Medical loans for maximum coverage, in less than 30 minutes

The aftershocks of the pandemic brought to light the sense of responsibility and need for preparedness in millennials. Being caught off-guard by unforeseen situations, people turned to health insurance or medical loans in the absence of coverage. However, the dilemma of which option to rely on in times of emergency persists in our minds, yet.

There has been a spike in health insurance purchases, especially since the onset of COVID. Though there is a variety of health insurance available today, with fit-to-pocket premiums, low premiums do not necessarily equate to good value. Coverage is extended based on age, income, persisting medical conditions, and agreed-upon premium. However, it can become tedious to delineate the cost components of health insurance. This makes it more challenging to forecast the potential bills you may have to pay.

Is health insurance affordable?

On the other hand, medical inflation is expected to rise by 10% globally in 2023, which will reflect in the increase of premium costs subsequently. So, the question that arises is, how affordable is it?

There are certain prominent benefits of availing coverage, such as security against medical inflation and tax deductions under Section 80D of the Income Tax Act of 1961. However, there are many out-of-pocket expenses like uncovered healthcare services, deductibles, and diagnosis costs. Also, cashless claims can only be availed at hospitals that are part of the insurer’s hospital network.

In times of a medical emergency, the least one would want is the hassle of paperwork and coverage eligibility. Millennials are turning to medical loans instead to combat the inconvenience of reimbursements, claims, and out-of-pocket expenses.

Benefits of alliances

Leading FinTechs are setting foot in the healthcare industry to provide access to funds in times of need. Medical loans not only fuel you with instant funds when you most need them, but also provide you with full coverage where the limit of the insurance falls short. Other prominent benefits of these alliances are:

Maximum Coverage: Unlike insurance, a medical loan can be utilised to meet planned and unplanned medical expenses regardless of the nature of the medical service availed. Certain services like fertility treatments, cosmetic or dental care treatments are not usually covered under most of the plans.

Instant Access: Owing to the nature of requirement, FinTechs have made it possible to provide access to funds instantly, so much so that the loan can be availed at the hospital where the treatments are to take place.

Flexible Usage: A loan used for medical emergencies can be repaid across tenures most suitable to the pocket. The foreclosure or prepayment option makes it preferable as you can close your obligations before the due date in case a surplus of financial resources arises.

Enhanced Reach: FinTechs can penetrate funds to the ones in need without geographical barriers. Medical loans can be applied for on loan apps in a matter of a few minutes. This way customers can have access to resources when in most need of them.

Likewise, to improve the accessibility of finances in times of emergencies, LoanTap has partnered with leading health-tech players like SAVIN to touch base with a network of over 2000+ hospitals and provide medical loans to over 10,000+ millennials in less than 30 minutes! The other tie-ups in the talk are Impact Guru, Bhima Express, and UnoFin.

Read more about LoanTap here.

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