5 Tips to Save Money During a Medical Emergency

The thing about medical emergencies is that they hit you out of nowhere, and most of the time, you never see them coming. Then there’s the fact that medical insurance is almost always never enough to cover your medical bills. So, it’s not surprising if a medical emergency scares you for numerous reasons. Not only do you have an unexpected health scare, but you also realize how little money you have for situations like this. It might make you feel unprepared and anxious. Depending on the severity of the issue, you may also be put in embarrassing situations vis-à-vis your finances. However, there are ways to prepare yourself and cushion the financial blow. Here are five ways you can save money during a financial emergency:

1. Start an Emergency Fund

Contrary to what you may believe, your financial situation is never really as hopeless as you think it is. It’s also never too late or too early to start saving. Ideally, an emergency fund should have between three months’ to six months’ of your monthly salary as a backup. However, you may or may not  be able to save that much, depending on your situation. What’s important is that you set aside an amount every month. With time, you may be able to cover your medical bills easily. Having cash in hand also allows you to make upfront payments whenever required.

2. Avoid Credit Cards Like the Plague

Most of the time, it so happens that regardless of how much money you’ve saved up, you’re still short on cash to cover your medical bills in full. In such situations, the allure of instant access to money through a credit card can be powerful. However, do remember that credit card payments come with very high interest rates, up to almost 40%. Also, your credit score will be adversely affected if you can’t clear your credit card dues on time. So, it’s always better to avoid credit cards altogether or use them as a last resort.

3. Manage Your Medical Bills Well

When it comes to your medical bills, it is vital to ask questions whenever you don’t understand something. This way, you won’t get ripped off by unscrupulous medical professionals trying to charge you for unnecessary medicines or procedures. Before consenting to any procedure, be sure to examine its cost and ask if it’s essential. Understanding your insurance policy will also help you know what procedures are covered. Plus, in case you’re not sure about certain charges on your medical bill, don’t be afraid to ask.

4. Apply for a Personal Loan

If you’re short of cash to pay your medical bills, don’t worry. A personal loan can give you a much-needed financial boost and help you clear your medical bills on time. It enables you to save money in two ways: one, because of its competitive interest rates, and two, because it is an unsecured loan. You needn’t worry about arranging for any collateral against the loan. The application process is straightforward, and your lender credits the money directly into your bank account. The entire process is fast and takes less than 24 hours.

5. Borrow from Friends and Family

If you can’t repay a personal loan, want to avoid credit cards, but still have medical bills to clear, you can consider borrowing from family and friends. You save a lot of money this way because you don’t have to worry about interest payments and other charges. It may be a tad bit embarrassing, but you get the cash quickly.

In Conclusion

The points mentioned above are five ways how you can save money during a medical emergency. If you’re looking for funds to cover a medical emergency, a private loan app like KreditBee can help you out. Just download the KreditBee app from the Google Play Store, complete your profile, and leave it to us to process your application in as little as 10 minutes! To learn more, you can write to us at [email protected] or reach us at +080 44 292 200.