Funding options besides health insurance in case of health crisis

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With Covid-19 still existing, it is important to be prepared with medical and financial assistance in the event of an emergency. However, health insurance cannot be your only source of help in case of a medical emergency.

With large medical bills and other treatments and their associated costs, running out of money will not be a surprise. While health insurance can help to some level in many situations, there are times when you will need to pay money out of your pocket.

So, we enlist a few emergency financial options for you, beyond just a medical insurance cover. 

  • Using Credit Cards– Simply swiping your credit card to make the payment is a good option because the credit card can give you an interest-free credit period of 45 days, following which you can pay it back after the insurer reimburses you. But beware of the financial debts, you might find yourselves in if you don’t pay your bills on time.

  • Availing personal loans by Covid Positive– Many banks have begun to offer personal loans to people with Covid-19. SBI, PNB, Bank of India, and Union Bank of India are some of those banks. If you are not eligible for one of these special loans, you can take out a conventional personal loan, which is less expensive.

  • Loan against FDs, shares, mutual funds and insurance – Instead of liquidating your FDs to pay off your debts, take out a loan against your FDs at a moderate interest rate. Your stock, share, and equity investments, as well as debt mutual funds and life insurance policies, can also be used to secure a loan without having to liquidate them.

  • Pre-approved credit card loans- Customers can get pre-approved loans from several credit card providers, which can be very helpful. However, keep in mind that the interest rate and other fees may be higher.

  • Pre-approved personal loans– Some lenders, including banks and non-banks  also offer pre-approved loans to some consumers based on their credit history and relationship with the firm.

Apart from the above-mentioned ways, applying for instant top-ups on home loans, costly loans (only if you haven’t been able to avail of cheaper loans), and getting a non-refundable advance on your Employees’ Provident Fund (only in case of last resort) are some other ways you can dip into for health crisis

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