The love of one’s family is the greatest gift and often the driving force of an individual. However, despite trying our best to protect them, often, unexpected medical emergencies can make us feel helpless. It could be a major accident or critical illness that could change your life instantly. While the entire family goes through emotional stress during a medical emergency, you have to handle the financial stress too. You could have medical insurance, but what if it is not sufficient? Unfortunately, a medical crisis topped with financial stress can unnerve you. Worry not, here are some ways to protect your family without stressing about finances.
- Calm down
Yes, it is an obvious thing to say, but it is a crucial one. You might be going all over the place, trying to manage the sick and injured and also arranging finances for the treatment. However, you must remember that you will be able to work more efficiently by not panicking. Talk to your family and assess your situation. Consider borrowing from your friends and family to keep the treatment going until you can arrange for funds.
- Assess your expenses
Discuss with your doctor and find out the amount you would need. You can calculate the cost of hospitalisation, medicine, post-surgery medical needs and other expenses. You can talk to the hospital administration to give you an accurate estimation of the total cost and find ways to arrange it. Often, doctors are empathetic and ready to help.
- Cumulate your resources
Similarly, gather your funds and assess the amount you can pay from your pocket. You might have to delay other goals to pay the hospital fees. Once you know how much money you can spare for the medical emergency, you will be able to look for alternatives.
- Consider asset liquidation
You can opt for liquidation of your assets. For starters, you can liquidate low yielding assets like fixed assets or assets which you do not use much often. While experts suggest against liquidating investments, you can do so during a medical emergency. However, ensure that you do not incur penalties for liquidating assets like bonds, etc. You can also opt for selling off gold or silver kept in bank lockers.
- Opt for a medical loan
During a medical emergency, a medical loan can be of great help. With a personal loan for a medical emergency, you can pay for the best treatments for your loved ones. As it is unsecured, you get the approval quickly without any delay. Also, you can use the funds of the loan for any need, be it for medicines, operations, doctor fees, etc. Moreover, you can repay the loan amount comfortably over a long period according to the tenure you choose.
A medical emergency can put you off guard and drain you financially and emotionally. But with a medical loan, you can ensure that your loved ones get the best treatment and care. A medical loan can be repaid comfortably over a longer duration saving you from the stress of paying back all money at once. Opt for a personal loan today!