Health Insurance and Medical Loan – Which is Better

There is lots of confusion about which one is right health insurance or medical loan. However, everyone must know the differences between the health insurance and medical loan. It will help them to choose the right one for a medical emergency. One of the main differences is – the Medical Loan is one form of an unsecured personal loan and health insurance is an insurance product. Check Medical Loan vs Health Insurance below.

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  Health Insurance

Health insurance is a great product to mitigate upcoming risks. It covers the complete risk of individuals suffering from medical expenses. According to the insurance coverage terms and conditions, the insured pays for the medical expenses or the company pays the money directly to the hospital. The person can get financial support for medical treatment depends on the policy coverage.

• Medical Loan

A medical loan is one of the borrowing tools for medical treatment. It is specially designed to aids people in medical emergencies. This type of loan comes under the personal loan that avails for various situations regarding medical needs like therapy, operation, surgical process, and others. You have the health insurance that will cover only the treatment expenses. But the medical loans are utilized to incur costs that the health insurance will not cover. If there is a medical emergency then you can get the medial loan instantly and receive the money within a few minutes.

Difference between Medical loan Vs Health Insurance:

The medical loan is an unsecured personal loan and it is provided by the banks. The health insurance covers big medical bills at a lower cost and also saves the person from financial stress. The health insurance assures that the person can get the cashless treatment at the network hospital. The insurance covers thirty days and sixty days post and pre-hospitalization.

Must Read – What Should You Do If Your Health Insurance Claim Gets Denied

The loan is available in different forms such as personal loans, loans against security and others. The medical loan can help you pay for medical procedures, surgical procedures, medical debt, and others that are not covered by health insurance. Getting a medical loan is easy and quick. The health insurance only covers the expenses based on the insurance type and money.

What are the benefits of medical loan and health insurance?

Perks of Medical Loan:

A medical loan is a personal loan that provides you money for medical expenses. The loan application process is simple and faster approval. You can avail of the medical loan at a competitive interest rate. It also offers a flexible repayment method that allows the borrower to repay the loan amount without trouble. By using the loan amount you can pay the medical debt and other expenses like paying the hospital stay, doctor’s fees, and others.

The medical expense is unexpected expenses if you need money immediately for medical expenses then you can apply for the medical loan. Individuals can keep this loan as backup money for life. When you want money to protect your loved one you can apply for the medical emergency loan. You need to provide the basic documentation to take the loan. The medical emergency loan is availed up to twenty lakh. In the medical loan, you can get special discounts in the hospital.

Benefits of Health Insurance:

The person needs to wait for a long period to get the benefits of health insurance. You can receive the maximum amount of insurance. It only covers medical expenses listed in the insurance policy. Individuals cannot able to pay for other medical expenses by using health insurance. If the insurance company is involved in the medical treatment then the hospital may not provide a discount to you. The health insurance offers the cashless hospitalization to the insurer.

Also, Check – 7 Reasons to Buy Term Insurance Policy

The health insurance offers free annual health checkups to the customers. You can also get up to one crore for medical treatment by a certain health insurance company. The money of health insurance can be varied according to the loan you have chosen. Health insurance is also easily bought online from the comfort of the home. You can get the tax benefits in the insurance policy. It is only provided to a healthy person with a clean medical history.

Final Thoughts:

This is a Medical Loan vs Health Insurance – Now you know the differences between the health insurance and medical loan. So you can make the right decision based upon which is beneficial to you. The Medical Loan is the best solution to the medical emergency. You can apply for the loan easily and receive money faster. If you decide to take a medical loan that offers you competitive interest rates, simple repayment, and low processing charges.