Most people rely on health insurance as a funding option when medical emergencies occur. However, a great deal of the Indian population is still uninsured. A staggering 998 million Indians (75% of the country’s population) – more than the population of Europe – are uninsured. Thus, there arises a need to know about alternative funding options to get important medical treatments done. 
Whenever a medical emergency arises, your first and foremost priority should be getting yourself or your loved one treated. Money can often be a hindrance to this. If the sick person is the breadwinner of the family, the family will likely fall into financial distress. To avoid this, it’s important to be prepared for such situations. Here are some last-minute funding options if and when a medical emergency arises.

Health insurance can be inadequate

Health insurance policies are of great help but come with a long list of rules and clauses. There are several situations where your health insurance might not aid your cause. Your request for cashless pre-authorization might get rejected in the hospital you choose to go to. The disease might fall on the exclusion list of the policy. 
Even if the disease is covered, the amount in itself might not be sufficient. It is, therefore, advisable to know what other funding options you can go for when it comes to medical emergencies. 

Borrow from another investment

If you have some extra money to your name, but it’s part of another existing investment, don’t hesitate to borrow some for your medical emergencies. These might include your retirement savings, or your savings to buy a house or a car, or anything of that sort. 
Yes, these investment plans might take a hit, but you need to be in good health to enjoy the fruits of these investments in the first place. It’s also crucial to know which investments to borrow the money from. In a hurry, it might not be feasible to analyse which investments you can optimally borrow from. Financially planning ahead and creating a spreadsheet based on liquidity can be a lifesaver.
Sometimes, there might arise a situation where the treatment costs exceed the investment amounts. This is where the following funding options come in handy.

Credit card payments

One of the most obvious emergency funding options is undoubtedly using a credit card. If the amount is well within your affordability range, then you don’t have to worry, as you can easily pay it off within the next billing cycle. If the amount is significant, you can go for EMI repayment schemes if the interest charged is reasonable. 
However, in the case of credit cards, the processing fee and the interest rate is often extremely high. Therefore, it’s advisable to use the free credit period to look for low-cost loan options. If your credit limit is low, you might fall short of funds. 

Ask family and friends

Nobody likes to seek financial help, but it’s okay to do so. If you have friends or family members close to you, they’ll be more than happy to help you when you’re in need more often than not, especially if it’s a medical emergency. It’s important to give them the comfort and freedom to say no and understand if they do, however. Asking for money in person instead of doing it virtually through screens is advised. 
Also make sure to show them your gratitude by taking them out for dinner for instance, apart from merely repaying them.
If you want to be self-reliant and this solution is not for you, don’t worry. There are other options to go for too.

FinTech solutions

For those of you who don’t know, FinTech stands for “Financial Technology” and might probably be the best funding solution when it comes to medical emergencies. You can avail medical loans online and they can be extremely useful. Organisations like EarlySalary can provide you with instant medical loan facilities without any complex procedures. The process is as simple as downloading the app, completing your KYC, and you can avail instant loans. Why EarlySalary? Read here.
If you are a returning customer, with a pre-approved KYC, the process becomes quicker, and loans can be availed within minutes, ensuring that you have everything you need to take care of any medical emergency. What’s more, the interest, for as low as INR 9 a day, is significantly lesser than the rates charged by credit card companies, which makes this the most viable funding option. You don’t even need a credit history to be approved for instant medical loans from EarlySalary.

It is advised to always have enough funds to face a medical emergency. But in case you don’t have sufficient funds, you need to be prepared and have an action plan ready, to not waste time during the emergency. 
At EarlySalary, the needs of our customers are our top priority, and you can be assured that we will continue to have your back. It is advised that you don’t wait until an emergency occurs to submit your KYC documents, so go ahead, download the app now, and make yourself eligible for Quick loans, any time and anywhere!

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