Medical emergencies happen from time to time, but the problem is they often come when you are least prepared. Other than causing emotional distress, a medical emergency can also put a strain on your personal finances.
Having health insurance coverage can go a long way in reducing the financial burden. But how about those who don’t have a healthcare cover? Or if the insurance funds are not sufficient to settle all your hospital bills? Many people in the country still don’t have any form of insurance coverage.
When there is a medical emergency, the topmost priority is always to save the patient’s life. Most hospitals will attend to your loved one and bill you later.
In some cases, first aid will be conducted to stabilize the condition of the patient. After that, you will be required to pay a certain amount before the actual treatment begins.
What are your options in such a case?
1. Emergency fund
Emergency funds are meant to handle situations that you never saw coming, like a medical emergency. Although some people never take it seriously, having an emergency account is not only necessary but a must for families. This is because you never know when unexpected expenditure will come knocking at your door.
You don’t need to be extremely rich to open an emergency fund account. Simply start by setting aside a small amount of your income or salary and saving it in a fixed bank account. This will help you to deal with unforeseen situation situations like medical emergencies.
2. Personal or instant loans
Several companies offer personal or instant loans at reasonable interest rates. As mentioned earlier, medical emergencies often occur when you least expect them. This means you may not have enough funds to cover the medical bills.
In such a case, a good option would be to seek an emergency loan and settle it later when you have money. The good thing about most lenders is that you can be given a loan irrespective of whether your credit score is good or poor.
3. Medical crowdfunding
Medical crowdfunding is slowly gaining momentum in many parts of the world. It is one of the easiest ways to raise emergency medical funds. There are several medical crowdfunding platforms that help people raise money.
All you have to do is visit their portal and present evidence showing your medical emergency. As long as your documents have been verified, you will likely get immediate help from donors and other well-wishers on the crowdfunding platform.
4. Family and friends
Friends and family members are often among the people to be approached in case of a medical emergency. Fortunately, technology has made it easy for people to send money across different platforms.
It doesn’t matter whether the person you want to help is in the country or outside. You can send money and expect them to receive it the same day.
In general, it is sometimes difficult to predict when a medical emergency will occur. The best thing to do will be to be prepared for it all the time.