Medical expenses have skyrocketed. This has happened due to the state of the art technology and health facilities provided by various hospitals in India. Medical expertise doesn’t come cheap as well. The medical cost easily fluctuates from Rs. 2,00,000 to Rs. 5,00,000, and even more.
Medical Loan in India
Majority of salaried individuals in India do not receive a medical insurance from their employers. Many of us don’t feel the need to get medically insured at an age where we feel we are hale and hearty. What’s the point of medical insurance? Many of us think, “Why should we spend a part of our monthly savings on a medical insurance?” That cash can be spent elsewhere.
When going for a medical insurance, the applicant’s age, health history, past diseases and present medical condition is taken into account. That does not happen for a medical personal loan. Another issue cropping up is the extent of coverage offered for terminal illnesses such as cancer. Midway through the treatment, the medical insurance cover could run out.
Many of us are salaried and have never given a serious thought to medical expenses or an emergency fund. We know life is unpredictable, there are highs and lows. High is when we see our career and personal life get a green day, and low is when we are struck with ailment or an accident that hampers our chances of reaching our life’s goals.
A financial cocoon is therefore needed in order to help us get out of tricky medical emergency situations. A medical loan falls under the category of a personal loan. They can be availed for obvious medical contingencies such as health scares, medical needs, surgery procedures, therapy or any other grave health concerns.
Being an unsecured type of loan makes a medical loan apt for emergency situations. Not everyone can afford a really solid health insurance plan which will protect you from all possible medical uncertainties. Medical expenses may include anything from medical prescription bills to hospitalization bills.
A work hard, party harder lifestyle might seem full of bliss, but a sudden health scare can knock your carefree attitude into oblivion. We all are working so hard in our professional lives trying to reach new heights in our career. We are working non-stop, looking at different opportunities in life where we can excel and do our best. We are engrossed in so much that is happening in our lives, that we turn a blind eye towards health – both ours and that of our loved ones.
7 Expensive Medical Procedures
A medical emergency need not be for a short-term ailment. Expensive medical treatments in India include transplants and other aggravating ailments. Let’s look at 7 such expensive treatments in India wherein the expenses range from Rs. 2,00,000 to Rs. 5,00,000.
- Intestine Transplant
The transplant of the intestine is performed to replace the dead intestinal tissue, with live tissue from the donor. The intestinal tissue gets affected either due to the growth of a tumor or due to an ailment directly affecting it. Intestinal diseases are at times accompanied by liver failure. They are also performed in conjunction with a liver transplant. This can increase your medical expenses bill even further.
- Heart Transplant
Heart transplants are complex surgical procedures. The preparation for the transplant is lengthy thanks to its complications. This also makes it an expensive treatment with only specialized doctors capable of performing a heart transplant. The expensive procurement of the organ also adds to the expense.
- Bone Marrow Transplant
Bone marrow transplants are performed with a donor’s marrow being planted over an affected marrow. Finding a donor for the bone marrow transplant can lead to delay in the procedure. The complications that arise are also common. The risky nature, lengthy preparation time and extensive recovery period make the bone marrow transplant massively expensive treatment.
- Lung Transplant
For patients who are suffering from lung diseases such as cystic fibrosis or emphysema, a lung transplant is possibly the last resort. The waiting list here is again long, with the availability of the organ sometimes proving difficult. The lengthy period of stay at hospitals, make the expenses list longer.
- Open Heart Surgery
Heart diseases are common and thus, an open-heart surgery becomes a common procedure to perform at leading hospitals across India. It is considered an expensive medical procedure because often times it is an urgent surgery to perform. A lot of post-surgery complications, care and follow-up make it an expensive procedure to recover from.
- Retina Surgery
When it comes to the retina, the skillset and equipment needed are top notch. When lesions on the retina of the eyes are removed (also known as retinoblastoma), the risks are great. The lengthy recovery period and expensive follow-up makes this feature on the expensive procedures list.
- Tracheotomy, Pancreas & Kidney Transplant
Transplants of the pancreas and kidney are expensive due to the risk, recovery and preparation. A pancreatic transplant is performed in case of the patient’s renal failure, whereas a kidney transplant is performed to replace an ill-functioning kidney. A tracheotomy happens above over the neck, allowing patients to breathe either temporarily or permanently. The after-care bills are high with regards to tracheotomy.
Medical Loan at Loan Singh
The unsecured aspect of a medical loan in itself makes it a potent financial solution in dire straits. Suppose you remove the offline paperwork, delayed verification, repeated trips to the bank and delayed approval, from the medical loan availing process.
And then you turn the process online, with only 3 documents (to be uploaded), an approximately 10-minute application process and doing all this from the confines of home. These features, my friends, make an online medical loan even faster to avail.
An online medical personal loan is a fantastic option during times of medical duress. Sometimes, your savings might not cover an expensive medical procedure or a prolonged treatment. You might sometimes need to supplement your emergency fund with a shot of cash from other sources.
You might sell your hard-earned property or break some investments, and if all this does not work, then you might think about applying for an online medical personal loan. It is true that a number of traditional lending institutions provide medical loans. But, isn’t an emergency medical loan synonymous with quick, instant and less paperwork?
The doctors might need you to pay the cash up-front or pay each day as the treatment goes. In such cases, applying for a medical loan through manual applications and waiting for a long overdue approval makes no sense.
In India, health insurance is definitely popular, compared to an online medical loan. This is simply because we have fit this point inside our mind, that a medical insurance is actually cheaper, but that is not the case. A medical loan can be availed and then paid to a doctor/medical institution upfront. This obviously makes a medical loan scalable for a number of health ailments.
So, what’s the best source of emergency medical funds during accidents? How can you pay the doctor’s fee towards lengthy treatment? How to apply for an instant medical loan? Are there any online medical loan providers in India? The answer to these questions is…Loan Singh.
Medical Loan Eligibility
The eligibility criteria for an online medical loan with Loan Singh are:
- Salaried (receiving a monthly salary directly into your bank account)
- Indian and above 21 years of age
- A credit-worthy repayment history
- No collateral needed
Benefits of Online Medical Loan
The benefits of applying for an online medical personal loan are the same as that of applying for an unsecured personal loan online. And because you can apply for it online, you have the freedom for applying for it from the confines of your home, hospital lobby, outside the doctor’s consultation room or the operation theatre. Its benefits include:
- A medical loan is affordable
- You get an instant loan pre-approval
- There is no security deposit
- There is no collateral involved
- You pay easy EMI repayments
- The application process is fully online