on Feb 9, 2021
Falling ill is a major concern that many people have, and it can get further exacerbated when an emergency occurs and one has insufficient funds to pay for the growing medical bills. While the bulk of Singaporeans are covered by a mixture of health insurance and MediSave plus MediShield, medical loans serve to bridge that additional gap when you require funds urgently. Read on to learn more about medical loans in Singapore and how they safeguard your health.
What are medical loans?
Medical loans in Singapore are short-term loans with low interest rates, aimed at providing swift access to funds to allow you to pay off medical bills and various payments, ranging from medicine to surgeries. 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. With medical costs rising sharply over the years, medical loans are a great way to ease yourself from the burden of sourcing immediate funds to pay for bills, and focus on the road to recovery.
How do medical loans safeguard your health?
1. They tide you through the waiting period.
While many of us may have extensive health insurance coverage that may fully pay for one’s medical needs, most people will find themselves required to pay their incurred medical bills upfront, before waiting for the paperwork to be processed and having the cash released into their bank account. This can pose a major issue to people who may not have enough liquidity in terms of cash on hand or in their savings, delaying their ability to receive the proper healthcare they need.
Medical loans in Singapore allow you to easily foot miscellaneous bills, such as consultation fees and various treatments and therapies, letting you take proper steps to recovering before your health insurance pays out.
2. They allow you to stably maintain your finances.
Chronic and severe medical conditions often bring about unexpected and towering medical bills, such as paying for multiple rounds of treatments and surgery. This disrupts families’ carefully planned expenditure of income, based on their existing salaries and the percentage of which goes to paying loans, medical bills, and household expenses. This can lead to extensive stress for family members, which can amount to poorer quality of life for all and greater uncertainty, which can increase their risk of falling ill as well.
With a medical loan in Singapore, family breadwinners are able to rest easy and focus on their careers and still maintain their existing quality of life. This helps to improve the mental health during this trying period of all family members as well.
3. They provide additional health coverage.
While one may feel reassured by one’s health policies, the truth is they are not 100% foolproof. For example, MediSave does not cover A&E fees and ambulance transport, while general health insurance does not always include riders to lower the upfront costs of your hospital bills. In such scenarios, certain unfortunate combinations of events can lead to your health policies barely protecting you and paying for your bills, which can cause major disruption to your life.
Medical loans in Singapore help to solve that issue with a prompt and timely supply of funds, helping you to swiftly settle these issues regardless of severity.
Looking to apply for a medical loan? Contact us at R2D Credit and we will bring you through the process in no time at all.