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Is health insurance a good long-term investment?

on Jul 3, 2021

Investing in your health is a wise choice as medical emergencies can happen at any time. They often occur when you least expect it. With the rising cost of medical services in Singapore, it is  good to have health insurance coverage till your golden years. Healthcare in Singapore comes with a premium price as we are ranked one of the best in the world for healthcare services. 

Healthcare cost in Singapore

All Singaporeans and permanent residents are covered by Medishield, which is a mandatory national medical insurance scheme that reduces the out-of-pocket burden for Singaporeans and permanent residents. A typical policy would cover hospital ward charges including doctors’ fees and any prescribed medication. If you have purchased private health insurance and depending on your policy type, you might also be able to claim the loss of income while recuperating. Some long-term healthcare policies (eg, long-term care insurance) can also pay for all ongoing treatments and replace part of your lost income permanently. These are some of the benefits that come with certain health insurance policies.

 

You can easily rack up hundreds of thousands in medical bills in Singapore and not everyone can afford upfront lump sum payments for certain medical treatments (like cancer, implants, etc). Your health insurance might not be able to cover large expenses and certain medical treatments. This might take a toll on your emotional and mental health as well as thinking hard where to get the funds for these unexpected medical bills. Well, the good news is that you are able to get a medical loan in Singapore from a legal money lender.

 

Taking a medical loan in Singapore can be a lifesaver at such challenging times. Medical loans are considered unsecured personal loans, but are designed for medical expenses that are not covered by existing health insurance. In an emergency, you cannot depend on the withdrawal limits for claims under your healthcare insurance as the insurance companies will take some time to process your claims. 

What is a medical loan?

A medical loan is supposed to fund your medical costs not covered by your health insurance.

If you take a medical loan in Singapore, you can take the stress and burden off your finances so that you can concentrate on your treatment and recovery. In certain situations, where Medisave and your health insurance do not cover certain medical reimbursement such as daily living expenses during your treatment, a medical loan from a money lending company in Singapore would definitely come in handy. 

Why should you get a medical loan from a legal money lender?

Most people turn a private money lending company in Singapore for medical loans because of its quick and convenient process. Banks are more stringent in their approval process and getting a medical loan will take a longer time as compared to a legal money lender. Most of the money lending companies in Singapore do not require medical documents and receipts justifying the medical condition, and they are also lenient in the credit score requirements.

Fast approval process

Getting a medical loan in Singapore from an online legal money lender is seamless as the process is simple. Just follow the steps online and upload all your documents such as income source, proof of residential address, and NRIC. Once approved, the medical loan will be disbursed accordingly. Since medical loans are required urgently, the lender will get fast approval.

Flexible repayment terms

Legal money lenders will provide medical loans based on fixed interest rates. The repayment tenure is flexible and lenders have an option to choose the repayment terms based on their financial situation. Most reputed money lending companies in Singapore will provide a loan according to the lender’s financial requirements. 

No collateral required

Since medical loans are considered unsecured personal loans, lenders can obtain these loans easily without any collateral. The purpose of the medical loan is to cover unexpected medical costs which are not covered under your health insurance. Obtaining such loans from legal money lenders will ease both your financial and mental burden. 

It’s good to have health insurance coverage in the long run as medical loans are just one-off loans that are taken over and above your existing healthcare coverage. These medical loans are taken up to cover emergency medical costs that are not covered by your healthcare insurance.

At R2D Credit, we provide a range of loan options available to suit your personal and financial needs. Are you in a financial crisis because of rising healthcare costs? Call us today to discuss your options.