If you think Medisave and medical insurance is enough protection for a medical emergency, think again.
Healthcare in Singapore can rack up to the thousands, especially where surgery is involved. When the money in your Medisave isn’t enough and you don’t have the cash at hand, getting a personal loan to cover your medical bills is a practical solution.
Unlike getting a cash advance on your credit card, loans like the HSBC Personal Loan offers very low interest at an average of 4% – 15% p.a. The loan is repaid in fixed monthly instalments, which makes it easy to create a budget around it.
Here are three medical situations where a personal loan can save you:
1. Pay Off Medical Bills Before Your Insurance’s Payout
Some medical insurance policies require you to pay for your medical bills upfront before they reimburse you. If your insurance policy is similar, you’ll have to find a way to make the payment before you can file for the claim.
Fortunately, most banks and financial institutions give you the principle-in-approval for a personal loan application within a day, so you get a better gauge of how you can pay your medical bills.
2. To Pay Off Medical Conditions Not Covered by Your Insurance or Medisave
Medisave has withdrawal limits for different types of treatment. Unless you’re paying thousands a month for an insurance that covers every medical condition that exists, your insurance policy will most likely only cover part of your medical bill.
If the remaining or what’s not covered is not affordable—of which it can be in Singapore—you wouldn’t be able to dip into your savings to pay off your medical bills. So you’ll need an alternative, which in this case is the personal loan.
3. To Pay Off a Family Member’s Medical Bills
A lot of people forget to put aside money for their family’s medical emergencies. When a family member falls critically ill and it falls to you to pay for it, you’ll need money—and you’ll need it fast.
Again, this is where a personal loan will come in handy, especially if you’ll have to do a dialysis and other recurring treatments that costs up to thousands per month.
Get the Lowest Interest Personal Loans at SingSaver.com.sg
It pays to compare personal loans before you commit to one, regardless of how urgent the emergency is. By taking the time to find a low-interest loan, you can save hundreds every year on repayments. You can use SingSaver.com.sg to compare personal loans for medical bills.
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By Jehanne Teo
Starting out as a lifestyle writer, Jehanne currently writes for SingSaver.com.sg about saving money in everyday situations.