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Medical bills, especially the unexpected ones can put a significant hole in your pocket and wipe out all your savings in go. And many a time, even your savings may not be adequate to meet emergency hospitalisation costs. Rising medical and health care costs mean that sometimes even health insurance may not be adequate to fund your medical bills. What to do in such a scenario? You need to look for alternate funding options like personal loans that can help you pay off your medical bills in 2021.
Funding Options for Medical Bills
Health issues can occur at any time or age and result in unexpected expenses that need to be funded immediately. Here are some tips to pay off your medical bills in 2021.
- Use Your Medical Insurance– In today’s world when lifestyle diseases like diabetes and heart problems have become quite common and hospitalization is becoming costly it is wise to take medical insurance. Having health insurance will ensure that you can meet a significant proportion of your medical bills and do not have to pay interest on instant personal loans or other forms of borrowings.
- Use Your Savings– Saving for emergencies should be an essential part of your financial planning. So, keep aside a fixed percentage of your income every month for funding any kind of emergencies. These savings can prove to be incredibly useful for paying off your medical bills.
- Take a personal loan- Personal loans are unsecured loans that do not require any kind of collateral. The eligibility criteria for personal loans are minimum age and income levels besides a good credit score. Instant personal loans can be applied from anywhere at any time and offer easy access to funds that can be used to meet your medical bills and other emergency fund requirements.
- Use a credit card- Credit cards offer you access to credit for a short time without interest. However, if you are unable to repay the amount by the due date for a billing cycle, the same is carried forward and attracts interest charges. Credit cards are useful tools for paying emergency medical bills and saving the life of your loved ones. You can even use them to fund your post-hospitalisation expenses like medicines and therapy charges.
- Borrow from Friends and Family- Medical emergencies can be dealt with if your friends and family are there to support you both with their physical presence and monetary help. You can borrow from your friends and family and pay off your emergency medical expenses.
If you have adequate savings to fund your expenses, well and good. But if you do not have adequate savings or your insurance policy does not cover the concerned ailment, you need to resort to other means like personal loans. You can choose the tenure of your loan based on your ability to repay the amount. Use a personal loan eligibility calculator to know your EMIs and plan your finances accordingly.