Medical Loans
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Loans for Medical and Healthcare Expenses
One of the benefits of living in Canada is our universal health care system. While the Canadian health care system covers the majority of basic medical costs, there are many procedures that are not covered by the provincial health insurance plans. Some expenses, such as medications, routine dental cleanings and dermatological treatments can be manageable without financing, but others can be too expensive to pay for out of pocket. Some people are fortunate to have a group health insurance plan through their employer; however those coverages are usually capped at lower amounts and fairly limited when it comes to elective procedures. There are some medical procedures that are frankly prohibitive for most people. Thankfully, here at 911 Mortgage Brokers – The Mortgage Centre, we have financing options available for medical expenses when you need them.
What Types Of Medical Procedures Are Eligible For Financing?
Here are a few examples of procedures you can cover using funds from a medical loan:
- Elective and Cosmetic procedures – costs will vary depending on the type of surgery, i.e. rhinoplasty, weight loss surgery, liposuction, tummy tuck, blepharoplasty.
- Basic and Cosmetic dental procedures – dental implants, braces, dental crowns, dental veneers, gum grafting and others.
- Vision – LASIK eye surgery, cataract surgery, smile eye surgery and eye glasses.
- Hearing – some hearing tests are not covered by provincial health insurance plans as well as hearing aids
- Dermatological procedures – For example, OHIP will not cover the cost of removal of non-cancerous skin lesions, such as moles, cysts, skin tags, spider veins, age spots and most warts.
- Hair Restoration Procedures – according to Hair Toronto, a small area of hair transplantation will cost approximately $3,500 and the cost can range up to $17,500 for a large session of FUE (Follicular Unit Extraction)
- Fertility Treatments – Canada is often lauded for its universal health-care system. But no comprehensive coverage exists for assisted fertility treatments, such as in-vitro fertilization (IVF). The approximate cost for one cycle of IVF ranges between $7,750 – $12,250 CAD. Medication alone can cost anywhere from $2,500 to $7,000. In cases where multiple cycles are needed, which is quite frequently, it could cost you nearly $60,000. It really adds up.
- Surrogacy costs – According to Circle Surrogacy, you’ll find that surrogacy costs can range from around $80,000 to upwards of $200,000.
- Chiropractic services
- Physiotherapy – if not ordered by a doctor, most physiotherapy treatments are not covered by a provincial health insurance plan
- Alternative Treatments – Most alternative medicine consultations and treatments, including Chinese medicine, homeopathy, acupuncture and Reiki.
Medical Financing for Procedures Outside of Canada
Out of pocket medical treatments can sometimes be cost prohibitive, especially when they are performed in Canada or in the US. Medical tourism is a popular option for those looking for quality medical treatment at a more affordable cost. Medical tourism financing can help you experience the affordability of procedures performed in countries such as Mexico and elsewhere by experienced medical professionals in facilities that often meet stringent North American standards.
If you are considering going overseas for medical treatment, you will need to take all fees into account. Along with the cost of treatment, you will also need to pay for airfare for yourself and a companion. In addition, you will likely need to stay in a hotel for several nights after treatment so that you can recover and attend follow-up appointments with your doctor. Even with these added costs, medical tourism can save you a significant amount of money.
If you’re looking for the right financing to help pay for a medical procedure outside of Canada, 911 Mortgage Brokers – The Mortgage Centre can help match you with the right lender.
Surprise Medical Bills and Healthcare Expenses during Coronavirus Pandemic
The Covid-19 pandemic has changed the world we live in. It has also increased the potential that people will receive a surprise medical bill or have unexpected expenses that could not come at a worse time. Surprise expenses such as getting alterative accommodation, getting a health caregiver to support a senior, leaving work temporarily to take care of a loved one, could become serious financial strains.
If you are a home owner and you have enough equity in your home, tapping into your home equity to obtain a medical loan could be the answer to help you transition and help your loved ones through this difficult time.
How 911 Mortgage Brokers Can Help
At 911 Mortgage Brokers, we know that undergoing medical care and obtaining the appropriate financing can be stressful. That is why we make the process as easy as possible.
If you are a homeowner and you have built enough equity, tapping into your home equity to obtain a medical loan could be an optimal way to get the money you need to fund your medical procedure, medications and any post-surgery treatment. There are several financing options which could include a refinance of your mortgage, a second mortgage, a home equity loan or a home equity line of credit, among others. Our expert 911 Mortgage Brokers will explore your options and match you with a lender to secure the financing required for your medical needs.
Whether you choose to have your medical procedure within Canada or overseas, our expert mortgage brokers will explore all the financing options with you, so you can get access to the funds you need, when you need them.
Contact Us to Explore Your Medical Loan Options.
