3 Reasons to Get a Medical Loan in Singapore

Falling ill is a major concern for many, and it can get worse when an emergency occurs and one doesn’t have the funds to pay for the massive medical bills. While most Singaporeans are covered by a mix of health insurance and MediSave and MediShield, medical loans serve to bridge that additional gap when you require funds urgently. Read on to learn the three reasons why medical loans in Singapore safeguard your health.

What are medical loans and how do they safeguard your health?

Medical loans are short-term loans with low interest rates, aimed at providing swift access to funds to allow you to pay off medical bills and related payments, ranging from medicine to surgeries and hospital charges. They are particularly useful for people with limited MediSave funds and savings, as well as those who may find themselves diagnosed with chronic conditions that may significantly impact one’s finances in the long run. Medical loans in Singapore offer more benefits beyond just paying upfront for various medical needs. Here are three of them.

1. They tide you through the waiting period

Many of us may have extensive health insurance coverage that fully pays for our medical costs. However, most medical bills need to be paid upfront, because of the paperwork to process. Once that is done, the cash can be released into our bank account. This can pose a major issue for people who may not have enough funds on hand or in their savings, delaying their ability to receive the healthcare they need.

This is where medical loans complement health insurance coverage as you can easily foot miscellaneous bills such as consultation fees and various treatments and therapies, giving you time to recover even before your health insurance pays out.

2. They allow you to maintain your finances

Chronic and severe medical conditions often bring unexpected and towering medical bills, such as paying for multiple rounds of treatments and surgery. This disrupts families’ carefully planned expenses from their salaries, and the percentage that goes towards paying loans, medical bills, and household expenses. This can lead to extensive stress for family members, affecting everyone’s mental health even more than it already is with the medical emergency in the family.

With a medical loan, family breadwinners can rest easy and focus on their jobs so they can help out financially. This helps to improve their mental health during this trying period for all family members.

3. They provide additional health coverage

Having a health policy is great, but it is not 100% foolproof. For example, Medisave doesn’t include A&E and ambulance transport coverage, while general health insurance does not always include insurance riders to lower the upfront costs of your hospital bills. In such scenarios, your health policies may not be enough to pay for your bills.

Medical loans in Singapore help resolve that issue with a prompt and timely supply of funds.

Looking to apply for a medical loan? Contact us at R2D Credit and we will be happy to walk you through the process.