Medical problems that were once incurable can now be cured, thanks to the advancements in technology that have made complex treatments possible. But the costs of these medical treatments are so high that not everyone can afford them, especially people who fall under the middle-class category.
Whenever a treatment includes surgery, the cost of the entire treatment often goes up to a few lacs. And while some people dig into their savings, there are many who find it impossible to meet the monetary requirements at the time of need. Let’s have a look at the cost of a few such treatments.
- Angioplasty: Rs 1-4 Lac
- Bypass Surgery: An average of Rs 2 Lac
- Valve Replacement: Rs 3-7 Lac
- Knee replacement: Rs 2-5 Lac for one knee
- Gall bladder Surgery: Rs 50,000 – Rs 3 Lac
- Cosmetic Surgeries such as Rhinoplasty, facelift, lip reduction, and dental implant: Rs 50,000 – Rs 5 Lac
When unfortunate events take place requiring you to spend lacs and lacs on the treatment, health insurance can come to the rescue. But if you haven’t used your health insurance policy for such expensive treatments yet, you must know that health insurance can give you some unpleasant surprises. Let’s understand why.
Why Health Insurance Doesn’t Cover 100% Medical Charges
In most cases, especially when the treatment costs are extremely high, your health insurance may not cover the entire cost of the treatment and the surgery. Let’s say that you have a medical policy of Rs 5 Lac. Now you undergo a knee replacement surgery that costs you Rs 3 Lac assuming that your health insurance will cover the cost of treatment. But in reality, your insurer may cover only a certain fraction of the total treatment cost. That is because the health insurance company limits its liability towards you.
Here are a few main factors that may cause you to bear a major chunk of medical expenses on your own:
It is the limit up to which the insurance companies pay for treatment. Sub-limits are applied to almost every policy.
There are some treatments such as cosmetic surgeries of dental implants that your health insurance policy may not cover.
If you exceed the upper limit of room rent as specified in your policy, you will have to pay the proportionate increase in all the treatment expenses out of your pocket.
On many diseases or conditions such as hernia, heart diseases, etc. there is a certain waiting period before which the insurance company doesn’t cover the treatment cost. In such cases, you can’t rely completely on your health insurance.
Similarly, there are other features in health insurance policies that limit the coverage offered against various medical treatments and prevent you from making a claim against the entire treatment cost. Hence, in such cases, you can consider getting a personal loan for a medical emergency.
An Alternative to Health Insurance – Personal Medical Emergency Loan
When your health insurance doesn’t cover you completely, you can always consider a personal medical loan. Personal loans for medical treatments are often easily available at a decent interest rate and do not require you to have a strong credit history. Moreover, getting a personal loan is hassle-free. In fact, you no more need to get in touch with financial institutions or individual lenders to avail a personal loan. You can simply download the MoneyTap app – India’s first personal line of credit – and get instantly approved for a loan up to Rs 5 Lac. And then you can pay the amount you end up using from the available line of credit through flexible EMIs of 2-36 months.
Don’t let a medical emergency leave you in despair. Download the MoneyTap app today and get an instant personal medical loan.