If you need a large amount of money to restore health, it makes sense to consider a medical loan as an option for financing treatment. This solu-tion has several unobvious advantages.
According to established practice, a medical loan is rarely targeted. Thus, you do not have to report to the bank how precisely you will spend the borrowed money, the surplus remaining after paying for the treatment can be spent on vacation, repairs, a new wardrobe – for anything.
Obtaining a tax deduction for a medical loan is not possible. But it’s quite possible to return part of the funds for paid medical services. For registration of a tax deduction, the fact of payment for treatment and medications is important. It doesn’t matter if you paid for the procedures from personal funds or took a loan for dental treatment or any kind of illness.
Working citizens who pay income tax to the budget can count on a deduction. You can apply if you have been treated yourself, or if you paid for medical care for family members. To apply for a deduction for payment for treatment, you will need:
- an agreement with a medical institution on the provision of medical services;
- a license of a medical institution, if its details are not indicated in the contract;
- a certificate of payment for medical services.
As a rule, documents are submitted to the tax office along with the declaration. But there is an opportunity to make a deduction through the employer.
What are the purposes of taking a medical loan?
A medical loan can be given out for any medical purpose. For this, you do not need an extract from a doctor, a certificate of illness, directions or prescriptions for medicines.
A medical loan can be taken for:
- consultation of a medical specialist, including narrowly targeted;
- dental services (therapy, surgery and orthopedics);
- surgical procedures and operations;
- plastic surgery;
- operations to correct vision;
- analyzes of biomaterial;
- ultrasound diagnostics, X-ray, MRI, CT and other studies;
- gynecological procedures and operations, including childbirth;
- medical tourism;
- purchase of medications as prescribed by a doctor;
- the purchase of health insurance for yourself or family members;
- health improvement in the sanatorium;
- other medical services.
The list goes on and on. No one will require a documented account of the funds spent.
Taking a loan for medical services, you are entitled to spend it in any branch of medical services.
How to get a medical loan?
To get a loan for medical care, you must provide a personal identification document, income statement and a bill for medical care. The decision is made within a few days. Banks are very careful in assessing the borrower but in the case of applying for a medical loan, they do not require a loan collateral or guarantees. A medical loan refers to targeted consumer lending programs. This means that the client takes a loan for strictly defined purposes and the bank monitors the targeted use of funds. Often, funds issued by the bank are immediately transferred to the clinic account.