How To Fund An Unplanned Medical Emergency?

There is never a good time to have an emergency of any sort; not in the least a medical emergency. Not only are health concerns paramount during such a situation but more often than not they also tend to pose major financial issues both for the patients and their family. After all, medical expenses do tend to be incredibly costly and the urgent and unavoidable nature of such expenses means that you do not shy away from breaking the bank in case you do not already have a source to fund them. However, what if there isn’t any bank that you could break? What if you do not have an investment or an asset that you could liquidize? How do you then fund an unplanned medical emergency? Well, here’s how.

Health Insurance Policy

A health insurance policy (or a Mediclaim policy as it is popularly known) is a very practical and effective solution for covering unexpected medical expenses. It provides a cover for expenses incurred for treating most major medical issues and also accidents.

However, a lot of insurance companies do not cover existing medical problems or if they do, they charge a heavy premium for it. This might prove as a deterrent for you if you are already diagnosed with a medical condition that could metamorphose into a much more serious health problem. And more often than not, the major cause of grave health complications (and hence the medical expenses) are those trivial and supposedly benign issues. So before you decide to invest in a health insurance policy, make sure you are clear about the terms of the policy.

Personal Loan

If you do not have a health insurance policy to fall back on, or if the policy does not facilitate ‘cashless’ treatment, your best and the most convenient option is to Apply for HDFC Personal Loan or other Personal Loans. Every bank and NBFC in (Non-Banking Financial Company) India provides Personal Loans for medical purposes. These loans are available for a short to medium term and the loan tenure may even run up to 60 months if you so wish. In an urgent situation, like a medical emergency is, borrowing a Personal Loan provides you with the requisite funds almost instantaneously and ensures that a tricky situation does not snowball into a full-blown crisis.

Unlike previously, when loan approval and disbursal processes used to be painstakingly slow and tedious, you could now avail of a Personal Loan through a speedy and hassle-free process. The interest rates too are at an all-time low and borrowing personal loans has never been more affordable. Pre-approved loan offers are readily available and hence you do not need to waste precious time seeking and awaiting a loan approval if you need a Personal Loan today.

Also Read: How Can You Calculate Your Personal Loan Eligibility Using MyMoneyMantra’s EMI Calculator?

You could find dozens of pre-approved Personal Loan offers on India’s premier online financial service provider www.mymoneymantra.com. At MyMoneyMantra, you would find the most cost efficient Personal Loan offers that are handpicked by their team of experienced professionals in accordance with your requirements. With loan offers from India’s leading banks and NBFCs, you have a plethora of options to choose from and you could select the one that works best for you. All you need to do is submit an online application along with the requisite documents and the loan amount would be disbursed within 48 hours.

Low interest rates, instant approval, minimal documentation and quick disbursal of funds make the Personal Loan an extremely viable option during a medical crisis. It also saves your investments from being liquidised and prevents your financial arrangements from being disrupted.

Emergency Fund

The most affordable and uncomplicated way of funding an unexpected medical expense is to create an emergency fund for it. Try and set aside a proportion of your income every month and allocate it to an emergency medical fund. This would make sure that over time you accumulate enough funds by yourself to be self-sufficient in a crisis situation. You could open a separate savings account for the purpose to ensure that the fund is segregated from your other savings. A separate account would also enable you to keep a track of your position and evaluate your efforts.

This though is easier said than done. You never quite know when an emergency medical situation may arise. There is no certainty that you’d have saved enough money when the situation arises. You also can’t ascertain the magnitude of the expense. However, this should not hold you back from creating an emergency fund. Any amount that you save is only going to help you in a crisis situation. Even if you need to borrow a personal loan for medical expenses, you would need to borrow a lower amount.

An unplanned medical emergency is always an unpleasant situation to deal with. But these methods of funding the emergency expense would ensure that all your worries are strictly medical and not financial.