional resources to look into such as fundraising, or taking out a loan for an emergency, or using an existing credit card. Below you’ll find more in-depth information about getting the cash you need when trying to help a family member who is in the hospital.
Start with Health Insurance for Emergency Cash When a Family Member is Hospitalized
If your family member is hospitalized and they have health insurance coverage, you should contact the insurance provider. Sometimes the hospital staff/doctor’s office can make the phone calls to the insurance provider. However, for a more thorough explanation of benefits/coverage, it may be a good idea to contact the insurance company yourself.
In many cases, a health insurance policy will cover a portion of the cost of medical care. Depending on the kind of coverage/policy there may or may not be a deductible and other upfront costs. Sometimes you may get reimbursed for those.
When it comes to long term hospital stays, your loved one’s insurance may also have certain coverage on that.
When looking for insurance information, you should start with your loved one’s health insurance card. There, you’ll find the phone number/contact information for the health insurance, along with the policy ID, and group number. In some cases, you may find a number when calling from within the United States, or from a foreign country. By talking to an insurance agent, you can learn all about the coverage, and eligibility requirements for different benefits. This information will help greatly to take care of your loved one.
Talk to the Hospital/Lenders/Landlords etc.
There may be additional costs that come when you are the primary caretaker/domestic partner of the hospitalized family member. In addition to potential medical bills, you may have to cover living expenses and dependents. Things like bill payments, rent, mortgage payment, loan/credit card payments, pet care, childcare, vehicle upkeep, etc.
- When it comes to medical bills, most hospitals can help their patients come up with a payment plan, rather than having to pay everything upfront.
- When trying to cover things like bills and rent, it may be helpful to talk to landlords, mortgage companies, or lenders about the situation. Many lenders may be able to accommodate a medical emergency.
- If you can communicate with your hospitalized loved one, ask them if they have savings funds to take care of family members. If they cannot cover those costs whether short-term or long-term, and you cannot take that on as an individual either, then you may have to look into additional resources.
Look into Family, Your Community, Non-Profit Organizations, Fundraising, Or Religious Groups to Help Your Loved One.
When you or your hospitalized family member cannot cover all the costs associated with a hospital stay, then it may be helpful to look elsewhere.
- Any immediate family members of your loved one, may be able to help whether it is in the form of monetary help or indirectly by assisting with solutions that can help keep expenses down (i.e. taking care of pets/childcare).
- Reaching out to your community may be another option that could help you get the emergency cash that you need. One of the most convenient and sometimes successful ways to do this is through crowdfunding (essentially online fundraising). With crowdfunding, you can set up a fundraiser that has a set goal, and members form your social network and even strangers can donate any amount that they are able to.
- There are also many non profit programs out there that can help individuals struggling with medical bills. For those with dependents, and low income, these resources may be easier to find and access.
- Religious groups/organizations may also be able to help. Many places of worship have funds saved to help their community. And so, if you or your loved one attends/is a part of a religious group it may be helpful to reach out to them and ask for help.
Take Out a Loan for Emergency Cash When a Family Member is Hospitalized
A loan can be a great way to get emergency cash when you have few options. Below are a few examples of a few different loan types that you can look into:
- Personal Loans. Personal loans can be used for a variety of different reasons and are one of the most popular kinds of lending out there. Because there are so many loans and lenders available, a person may be able to find a personal loan that has a fast process perfect for emergency cash.
- Credit Cards. The average American has about six credit cards with them. If you have the ability to use a credit card, it can be a good option for emergency cash.
- Home Equity Loans. Home equity loans use the equity in a home to make funds available for the homeowner. Depending on the value of your home, you may be able to get a large loan which can be very helpful to cover all the different costs that can come with taking care of a family member that is in the hospital.
- Payday Loans. Payday loans are secure with the borrower’s income. They are usually for a few weeks and are a smaller amount than the average loan.
- Car Title Loans. Car title loans use the equity of a vehicle to make funding available. These loans are very flexible with eligibility and can make funding extremely fast.
- Borrowing from Friends of Family. Another option to consider is to borrow from friends or family, this can be incredibly helpful when your hospitalized family member is also their loved one/an immediate family member.
When Thinking of a Title Loan, begin with Max Cash Title Loans, the #1 Nationwide Title Loan Marketplace
If you think a title loan is the right option for an emergency, then start with the experts at Max Cash Title Loans. 2 Instead of being a lender ourselves, we help people connect with title loan lenders all across the nation and can do all the hard work for you. In addition to a simple process, the lenders that we work with could come with tons of unique benefits, such as:
- Fast funds once approved 1 2
- Low monthly payments 4
- Our services are free
- Early repayment without any penalties 3
- Competitive interest rates 4
Apply for the Emergency Cash That You Need
When you need emergency cash when a family member is hospitalized, it will be important to apply for help right away. Whether that means talking to a health insurance agent, asking for help from your community, or applying for a loan, start ASAP.