If the last few years have taught us anything, it’s that health is wealth. The coronavirus pandemic has simply reflected that most of us lack the necessary preparations to take care of our health. It also taught us how important it is to have funds available to us for any sort of medical emergency.
Over the past couple of years, we’ve realized that the cost of anything remotely related to medicine can escalate at any time – and not just for the duration of infection, but for the management of post-covid complications. or post-discharge. Many of us also believe that having health insurance is enough to deal with an emergency. However, for many people, having 20L INR or even 30L INR coverage has become insufficient with lingering complications after recovering from covid.
The unexpected but increasingly relevant part of it all is that a medical emergency can strike at any time. And sometimes having health insurance coverage may not be enough. So, what other options have you considered if you were faced with an unexpected crisis?
There are indeed several considerations to choose from that go beyond health insurance and will help you secure funds instantly.
Personal loan: Although health insurance provides coverage for many illnesses, in some scenarios you may need to arrange funds from your own pocket. For example, many people have had to make arrangements to buy expensive drugs, vaccines, pay physiotherapists, etc., to deal with post-covid complications or for organ transplant patients because their stay at the hospital is longer. Often, the final amount paid by the health insurance company can be significantly less than what was claimed, leaving you on the hook. Therefore, you have another easier option to apply for a personal loan instantly and not expect more than a miracle.
ETH advance: If you have invested in an EPF, you can then benefit from a non-refundable advance on it for medical emergencies within the limit of your three months’ salary. Although many investment experts advise against using your retirement fund, if there is no alternative, then go for it.
Gold Loan: Many financial institutions now offer loans against your gold, which can be useful in the event of a medical emergency. However, you will have to go to the branch to hand over your gold, and there is always a significant risk involved when transporting expensive jewelry.
Loan Against FD: If you have invested in a fixed deposit system, you can take out a personal loan against it. Each bank has separate rules regarding taking out an online personal loan against FD, so be sure to check with yours in detail before applying.
Loan against shares: You can also use your actions for medical emergencies. You can use your investment in stocks, bonds, and stocks to apply for a loan to cover medical emergencies.
Credit card: If you have a credit card and the medical bills aren’t that high, you can always swipe your card and make payments later at your convenience.
Fintech loans: If you can’t get a credit card loan or a gold loan, you can also approach fintech owners to borrow funds for emergencies.
Borrow from friends or family: You also have the option of borrowing from friends or family. It is more convenient because you can repay them by mutual agreement. Often they lend money to cover medical expenses, but this is something that many people do not prefer.
Private lenders: When all else fails, people often turn to private moneylenders or loan sharks for quick funds to cover medical emergencies. However, this is not wise because the interest rate of this option is high.
Although there are many options available to you, a personal loan is easier to choose, you can also find a low interest online personal loan. It’s simple with less paperwork and helps streamline automated payments at a fixed interest rate. For example, many banks offer instant personal loans at affordable interest rates as low as 10.49%. So there’s nothing wrong with being nervous in an emergency, but being aware of all the options can help you make a smart decision without losing your temper.