If the last few years have taught us anything, it is that health is wealth. The coronavirus pandemic simply reflected that most of us lacked the necessary preparations to take care of our health. It also taught us how important it is to have funds at our disposal for any sort of medical emergency.
The last two years saw us realise that the cost of anything remotely related to medicine can shoot up anytime – and not just for the duration of infection, but for managing post-covid or post-discharge complications. Many of us also think that having health insurance is enough to tide over an emergency. However, for many people, having coverage of INR 20L or even INR 30L became insufficient with ongoing complications after recovering from covid.
The unexpected but increasingly relatable part of it all is that a medical emergency can happen at any point. And sometimes, having health insurance coverage may not be sufficient. So, what other options have you thought about if faced with any unexpected crisis?
There are indeed, several considerations to choose from which go beyond health insurance and will help you secure funds instantly.
Personal Loan: While health insurance will provide coverage for many diseases, in certain scenarios, you may have to arrange for funds out of your pocket. For instance, many people had to arrange for expensive medicines, vaccines, pay for physiotherapists and such, to treat post-covid complications or for patients with organ transplants as they have a longer hospital stay. Often, the final settled amount by the health insurance company might be significantly lower than what was claimed, leaving you in the lurch. Hence, you have another easier option to apply for a personal loan instantly and not wait around for more than one miracle.
EPF Advance: If you have invested in an EPF, then you can get a non-refundable advance against it for medical emergencies up to your three-month salary. Although many investment pundits advise against using your retirement fund, if there is no alternative, then go for it.
Gold Loan: Many financial institutions now provide loans against your gold which can be helpful in medical emergencies. However, you will have to travel to the branch to hand over your gold, and there is always a sizeable risk involved while transporting expensive jewellery.
Loan Against FD: If you have invested in a fixed deposit scheme, you can take a personal loan against it. Each bank has separate rules about taking a personal loan online against FD, so make sure to check with yours in detail before applying for it.
Loan Against Shares: You can use your shares for medical emergencies as well. You can use your investment in shares, bonds, and stocks to apply for a loan to cover medical emergencies.
Credit Card: If you have a credit card and the medical expenses aren’t that high, you can always swipe your card and make payments on it later at your convenience.
Fintech Loans: If you cannot take a credit card loan or a gold loan, you can also go to fintech owners to borrow funds for an emergency.
Borrow from Friends or Family: You also have an option to borrow from friends or family. It’s more convenient as you can repay them as per mutual agreement. Often, they lend the money to cover medical expenses, but this is something that many people don't prefer.
Private Lenders: When all else fails, people often turn to private lenders or loan sharks to get quick funds to cover medical emergencies. However, it is not wise as the interest rate for this option is high.
While there are plenty of options at your disposal, a personal loan is easier to choose from, you can also find a personal loan online at low-interest rates. It is straightforward with less paperwork involved and helps in streamlining automated payments at a set interest rate. For instance, many banks provide personal loans instantly at affordable interest rates as low as 10.49%. So, it’s okay to be nervous during an emergency, but being aware of all the options can help you make a wise decision without losing your cool.
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