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How to Finance Sudden Illnesses That Your Health Insurance Won’t Cover
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How to Finance Sudden Illnesses That Your Health Insurance Won’t Cover

It’s the undeniable truth. Health is definitely the greatest wealth. But it could be at risk at all times as life as we know it, follows no plans. A sudden illness can leave you highly stressed and financially hurt, especially when a health insurance policy does not cover your illness.

We buy a health insurance policy so we can sleep better knowing that we are covered if anyone in the family suffers an illness or injury. Right? It’s true that a health insurance policy covers massive medical expenses when a crisis happens. But there are some illnesses and some procedures that are not covered by them.

If you want to know your coverage terms and conditions, read the fine print of the policy document. Let’s go through some of the exclusions most health policies include in their list.

What are the conditions under which you may not be covered even if you have insurance? 

Your health insurance policy may have either permanent or temporary exclusions. Some of them are listed below:

  1. Pre-existing illnesses: If you fail to disclose any pre-existing illnesses prior to buying the policy, you may not be covered. However, if you disclose the pre-existing illnesses beforehand, you are covered but will have to wait for a certain period to take advantage of the coverage for those particular illnesses. In the case of the elderly, some health insurance policies may not consider pre-existing illnesses at all.
  2. Permanent exclusions: Cosmetic surgeries, AIDs/other STDs, dental treatments, bariatric surgery, psychiatric disorders, and treatment outside India are typically not covered by health insurance policies.
  3. Waiting period for selected illnesses: For diseases that have a high rate of occurrence and the pre-existing diseases, most policies define a waiting period that can range from 2 to 3 years. Some of the diseases with a high probability of occurrence are as follows:
    • Joint replacement surgery
    • Spinal and bone disorders (osteoporosis, arthritis, etc.)
    • Cataract
    • Ulcers, piles, etc.
    • Stones (gall bladder, kidney)
    • Types of tumours and cysts

Note: For a detailed list of exclusions, please refer to your policy document. 

How to raise funds when your policy doesn’t cover your illness? 

So, if your health insurance doesn’t cover you, you have several other options – use your savings, borrow from your friends or family, use your credit card, but the best option of all is using a personal loan to cover your medical expenses.

A personal loan for a medical emergency is a great option.

  • Quick access to funds: When you are dealing with a sudden critical illness, you need funds as quickly as possible. You can get a medical loan in the shortest time possible. Applying for a personal loan online with minimal documentation saves time and offers convenience just when you need it.
  • Flexible repayment options: You get to pay the borrowed amount in easy EMIs that are spread across a tenure of anywhere between 2 months to 5 years.
  • Your savings are intact: A personal loan takes care of your immediate expenses without you dipping into your savings that you meticulously built.
  • Use funds as you wish: A personal loan is a very flexible loan product. You can use it to cover any kind of medical expenses.

When you need funds to cover medical expenses that are unfortunately not covered by your health insurance policy, or when you have exhausted the insurance cover of your health policy, MoneyTap should be your go-to place. Apply for quick and convenient personal loans at competitive terms with MoneyTap.


Shiv Nanda

Shiv Nanda

Shiv Nanda is a financial analyst at MoneyTap who loves to write on various financial topics online. He also advises people on financial planning, investment choices and budgeting skills, and helps them make their financial lives better.

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