Searching for ways to arrange funds is the only thing that causes us to be concerned and stressed during a medical crisis. In such circumstances, applying for a medical loan is the most practical way to cover medical bills. If you are not aware of how a personal loan can help you in a medical emergency, read this article.
1. Saves Against Medical Inflation
In India, the expense of treating one’s ailment is constantly rising. In our country, medical treatment is perceived as one of the major causes of financial drains. If you do not plan ahead for such events, you will find yourself with a zero balance in your account. To protect themselves from such tragedies, many people resort to health insurance. You may have also obtained coverage through a health insurance company. But do you believe that just having insurance will suffice? Will the sum insured be sufficient to cover the total cost of your medical treatment? Most likely not. You should also have backup plans in case something goes wrong. Given these circumstances, a medical loan in the form of a personal loan may be beneficial. The money made available by this loan is sufficient to cover the additional amount required by you.
2. Get Yourself Treated at Cashless Network Hospital
When you buy a medical cover, your health insurance provider provides you with a long list of network hospitals in your city. However, there are times when even if you have medical insurance, you may be forced to seek treatment at a facility that is not on the list of your insurer’s network hospital. Treatment at such healthcare facilities requires you to pay cash upfront. But how would you manage such a hefty upfront payment? The best solution to this problem is a medical loan.
Nowadays, financial institutions allow you to get instant access to funds with only a few clicks. To obtain funds, simply take out your phone, browse to the app store, and download the online loan app for a personal loan.
You will simply need to give a few personal details and upload KYC documents to receive funds. Simply put, the online loan app assists in paying pharmacy bills, hospitalisation expenses, and a few more.
3. Pays for your Policy Exclusions
When you buy a medical insurance policy, the health insurance provider gives you a list of conditions that they will not cover. In such cases, you will have to bear the cost of your treatment from your own wallet. Eventually, the scenario will result in a financial disaster. Furthermore, paying for medical expenditures is nearly impossible if you don’t have adequate savings.
Some of the most common policy exclusions are listed below.
- If you have a disease that you contracted before purchasing the coverage, you will not be reimbursed for the treatment of that ailment.
- If you need treatment while your policy’s mandatory waiting period is still in force, your insurance company will not reimburse the costs.
- If you only have a basic policy, keep in mind that it will not cover maternity-related charges. For that, you will need to buy riders. However, the waiting period for such diseases can last anywhere from two to four years.
- Diseases such as HIV, congenital diseases, injuries sustained during the war are all subject to permanent exclusions. It means that even if you purchased an add-on cover, you will not be reimbursed.
- The medical cover also does not cover treatment related to skin rejuvenation, cosmetic surgery, and other beauty treatments.
Given this lengthy list, you are probably wondering how you will pay for the above medical conditions. The answer is a medical loan, which may be obtained through an online loan app. You can use the medical loan at any moment, regardless of your medical condition. The financial institution does not impose any restrictions on its usage.
4. Available without Collateral
Arranging funds during a medical crisis can be tough if you don’t possess anything to put up as security. But this is not the case with medical loans. A personal loan for a medical emergency is an unsecured form of financing. To disburse the funds, financial institutions look into your credit profile. They look at your monthly income, compute your debt-to-income ratio, and go over your credit report card in detail to look for any previous loan defaults. The funds will be released to your account as soon as all of the prerequisites are met.
5. Instant Approval
The best part of taking out a medical loan using the online loan app is you get instant approval. A digital lending platform’s typical approval time is roughly 20 seconds. To do risk profiling, the lender uses advanced AI and machine learning technology.
To Conclude:
Medical loans ensure that you never find yourself in a situation where you have to choose between your health and your finances. The readily available funds through an online loan app relieve all of your tension during a medical emergency.