Undergoing treatment for a serious medical condition can be a harrowing experience. But it is nothing compared to dealing with the massive medical loan you are left with afterwards. Medical care is expensive. If your insurance does not cover it, you might be in a soup. But you can make things easier by applying for a Personal Loan for debt management. A Personal Loan can give you the necessary financial support as you get medical treatment.
A Loan to Pay Off Your Medical Bills
Most hospitals will insist on a one-shot payment. So, you may need to use a credit card. A few hospitals offer a spread-out repayment plan. In essence, you are taking a loan for a medical emergency from the hospital itself. The thing is, a Personal Loan would be cheaper than credit card or hospital debt. That is because you can expect to pay a far lower interest for a Personal Loan. For debt management, therefore, it is prudent to go for a personal medical loan.
Kavita needed hospitalisation for several days after getting dengue. She soon ended up with a huge bill. She was at her wit’s end about how to repay the bill. Her colleagues advised her to take a Personal Loan. Kavita followed their advice and it made the entire process much easier for her.
Are you wondering how to consolidate your medical debt? Here is what you should do:
- Check Your Bill: Many people make the mistake of assuming the hospital bill is error-free. Unfortunately, whether due to bad practices of the hospital or negligence, overbilling is common. If you do not check your bills minutely, you could end up paying multiple times for the same service.
- Check Your Insurance Plan: Before you rush to figure out how to pay your medical bills, see if your insurance covers any of it. Insurance policies are often tricky. Read your policy document. You may find that some, if not all, of the procedures or tests, are covered.
- Compare all Your Options: Even if you can afford to pay your entire bill in cash, this will take a large bite out of your savings. Credit card is another payment option, but it charges a high interest rate. Your hospital may provide a repayment scheme. These schemes are generally inflexible and may be expensive. If your credit rating is healthy, the best option might be a Personal Loan.
- Identify a Good Loan Provider: Many financial companies offer medical loans at reasonable rates. Be sure to go for a provider with a good reputation. You will save a lot of headache in terms of documentation and loan processing.
- Make Sure your Credit Record is Clean: Pay all your loans, bills, EMIs, credit card dues, and other payments on time and in full. Maybe there has been some default or delay in the past but you have resolved the issue with the creditor. In that case, coordinate with them and with the rating agency to get the incident removed from your records.
- Check your Personal Loan Eligibility: Apart from a high credit score, your income, employment record, and past experience with the lender affect your eligibility. Have you successfully taken and repaid a loan from a particular lender earlier? If so, you may be eligible for a bigger loan from them.
- Gather all the Documents Required: These will include your original bills, discharge card, prescriptions, test results, and the filled-in loan application form. Other documents required will be listed on the loan provider’s website.
- File your application: You can upload it on the lender’s website with scans of all documents. Or, you can courier your application to their office.
Now sit back and repay your medical loan gradually. After all, when you are recuperating from an illness, you do not need the added stress of an unwieldy loan. It is a much better idea to consolidate all your dues under one loan and repay it at your convenience.