7 Ways to Avoid Medical Bankruptcy

According to a Lancet report, around 24 lakh Indians lose their lives to treatable illnesses every year. This means most of the patients do not have access to quality medical care owing to unaffordable healthcare costs. Medical fundraising is gaining popularity among various other sources of managing medical finances. It is a quick and easy way of raising funds for medical expenses. Let’s explore each of the ways through which you can manage your medical bills. 

Insurance: Health insurance acts as great financial support during medical emergencies. It provides medical coverage to the applicant for a certain amount. It covers expenses incurred on hospitalization, surgeries, medicines etc. These policies either compensate for medical costs or offer cashless treatments.

Bank Loan: In times of medical emergencies, one may consider applying for a personal loan. Personal loans or unsecured loans are those which do not require any security or collateral. Now, who qualifies for these loans? Both the salaried and the self-employed can apply for these loans. All that one needs, is to have a good credit history and valid documents.

Fixed Deposits: FDs allow an individual to save money and earn returns at a higher interest rate. They provide investors a higher rate of interest than a regular savings account, until the given maturity date. In case of emergencies, you can liquidate your money before maturity too. However, some penalty charges may apply. 

Generic shops: The Pradhan Mantri Bhartiya Janaushadhi Pariyojana (PMBJP) launched by the Government of India has made quality medicines available to the public at affordable prices. Various outlets known as Janaushadhi Kendras are functional across the country. Generic medicines have similar effectiveness as branded ones. Hence, their demand is increasing day by day.

Recommended Read: Save Money on Prescription Bills

A new credit card: Getting a new credit card will do two things:

1. Increase your available credit

2. Building up credit history

A few credit cards allow you to withdraw a particular amount in case of a financial emergency without charging any interest upto 50 days. Some credit cards also include personal accident coverage and travel insurance.

Negotiation: Sometimes, speaking up pays. One can directly talk about their financial concerns to the doctor before the medical procedure or try to bargain later after getting the bill. One may even ask the billing manager at the hospital to explore potential discounts. There is a good chance you’ll get some discount.

Crowdfunding: Undoubtedly, one of the best ways to fundraise in today’s techno-savvy world not just for those without insurance but all those who need immediate and quality medical care. Some crowdfunding websites in India like ImpactGuru charge as low as 0% platform fees to start a fundraiser. 

Read: A Complete Guide to Fundraising 

Fundraising with the help of online crowdfunding is simple and can be done in three easy steps: 

1. Start a fundraiser: Fill in your relevant details such as medical documents

2. Share your fundraiser: Share it with friends, family and strangers

3. Withdraw donations: Withdraw your money at any point in your fundraising journey

 So, when are you planning to start your fundraiser?