These 4 financing options can help patients access important and sometimes life-saving medical care

It’s no secret that health care costs can get sky-high, and paying those costs isn’t always as easy as using your insurance. While health insurance can certainly help alleviate some of these expenses, it varies from person to person and doesn’t always cover everything a person might need or want from a medical standpoint. This means that patients in need of an emergency procedure, medical equipment, emergency care or an elective procedure may be forced to postpone something that could ultimately harm their long-term health – especially if they are part of the nearly 10% of Americans. who are uninsured.

For more than 30 years, Monterey Financial (MFS) leads the consumer credit industry, partnering with a wide variety of medical providers to deliver effective solutions that help ensure borrowers have more options for accessing medical care. . Supporting clients who provide financing for supplemental insurance, stem cell/stem cell storage, elective surgery, medical spas, medical equipment, and more, MFS has helped manage and service the loans specially designed to help medical borrowers in times of need.

“For a long time, there seemed to be a gap in the financing options available to medical consumers. There are few things more important than maintaining your health, and for that reason, Monterey aims to focus our efforts here,” says MFS Vice President of Business Development Chris Ratigan. “We want patients to know that they are not without options when it comes to paying for these types of services, which is why we are partnering with medical providers to help expand and manage options for funding available to their patients.”

When a costly medical need arises and insurance isn’t enough, rather than postponing a life-saving procedure, patients can turn to:

  • Personal savings – Spending out of pocket is an obvious way to pay for medical expenses and, if you can, it’s often the best decision. However, many Americans don’t always have enough savings to cover thousands of healthcare costs or they may prefer to save those funds for other needs that may arise.
  • Medical Loans – Typically offered by online lenders, banks, and some credit unions, these loans are designed to provide a faster way to pay with lower interest rates and more flexible terms than credit cards. However, financing is usually limited to around $40,000, and patients with poor or below-average credit may face higher interest rates or lack of credit approval.
  • Credit Cards – Depending on financing terms, a credit card may offer enough flexibility to provide sufficient funds. However, this option requires a thorough understanding of the terms in order to avoid penalties such as retroactive interest, unwanted annual fees, etc. It is important to weigh the specific credit card you intend to use against the other options mentioned here that you may have access to.
  • Payment Plans – Often a health care provider can offer their own payment plans with better terms than a medical loan or credit card. It can be a way to access financing without using less attractive personal loans and/or credit card options. Many providers even offer low-interest or interest-free short-term financing. Patients can find out about these options simply by speaking directly with their provider to see if they offer internal financing options.

A long-time pioneer of consumer credit solutions, MFS offers expert insight and an effective approach to help business owners in a variety of industries with effective debt collection. Monterey Financial has built a 30+ year reputation for providing excellent and compassionate customer service while adopting advanced fintech-based approaches that streamline the customer experience. Learn why MFS is a trusted leader in loan servicing/delinquent debt collection, strategic financing, and more. Contact Monterey here or call 1-800-456-2225.


About Monterey Financial Services: Monterey’s Mission Statement: To empower every business to optimize sales through financing while maximizing growth and cash recovery. Monterey Financial Services has built a reputation for unparalleled customer service, developing tailored consumer credit solutions for businesses selling consumer products and services. Solutions are designed to meet customer needs, whether they bundle Monterey services or use what meets their specific needs. With services such as Consumer creditlease-purchase financing, loan servicecustodial services and outstanding debts collections, customers have the ability to leverage trade receivables of all credit classifications and all stages of the receivables lifecycle. With industry-leading results, Monterey remains committed to combining the best technology with its talented staff to achieve a primary goal for its clients of optimizing portfolio performance. For more information, visit the company’s website at

● Health system monitoring.

● “What you need to know about medical loans.”

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