For many households, maintaining a balanced budget is incredibly challenging. This is particularly true for those shouldering the burden of expensive rents and high healthcare costs. In some cases, individuals are forced to choose between paying rent and covering their medical needs. When that occurs, deciding which one to pay for and which to forgo typically isn’t easy. However, it can be a necessity. If that’s the case, here are some tips regarding how to decide.
What to Do When You Have to Choose Between Rent vs. Healthcare
Speak with Your Landlord
Before you make a formal decision on rent vs. healthcare, it doesn’t hurt to speak with your landlord about your situation. While you don’t need to provide overly personal details, letting them know that you’re facing unexpected medical expenses may not be a bad idea, particularly if you have a solid rapport and a long history of on-time payments.
Often, landlords want to keep reliable tenants in place. As a result, they may be willing to work with you if you need a little bit of extra time on rare occasions to cover your rent. For example, if you can pay part of what you owe on time and the rest from the following payment – giving you the room in your budget to also handle your medical needs – they may be open to that arrangement. However, you won’t know if you don’t ask.
Review Local Landlord-Tenant Laws
Generally speaking, your landlord isn’t forced to give you more time to pay your rent. However, they do have to follow local laws and the tenets in your lease. Since that’s the case, it’s wise to research the rules and clauses yourself. By doing so, you may discover that paying late may not be as catastrophic as you’d expect.
For example, some states have required grace periods for rent. In those areas, if you can cover the cost within the time window, you typically can’t be penalized. That may provide you with enough time to handle your healthcare costs and get enough cash for rent.
Essentially, reviewing the laws and your lease allows you to fully understand the impact of choosing to forgo rent in favor of medical expenses. That way, you can determine if it’s the better option.
Talk with Your Healthcare Provider
Just as a landlord may be willing to work with you regarding paying what you owe, a healthcare provider may have the ability to do the same. Some healthcare organizations may provide access to payment plans, ensuring those who need care can receive it while giving them a way to make the cost manageable.
In some cases, patients may even qualify for financial support programs available through the medical facility. For instance, some hospitals have charity-based programs designed to ensure low-income individuals aren’t saddled with unmanageable bills. With those, you may qualify even if you have insurance or not, including if you don’t qualify for state-based options, like Medicaid.
Again, the only way to find out what’s available is to ask. Speak with your healthcare provider about your upcoming needs. Then, you can determine which options are potentially on the table.
Look for Lower Cost Healthcare Alternatives
In some cases, you can forgo paying for healthcare by finding alternatives to traditional buyers. If that’s the case, then you can choose to cover your rent and use the other services to make your medical costs manageable.
For instance, many larger cities have free clinics, and some pharmaceutical companies have programs designed to help individuals who need medication but can’t afford their prescriptions. If you live near a university with a medical center, there may be discounted services available if you’re willing to be treated by a student.
Consider the Health Risks
At times, forgoing medical treatment means putting your life on the line. If that’s the case, handling your healthcare costs is often the wiser decision. It preserves your life, and that should always be the priority. After all, while missing rent and being evicted is a major hardship, it doesn’t come with the same finality as disability or death.
However, if your medical needs are minimal or potentially addressed using other approaches – such as over-the-counter medications – you may want to focus on rent. Ideally, you’ll want to speak with a medical provider to confirm that an alternative strategy is viable first, ensuring you aren’t putting your safety at risk.
Then, if it is a reasonable approach, you can move forward based on their guidance, creating a degree of middle ground. However, you may want to touch base when your budget allows it, giving a medical provider a chance to reassess your condition and make any changes that might be necessary.
Speak with Loved Ones
If you’re genuinely struggling, speak with family members or friends who may be able to offer support. You might find that they can help you cover one of the costs. In some cases, you may find a new place to live, allowing you to remove rent from the equation. While there are no guarantees that they can help, asking could still be worthwhile.
How to Decide Between Rent vs. Healthcare
By examining the points above, you can often determine whether rent or healthcare should be a priority. Ultimately, the decision is personal, so make sure to do what’s best for you.
Have you ever had to choose between rent vs. healthcare? If so, how did you settle the rent vs. healthcare debate? In the end, do you think you made the right choice, or do you wish you had approached it differently? Share your thoughts in the comments below.
Read More:
- Tips to Find the Money You Need to Make Rent
- Getting Sick Costs Money: Take These Measures to Avoid Costly Healthcare Bills
- How to Prepare to Rent an Apartment
Tamila McDonald is a U.S. Army veteran with 20 years of service, including five years as a military financial advisor. After retiring from the Army, she spent eight years as an AFCPE-certified personal financial advisor for wounded warriors and their families. Now she writes about personal finance and benefits programs for numerous financial websites.
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