It is said that the love of a family is life’s greatest blessing. You want your family to always be happy and healthy. However, unexpected medical emergencies in the family can not just play havoc on you emotionally but can also be a great financial drain.
In case of certain critical illnesses that may need extended hospitalization and extensive treatment, your health insurance may fall short. With medical expenses already being a burden, regular expenditures may also seem difficult to manage. However, there’s light at the end of the tunnel. Here are a few ways to protect your loved ones if you and your family experience medical and financial emergencies:
1. Assess your financial situation calmly
Panicking won’t help. This is the time when your emotions may get the better off you, but you have to rein them in. Assess the situation and discuss it with your family. Together with them, you can see the challenges and begin identifying possible solutions. For example, some people may choose to take financial aid from friends and extended family while others may find it more feasible to opt for a personal loan.
2. Prioritize your expenses
In case of a financial emergency, learn to prioritize your expenses. While some expenses such as food, rent, etc., are unavoidable, others such as entertainment and luxury purchases can easily be put on hold for a while. You can also look at ways to save more. For example, eat at home more often or look for ways to save electricity, etc.
3. Get a precise estimate of the medical expenditure
If the looming medical expenses have you worried, request the hospital administration to provide you with an estimate. Once you have that, look for ways to arrange the funds you are short of. Doctors often empathize and are willing to help you better understand the situation, whether medical or financial.
4. Consider liquidating your investments
While financial experts often suggest that liquidating investments during a financial or medical emergency should be avoided; in certain cases, it may be the best option. If you have enough investments, they can serve as a quick way of accessing funds without having to rely on anyone else. However, remember that if you prematurely withdraw investments from bonds or fixed deposits, you may incur penalties in the form of reduced interest rates.
5. Explore personal loans
Did you know that you can easily avail a personal loan for medical emergency? During any emergency, a personal loan can be a great way to manage your expenses. Not only does a personal loan offer the benefit of fast access to funds, but there is also no need for any collateral to avail it.
Most companies offering personal loans have streamlined procedures, enabling quick disbursal. Thus, by availing a personal loan, you can easily tackle emergencies. If you have a good credit history and score, a personal loan will be available to you at a much lower personal loan interest rate than other alternatives (credit card, money lenders, etc.). Make sure that you also have a proper plan in place to pay the EMIs later.
6. See if you can avail medical loan
Another easy and quick way to arrange for money in case of a medical emergency is a medical loan. These days, many companies offer medical loans that provide flexible repayment options. These can not only be availed for hospitalization expenses but almost all medical and dental procedures.
A medical loan is a form of a personal loan through which you can access the much-needed funds during a medical emergency. While health insurance may not cover certain ailments or treatments, (depending on the nature of the insurance and incumbent terms and conditions), a medical loan can be availed for all treatments, surgeries, prescriptions and hospital bills. Tata Capital offers such loans at competitive interest rates and repayment schemes tailored to suit your needs.