Medical emergencies are some of the worst situations you can find yourself in. Even if you are extremely disciplined financially, a medical emergency can hit your finances hard. A major surgery, special diagnostic tests and other medical procedures are very expensive, costing in lakhs. Also, in such emergency situations, you do not get the time to pull out your savings or liquidate your investments. In such a situation, an online loan app can be your best bet.
With an instant cash loan, availing the finance becomes very easy. You can apply for this loan right from the hospital, in a few simple clicks. All you need to have are the required documents in a digital format. That’s why it is smart to keep all your documents uploaded in the cloud. Once you apply for a loan through an online loan app, your loan amount will be disbursed into your account within a few hours. This takes the financial load off your shoulder, and allows you to focus on finding the best health care provider.
Here are a few tips that can help you make the most of your medical loan.
Tips for Using a Medical Loan to Protect Your Loved Ones
1. Use a personal loan to pay for your preferred healthcare facility
Many times, people are not able to go their preferred hospital because either they do not have the money to pay for that hospital or because that hospital is not in the cashless network of their health insurance company. Hospitals are not something where you want to cut corners and save money. In such an emergency, a personal loan can come handy.
With an instant cash loan you can easily afford your preferred hospital without worrying about the bill. You can use the loan amount to pay the hospital bill, buy medicines or therapies, or accommodate the travel costs associated with the treatment.
2. Using a medical loan for expensive treatment
Medical science has made drastic progress in the past few decades. Today, even the most dreaded diseases are treatable. Be it cancer or tuberculosis, heart blockage or liver transplant, most of the ailments are treatable today. But these treatments are very expensive, costing in lakhs.
Though you may have a medical insurance policy, insurance companies do not provide a complete end-to-end coverage. Also, if you do not have the cashless facility, then you have to bear with the initial costs and then you can raise a claim. In this case, a medical loan can be a smart choice. With online loan app, the lender allows you full flexibility to use the loan amount.
3. Use a medical loan for ancillary and non-medical expenses.
A bill from hospital will not only include your regular treatment related medical expenses but it will also include a lot of non-medical, administrative, and ancillary expenses. In addition to this, the attendant staying in the hospital with the patient will also have their own expenses. Even if you may have medical insurance, these expenses are not covered by the insurance company.
There are many additional costs that come with a medical emergency and most of these costs are unanticipated. That means you will not be prepared for this kind of expenses, but you will have to bear these from your own pocket. For covering all such kinds of costs, you can rely on a medical loan from an instant loan app. You can apply for this as and when needed, as it takes only a few hours for an instant cash loan to get disbursed.
4. Use a medical loan to cover ongoing medical expenses
Not many people realise this but a one-time medical loan can actually be used to cover for ongoing medical care costs. Whether you undergo a surgery or get cancer treatment or go through childbirth, you will require special care even after coming home from the hospital. Be it buying medicines, going for chemotherapy, getting nutritious foods, or hiring professional care takers, you can accommodate all these expenses with a medical loan.
Most of the time, people don’t calculate these costs and most of their savings are drained in affording the treatment. With an instant cash loan, you get complete flexibility of using the loan amount as and when you need it. You can also apply for small-ticket loans through a loan app and make the repayments as per your affordability.
5. Use a medical loan to pay hospital charges paid by credit card
This is a very good use of medical loan especially when the early treatment has been done using a credit card. Credit card debt is unbearably expensive because their interest rates and fees are always much higher than a medical loan. If you made the early payments in hospital using a card, then you can opt for a loan and pay the bill within the due cycle.
You can easily download an online loan app and apply for the loan within seconds. The process is made very simple and it requires very less documents to get the loan approved. An instant loan app offers much more affordable deals than any credit card and this way you will end up saving a lot of money in the long run.
In conclusion, a medical loan is a really smart financial choice that you can opt for paying your medical expenses. It is not only very affordable but also very flexible, simple and fast to obtain. So, rather than liquidating your assets or investments, go for a medical loan. In most cases, a medical loan will cost you much less than all the other options.