Medical emergencies can come up anytime without any warning. During such a critical situation, you will require urgent finances in order to deal with life and death situations. Most of us are completely unprepared when medical emergencies come in our life.
During such emergencies, you would like to avail the best treatment and medical facilities, but finances can be a problem. With the help of money, you can get admission in the best hospital, arrange for the best doctor without worrying about the expenses.
While you can deal with minor medical issues through your personal savings, chances are it may not be adequate in case of a major medical emergency. In that case, you must opt for certain ways through which you can get money on an immediate basis.
Getting health insurance
You can buy a health insurance and be prepared for any medical emergency. A health insurance comes with cashless facilities, complete cover for you and your family and many other features which can help you get the necessary funds during an emergency without any hassle.
Using personal savings
You can create your personal fund by saving a certain portion of your income. This personal saving can help you in tiding off certain expenses during medical emergencies whenever it occurs. These savings can be in the form of fixed deposits, bonds, etc.
Borrowing from family and friends
In case of emergency, you can borrow some money from a friend, relative, or colleague to whom you may return on agreed terms.
Medical loan
While you are facing a medical emergency, it may be possible that your personal savings and insurance may not be able to cover all your medical expenses. To avoid a situation of money shortage, you can opt for a medical loan which will give you access to a lump sum amount quickly without causing any delay in medical treatment.
Use credit card
If you are a credit card holder and you have not crossed the spending limit, then you can get a credit card advance for dealing with medical emergencies. But before you use this option, you must know that credit card companies charge high-interest rates on the cash advances. A penalty will be charged if you do not pay back on-time. Hence, consider whether you can repay it before availing.
Overdraft facility
If you are a current account holder, you can use the overdraft facility to tide off expenditures arising out of medical emergencies. You will be able to pay urgent medical bills and other such bills that require urgent attention. Always remember to pay back the money on time.