Fighting Medical Emergencies Without Debt & Financial Burnout

Life is a rollercoaster ride with plenty of ups and downs; where no moment is ever the same. When unpleasant uncertainties arrive at one’s door, it can become quite challenging for any individual or family. 

This affects one not just emotionally but also physically and financially - straining many future plans. Sometimes we often have to resort to taking huge loans that may put us in a challenging situation or lead us to incur debt that we could otherwise avoid.

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Even if one can never be completely ready for the worst, it certainly helps to have precautions in place so that minimum damage can be incurred. Our health is our foremost priority. And to handle whatever life hands us, we must be financially prepared. In the light of Covid-19 outbreak and its effects, being financially prepared for medical emergencies is becoming important.

This blog will tell you how to avoid debt during medical emergencies. Read along for more helpful insights. 

Insurance

Getting insurance is the first and foremost piece of advice that most financial advisors give. It not only gives you support during hard times but also saves you from facing major debt. 

• Carefully consider your insurance alternatives. 
• When faced with a variety of possibilities, you should think about which one best suits your requirements. 
• In some circumstances, having insurance that has larger monthly payments (premiums) but covers a sizable portion of your expenses is preferable. 
• In other circumstances, picking a plan with a lower premium and increasing your own savings as a reserve for possible medical expenses can make sense.
• Asking an informed relative, friend, coworker, or member of human resources to go over the document with you and address any issues you may have can be helpful.

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Crowdfunding

Recently, people have found how online crowdfunding is paving the way for making healthcare accessible to patients all across the world. Not only that but online fundraising is a quick way to pay off debt when unanticipated events cause financial hardship. 

• When stuck in a financial situation, you can easily start a fundraiser through India’s leading crowdfunding websites like ImpactGuru and raise funds there. 
• You can also ask your friends and relatives for online donations on your fundraiser so that you can get back on your feet and pay off the debt. 
• It's crucial to keep in mind that almost everyone encounters financial difficulties at some point in their lives. 
• Crowdfunding as a concept has helped lakhs of patients in getting timely treatment and has touched innumerous lives in the process.

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Also Read: Technological Trends In 2023: What To Expect From The Healthcare Sector?

Friends And Family To The Rescue 

One of the ways through which you can push through such difficult situations is by asking for help. 

• It takes a lot of strength to ask for help. Even though it could be challenging, you should always give this option some thought before applying for a bank loan or online payments through credit cards. 
• With friends and family, there is usually no interest and other costs that one would usually have to pay.. There’s also plenty of time for you to slowly repay them at your own pace.
• With their assistance, you can meet your daily expenses while gradually repaying them. 
• On the other hand, bank loans might affect your financial future due to inflation induced interest rates. 

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Previous Investments

Although financial professionals frequently advise against liquidating investments in the event of a financial or health emergency, in some circumstances it might be the best course of action.

• If you have enough investments, you can use them as an easy way to get cash without depending on anybody else. 
• But keep in mind that you can pay penalties in the form of lower interest rates if you take money out of bonds or fixed deposits too soon.
• Once you pay off your debt, you can again start planning your future financial investments and how you plan on achieving them.

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Hope reading this blog helped you in tackling debt during your medical emergency and assisted you in making smart financial decisions for future uncertainties. 

Also Read: Find Financial Support Through Medical Crowdfunding