How to Handle Medical Expenses Amidst Covid 19?
COVID-19 pandemic has proven the established fact again that life is so uncertain. It has caused an unpredictable chaos in everyone’s life. This life threatening disease has spread so rapidly that everyone feels shattered and the economy has crumbled to the knees. Lakhs and crores of people have lost their jobs, others are facing cuts in their salaries and delayed payments, businesses are seeing downfall, rising prices of essentials, educational expenses of children, and if that is not enough, a steep rise in medical expenses seem to have broken us completely.
Families are so devastated by the effects of COVID-19 that they are leaving no stone unturned to save the lives of their loved ones. People have spent their life savings, many of them have sold their properties to meet the costs of life saving facilities.
Though the curve of the second wave has started coming down, the challenge does not seem to be over yet. Experts are predicting the third wave of the pandemic too. How crucial are the times, need not be explained. So, let us learn how we can handle our medical expenses amidst COVID-19 pandemic.
Buy a Medical Insurance Policy
The times are so crucial that everyone is thinking about the safety and the measures one can take for a medically secure future of the family. If you have health insurance for your family, it will serve as a major relief in the testing times. Hospital expenditures are so high these days still everyone wants the best treatment for their family. No one wants to lose their loved ones due to lack of the funds. So, buying a medical insurance policy for the family will be a great help during times of distress as it will minimize the financial burden to some extent.
Things to Keep in Mind While Purchasing a Medical Insurance Policy
Here are a few things one must keep in mind while purchasing a medical insurance policy:
Policy Offering Ample Coverage
While selecting a plan, always look for the plan which gives the maximum coverage amount. COVID-19 treatment is quite expensive at times. So, select the plan which provides maximum coverage to the expenses of hospitalization and other medical needs. Amount should be based on the number of dependents, financial status, etc.
Premium Options Which Suit You the Most
As most of us are facing serious financial issues, it will be advisable that you look for a health insurance plan with low premiums but at the same time which provides sufficient coverage. The plan should serve as a support not a burden on your pocket. So, keep your financial status in mind and select a plan with affordable premium and ample coverage to your family’s needs.
Choose a Reliable Insurance Company
Always check about the authenticity, legitimacy, claim settlement ratio and the financial standing of the company. You can check the plans provided by the company online, read the reviews, compare the plans, and get all the information about the plans, benefits and features of the plan before making the decision.
After-Sale Service and Claim Settlement
Customers’ reviews provide a true picture about the company. So, read the reviews about the after sale service, claim settlement history, etc. and make your decision. During these stressful times, everyone wants the hassle-free settlement of the claim within the minimum time period.
Apply for an Instant Personal Loan to Handle Medical Expenses
Buying an insurance policy and getting its benefits is not possible immediately. There is a waiting period before you get its benefits, if you are a new buyer of the policy. It might not cover all your expenses too. In that case, getting a personal loan is the option. Fintechs are providing easy and quick loans which help you to meet your expenses in the shortest period of time. Short term loans with low interest rates are becoming popular.
Benefits of a Personal Loan for Medical Expenses
Personal loans are quite beneficial in comparison to the medical insurance policies.
Quick and Easy to Avail
When there is a health emergency, everyone needs a loan as early as possible. Urgent personal loan the solution to address the need in the minimum possible time. You need not make innumerous visits to the offices to get the approval. You can apply for the loan online and get the approval after a few formalities.
Helpful in Emergencies
Many times, hospitals refuse cashless insurance claim facilities. It becomes difficult to arrange large amounts of cash quickly. That is the time when these fintech companies like Zavron come to your rescue. Because these loans are unsecured loans, you don’t need any collateral for them. These loans are available for salaried and self employed individuals both.
Tie-up with Hospitals
Many fintech companies have tie-ups with hospitals. In that case, companies provide interest free loans to the customer. In this situation the cost of interest is borne by the hospitals. This is a win-win situation for everyone. Occupancy levels increase for the hospitals, fintechs get new customers and the customer gets interest free loans in the time of need.
One Loan for Various Medical Needs
Once the loan is approved and the loan amount is disbursed in your account, you can use it to pay for the tests, surgeries, medicine costs, hospitalization charges, ventilators, etc. You can use it for ambulance charges or post discharge expenses too which may include diet expenses or other needs.
Conclusion
No doubt that the times are tough but there are still options available which can help you sail out of the grim situations. To handle the medical expenses during COVID-19 pandemic, you should have insurance cover. No matter if you have insurance or not Medical loans or personal loans are always there for you. Only thing you need is a good credit score and credit history.
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