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With a wide variety of Loans and Insurance covers readily available in the market today, you are bound to be confused about which to choose and which would be most beneficial for you. Today let us try to simplify the usefulness and advantages of medical personal loan and health insurance. It will help you evaluate and work out, as to why a medical personal loan is a better bet over medical insurance.
As the name suggests, a medical loan is an unsecured personal loan, whereas health insurance is an insurance tool.
A medical personal loan can be availed for procedures that are usually not covered under the normal health insurance policy.
It comprises of the cost for medical treatment and surgeries for the insured individual. Usually, insurance companies pay directly to the hospital known as a cashless transaction, while in other cases you need to pay the amount initially, which is later reimbursed.
A medical personal loan has a faster approval and disbursed quicker which makes it more favorable as compared to health insurance. During any medical emergency, the minimum documentation comes as a big relief.
For availing the insurance, a high premium has to be paid, beforehand, which may or may not be used before the term period ends. The medical personal loan has been recently introduced in the Indian market so it can be availed at the best interest from the available competitive rates. The repayment options too can be worked out for medical Instant Personal loans.
Often medical insurance only covers major illnesses and surgeries. Even procedures like cosmetic surgery are not applicable, and often you end up paying for both the insurance premium and the hospital expenditure. Whereas, a medical personal loan can cater to your requirement for cosmetic surgery, fertility, and dental procedures, etc. A medical personal loan covers even STDs (Sexually Transmitted Diseases), AIDS (Acquired Immune Deficiency Syndrome) or Cancer such as Leukaemia or many brain-related ailments, which any medical insurance won’t.
A medical personal loan can be taken as and when required.
If a medical emergency arises and the insurance amount is used, it cannot be reused in the same year again.
When you carry a medical insurance cover, the hospitals often do not give discounts and try to use the whole amount. Whereas, hospitals give discounts for those paying up themselves.
For Health insurance you have to pay the high premium every year, irrespective of having claimed the insurance or not. A medical Personal loan is taken only when you require cash for treatment. It can be availed for an OPD or surgery or any small procedure.
Health insurance is easily available to individuals who are healthy and fall in the younger age bracket, as they have no or lesser medical history. A high-risk individual who has undergone major surgery or been treated for cancer or other major ailment survivors. Rationally, such individuals would require health insurance for the treatment, but are refused as they fall in a high-risk factor. Whereas, a medical loan can be availed by any individual, regardless of the current or past medical history. There is no such limitation for applying for the medical personal loan even if it is a high-risk individual.
For health insurance, only the specified ailments and surgeries which fall under the agreement are covered. In case of any other medical emergency, the individual would have to bear the cost. Alternative treatments like the Ayurveda and Homeopathy are covered by only a few medical insurance companies. Whereas, under the medical loan one can take the amount according to their treatments and requirements. It can be used to pay the doctor’s fees, hospital bills such as admittance, surgery, ICU charges, etc.
Under a medical insurance policy, the individual can avail of the services with only partner hospitals. While with a medical personal loan, you can get treatment from any hospital as per your requirements.
Additional Reading- 9 Requirement For Which You Can Apply For Instant Personal Loan Online
