Know the Benefits of a Medical Loan over Health Insuranceby Anamika Verma Advisor
Our hectic lifestyle has added an unnecessary strain on the health aspect of our being. The more we work, the less time there is to take care of yourself.
That is why Medical Loans and health insurance are so much in demand these days. We usually go for health insurance without thinking about its advantages and disadvantages. It generally happens due to the lack of knowledge when it comes to available alternatives.
The only way to truly understand the more feasible option is by comparing alternatives against each other. Get an insight into the benefits of medical loans over health insurance.
1. Approval process
You cannot afford to waste time when there is a medical emergency. Every second spent during the approval process can prove to be critical, which is why opting for a Medical Loan is highly recommended. Here the biggest drawback of health insurance is the amount of time it takes to get your membership activated. All in all, medical loan approval beats health insurance when it comes to the process timing.
2. Coverage criteria
Health insurance has a lot of criteria that a person needs to meet in order to enroll successfully. These factors can include your medical history, age as well as your current health condition. However, medical loan benefits do not contain any such discrepancies. It is an alternative which is available to everyone. Even if you are suffering from a life-threatening illness, you can still utilize funds which are acquired through a medical loan. It gives you a thing to fall back on.
3. No installments
Have you ever wondered what happens to the amount that you keep paying as your health insurance installment? The answer is it goes to waste entirely, even more so, if you do not make any health insurance claims during the year. In other words, you are merely spending money to feel good. It is yet another reason why people prefer opting for personal loans. Not only is Personal Loan interest rates lower than regular health insurance installment. But you also end up paying them only when you have taken a loan.
4. Only finance
A medical loan is mainly about accumulating funds in case of an emergency. But health insurance is a combination of various factors that might not be ideal for every individual. To put it in a clear perspective, if your requirement is a one-time thing only, then you should not waste your money on taking health insurance. Instead, a medical loan is the more convenient way to go in such situations.
5. No usage limits
Unlike a medical loan, health insurance has a lot of usage limits. These criteria are pre-determined by the insurance agency. Also, it does not give you the flexibility that you might require in case of a medical emergency. Apart from this, only a particular section of people can use insurance due to such strict limitations. These factors are usually mentioned online in the health insurance checklist section.
Created on Sep 10th 2018 01:09. Viewed 549 times.
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