Many misconceive Medical Loans for insurance, but there is a big difference between the two. The prime purpose of both options is to assist the victim financially during times of health emergency, but they work on entirely different grounds. One needs to understand the difference between the two before picking an option to fix the health issue.
Waiting Time
Insurance cover is offered to the client by paying a designated premium towards the needed coverage. The user of the policy is bound to stand by the waiting period to get cashless treatments for the health issue. There is no immediate coverage for users, even in an emergency. The policy turns active after the minimum waiting period, even for accidental emergencies. To cover any pre-existing health disorder, one has to wait for the longest moratorium period. The case of Medical Loans is different; the approved amount is credited to the account on the same day. The readily available cash can be used immediately for any medical needs.
Advance Premiums
The medical coverage for the diseases through insurance is subject to the advance payment of stipulated premiums. One has to pay the premiums throughout the insurance life to be bonded in the medical coverage. The policy remains active only till you manage to pay scheduled premiums, irrespective of the user utilising the medical coverage for the year. Medical Loans never ask for advance premiums to approve the credit. You can apply for the credit only when you need it. The simple eligibility terms keep the loan approval chances high, and you can be assured of getting funds into the account on time. There is no wastage of funds with advanced payment for shielding unforeseen health issues. You just pay the interest for the credit amount availed through Medical Loans.
No Health Check Is Required
Insurance companies ask for some predetermined health checks for the policyholder before issuing the policyholder. There are minimal waiting times for certain diseases to be covered by the policy. The health checks are mandated by the insurance provider to know any pre-existing diseases that bind a long waiting period than normal. Medical Loans, on the contrary, are issued without any medical check-ups. The loan amount can be used to treat any medical condition, including birth-related issues, which most insurance policies don’t offer coverage of.
Cover Any Medical Expenses
Insurance policies don’t offer coverage for dental, eye and fertility problems considering them to be non-life threatening. Yet, these medical conditions demand a compromise on the quality of life if neglected. If you lack enough funds to get treated for any of the above health-related issues, Medical Loans can be your survivor. The loans can be used to treat any medical condition without limitation. You need not worry about the repayments of the loans because they feature installment repayments. The complete loan amount will be divided into equal monthly installments along with the interest rates, and you can handle the payments hassle-free.
Lapse Period
Every premium that you pay towards the insurance policy is valid till the next term. The policyholder has to pay premiums on time to keep the coverage active for any unforeseen circumstances. Medical Loans have no such criteria. Once the approved loan amount is credited to the account, the borrower can use the amount to their wish. Even if there is left out of funds after paying the medical expense, the lender doesn’t ask for a return. You can use it for your multipurpose spending. There is no lapse period for the funds deposited in your account, like premiums you pay for insurance coverage.
Get Treated Anywhere
When you choose to go with an insurance policy to pay for your health needs, you might need to get treated at the partner hospitals to go cashless payments. If you choose to go with non-partner hospitals in search of better treatments or any other reasons, you should first pay out of your pockets and reimburse the cash later. Also, many treatments like mental health disorders need pre-approval from the policy provider to get coverage. Medical Loans facilitated online give you great flexibility in choosing the hospital for the treatment and spending limit for the treatment. Also, insurance policies offer coverage for the treatment only after 24 hours of hospitalization. The Medical Loans can be put to use immediately, and you can use the Payday Loans for anything right from medical consultation to post-surgery expenses like buying supporting medical equipment to purchasing medicines.
