A Comprehensive Comparison Between Health Insurance And Medical Loan
Updated On Apr 01, 2022
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Physical or mental illness are unpredicted emergencies. These illnesses require good treatment which can be a little expensive. Financial constraints have been the most difficult obstacle to overcome. Health Insurance and Medical Loans are two separate things. Continue reading to learn the differences between health insurance and medical loan.
Comparison Between Health Insurance and Medical Loan
Purchasing Health Insurance over taking out a Medical Loan has several advantages. Here are some of the reasons why Health Insurance is better than a Medical Loan:
Immediate Attention: It is easier to get into a network hospital with Health Insurance since you don't have to deal with time-consuming paperwork, verification of your residence and place of employment, credit checks, or other requirements that a Medical Loan entails. If you need treatment, you should seek treatment at a network hospital in your area that is close to your home and be admitted as quickly as possible.
Cashless Treatment: You would not have to pay for your treatment out of pocket, which is impossible to do with Medical Loans. Health insurance will cover the cost of your therapy and medications, so you will not have to pay out of pocket for your treatment. That is not possible with medical loans.
Vast Network of Partner Hospitals: Unlike Health Insurance, you are not allowed to use network hospitals with Medical Loans. You can pick any nearby hospital from a number of network hospitals. Physicians and medical staff at these hospitals are well-trained and well-equipped.
Cost-Effective: A Health Insurance premium is cheaper than a loan's interest rate when compared to its coverage. If you are healthy and don't have any pre-existing health issues, you may be eligible for a discount on your premium. Furthermore, if you are a resident of India, you will be eligible for tax relief under Section 80D of the Income Tax Act of 1961 on your premiums.
Extra Benefits: A Medical Loan would not give you any additional benefits, but under health insurance you can choose to include add-on covers such as second opinions, worldwide coverage, OPD expenses, and so on, which will allow you to cover even the most expensive Medical Treatment.
Conclusion
A Medical Loan and Health Insurance may both help you pay for medical treatment in an emergency. A Medical Loan, on the other hand, is more expensive and offers fewer benefits than Health Insurance does. With the rising cost of medical care, it's becoming quite challenging to keep up with these increases. Health insurance is the best option for anyone who wants to live a secure life and save time and effort.As a result, we strongly urge you to buy Health Insurance if you have not already done so this way you will always been prepared during any medical emergency.
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