As baby boomers age, we are seeing more and more of these types of loan applications for health care operations. In this case the client’s husband needs an emergency health care loan for heart surgery for $50,000. They live in San Jose.  The operation is going to cost in excess of $200,000 and they are fortunate to have health insurance which is going to pay 80% of the cost leaving them on the hook for the remaining cost which will be in excess of $40,000 provided that there are no serious complications. Even with health insurance coverage this is still a substantial amount to pay for any consumer and can bankrupt many people.

This client has savings that they can use, however these investments are not available at the present time to be utilized to pay for this operation. They are looking for help regarding the best approach to obtaining approval for a health loan of this size. They are very fortunate in that they have solid pensions, they have savings and they have equity in their home. They requested a loan with a monthly payment as possible so that they can easily meet the payment requirements. They did not include in their application the value of their home or how large their mortgage was. We believe that if there is sufficient equity in their home, they should refinance with a line of credit which they can draw on as needed as well as pay back when their investments mature. This secured line of credit would give them a much lower payment than a personal loan which will have monthly payments driven by a 5 year term.

We also encourage them to review the final invoice from the hospital going over every line to ensure that the invoice accurately reflects the cost of the services they are being provided. Sometimes invoices can be negotiated lower when it comes to health bills associated with operations of this type.

DEFAULT LOAN APPLICATION FOR BORROWER’S INFORMATION

Emergency Health Care Loan Amount :: $50,000

Health Loan Application and Processing Speed (when do you need the funds):: Immediately

Do you currently have a mortgage? :: yes

Bank Name and Branch :: Citi Bank, Almaden Blvd

What City/Town, State and County do you live in? :: San Jose California

Zip ::95113

What is your employment field? :: Retired

Employment Position :: Retired

When are you paid? (monthly/weekly/biweekly):: Monthly Pensions

Your credit rating to be – excellent, fair, or bad? :: Excellent

How did you find us? :: Searching for medical loans using Google

How are you paid? (direct deposit/paper check):: direct deposit

Gross Amount Per Paycheck ::$4583.33

Do you agree to have this information published online, without your PRIVATE information of course? :: yes

Extra information here please (some detail):: My husband is in urgent need of a heart operation. The doctor has told us that he needs a valve replacement and also probably a triple bypass if not a quadruple bypass. They really will not know for sure until they open him up to do the operation. We have health insurance, thank goodness, however it only pays 80% of the cost of the operation and this is likely going to cost in access of $200,000 based on everything going smoothly. If there are complications the cost for the operation and the care could go a lot higher. We do not have the ready cash to pay the extra amount and need to be approved for at least $50,000 to cover the difference plus the unknown.

We are in urgent need to be approved for this health care loan since the operation is scheduled for the next week. The hospital has told us that they will go ahead with the operation to save his life, however they expect the balance to be paid within 30 days after he has been discharged. We are desperate to have this heart operation completed so we can get on with our lives. Do you think that you can help us find a lender who will consider this loan?

Note to Lender :: We are pensioners and receive a pretty good income from our pensions and also our investments. We have a number of investments, however unfortunately they are in locked in GIC’s and if we were to cash them now, we would lose a lot of interest income. We want to be able to borrow this health care loan and then repay the loan once our investments mature in 2 years time. We think that we should keep the loan term as long as possible to keep the monthly payments as small as possible so that it will not be too much of a burden to us until we can repay the loan.

We can provide photo copies of the pension payments and the investments to support our loan application. In addition we have a home that is almost paid for. We could use this as equity as well for the loan if that would provide us with a better interest rate. We are open to any suggestions so that we can deal with this operation without worrying about where the money is coming from to repay the hospital.