Medical Emergencies & its Cost
Medical emergencies are unwanted situations that come without any prior notice. Well, handling such situations is very difficult as it needs emotional and financial strength. Your health insurance plan and emergency funds can be your savior at that particular situation, but what if your emergency funds are not enough? Or what if you don’t have a health insurance cover. A majority of the Indian population still does not have any health coverage and depends upon their savings to meet any medical emergency.
In any medical emergency, saving the life of our loved ones is at the topmost priority irrespective of the cost. Money is not the consideration at that time and we want your loved ones to be safe at any cost.
The situation becomes difficult when you don’t have funds and getting money is the need of time.
To help you in such a situation we are providing you with the best options which can help you fight medical emergencies.
Emergency Fund
Emergency funds are the one which can help you a lot to tackle emergencies and can provide funds to fulfill sudden requirements and unexpected expenditures. These funds can be created easily by saving some money monthly from your monthly income. It is always suggested to keep your emergency funds liquid as solidifying it can minimize its value at time of emergency. So, it is a must to create an emergency fund.
How to build an emergency fund?
This is easy, as said above to create an emergency fund you need to save some money monthly. But remember, the fund saved should be of good amount then only it can help you meet emergencies.
For example- you earn ₹80,000 per month. So, to create an emergency fund of a decent amount, you need to save at least ₹5,000 or more per month. You can stop saving when your savings reach 1lakh or 2 lakh. Meanwhile, you can use the saved amount whenever you face any financial emergency and don’t have any funds to meet them.
Health Insurance
Well, I think till now we all know about health insurance and its coverage.
It is more likely as life insurance that provides cover for our health. The insurance provides us money for our treatment in a case when we need medical help. Against this, we need to pay monthly or yearly premiums depending upon your coverage and benefits. There are different types of health insurance some cover the only hospitalization while some cover criticalness and surgeries too. Bearing medical expenses are very difficult these days as they consume a lot of money. Hence, having health insurance can be a boon in such a situation.
Personal Loans or Instant cash loans
The introduction of Fintech companies has changed the entire process of lending & borrowing these days. The company provides instant loan facilities in which money is credited in your account in just a few hours.
These instant loans are a type of personal loan only but are available online. The process is simple which includes applying for the loan online through the lender’s website. The documentation process is also completed online by uploading the required documents on their website or sending them through the mail. The process is simple and takes only minutes to be completed. The approval process is also fast as it is done through automated software and algorithms which reduces the time consumption and manual effort. All this makes it easy for you to get the funds in the required time and loan is disbursed to you within 24 hours. Another major benefit of these instant loans is- these are totally unsecured and hence don’t need any collateral or security to back up your borrowing.
Medical Crowdfunding
Medical crowdfunding is the new and one of the best options to raise funds when you are in a medical emergency. Crowdfunding is a way to get financial support to raise funds online. For this, you have to go to any medical crowdfunding portal and share your details with the medical documents. Here anyone willing to donate can transfer your funds, moreover, many NGOs are active in it and help you raise funds for your loved one’s treatment. This funding option can help you fight monsters like cancer, kidney or liver diseases where you need to transplant treatment.
