We’ve seen a lot of technological advancement in the field of medicine. Treatments are available for diseases that were life threatening till a few years ago. While the treatments are now available everywhere, it can still cost a bomb and burn a huge hole in our pocket. Treatments for various diseases or conditions can cost anywhere between a few thousand to lakhs of rupees. In such situations, most of us use our savings but not everyone has loads of money tucked away for emergencies. If the amount of savings is significantly lower than the expense, we need to look elsewhere for help. And arranging funds can be very stressful during an emergency.
How can we avoid such situations?
Let’s discuss a few options you can look into while planning for such emergencies.
Medical/Health Insurance – Planning ahead of a medical emergency can reduce financial stress significantly. Health Insurance Plans help us deal with a majority of situations. Depending on our age, lifestyle, medical needs, family members’ needs, affordability etc. an appropriate plan can be chosen from the plethora of options. These plans, however, come with a long list of exclusions, the diseases which are not covered by the plan. Then there is a waiting period for certain pre-existing diseases or conditions. A treatment for such conditions will only be covered after the waiting period is over. We should properly read and understand the coverage under a Health Insurance Plan before making a decision to buy it.
Personal Loan – A loan becomes important when we do not have enough funds available with us or the Health Insurance Plan doesn’t cover the emergency. These days, a personal loan can be availed in just a few hours, with minimal documentation. The application process is usually hassle-free, online and fast. These loan are available at nominal interest rates and you have the flexibility to choose a tenure to ensure affordable EMIs.
Home Credit offers online Personal Loan for medical emergencies at nominal interest rates, with flexible tenure, online application process, fast approval and quick disbursal of loan amount. Visit us at www.homecredit.co.in or Home Credit Mobile App to know your loan eligibility.