When Your Health Insurance Fails, How Can a Medical Loan Assist You?


Having a health insurance has become a basic necessity to sail through health crisis that can hit you at any time. A medical insurance offers you coverage for the costs associated with hospitalization, surgery, treatment, and pre and post treatment care. Many insurers have tie-ups with hospitals from across the country where they offer cashless facility. However, at times, you might need to visit a particular hospital that is not covered by your insurer under their cashless facility. Also, your medical insurance only offers you coverage up to a certain limit and only on specific costs associated with your treatment. Thus, you might have to bear all or a portion of the cost associated with the treatment from your pocket. In such situations, an instant loan can come to your aid.

An instant loan is readily available through a loan app. You can apply for the loan from anywhere through your smart phone. All you need to do is meet their eligibility criteria and furnish the necessary documents. Once your details meet their requirements, your chosen lender disburses the loan amount within 24 to 48 hours of application.

There are several benefits of availing an instant loan through a loan app. But the most significant benefits are its unrestricted end use, quick availability of cash and least documentations. Also, a medical loan can fulfil your healthcare financing needs in more ways than one. Although it does not replace the benefits of a health insurance, it surely provides an added financial security, allowing you to meet expenses that need sudden cash funding.

Read on to understand how a medical loan can be your reasonable financing resort when your health insurance fails to provide the necessary coverage.

Ways in which a Medical Loan Makes Up for and Beyond Health Coverage 

1. Instant financing makes it possible to make emergency payments

Medical emergencies may often lead to urgent need of financing. Even for admitting the patient to a hospital you need to submit a particular amount as deposit. Your health insurance does not pay this deposit amount up front, though having a health insurance can reduce the amount you need to pay as deposit. As such, you will have to make arrangements for cash payments at the hospital billing desk.

In such situations, an instant loan can serve you right. The loan is readily available with fast approvals and disbursals for eligible candidates. With the best lending institutions and some reputed loan apps today, you can receive approval for the advance within a few minutes of application only, and loan amount disbursal to the account comes by shortly too.

2. With zero end-use restriction, it provides financing beyond health insurance coverage

When financing medical bills through health insurance, there always remains the need to see if the illnesses or accident qualify for the coverage to receive such financial assistance. Also, not all the expenses related to your treatment are covered by your insurer. For example, the travel expenses related to your treatmentor the attendant are not covered by your insurer.

However, such restrictions are not present in the case of a medical loan. These advances come with zero restrictions to end use and provide financing for all types of medical expenses without any exception. So, in case your health insurance coverage fails such qualification, this instant loan can sure come to the rescue.

3. It takes care of illnesses that are not covered by your insurance policy 

When buying an insurance policy, it is very important to read the fine print as many health insurance policies do not cover medical costs associated with certain treatments like dental or cosmetic treatment. Also, there is a waiting period associated with your insurance policies, especially if you have any pre-existing conditions. Even for pregnancy or maternity care there is a waiting period of 9 months to 36 months.

In all such situations, a medical insurance may fail to provide you with the necessary funding. In these situations, a personal loan can come to your aid. A personal loan is available for your assistance without any such condition. You can use the personal loan amount with unrestricted end use. You just have to meet the eligibility criteria of your lender which is very simple.

4. Utility extends to non-essential medical procedures

In the case of conventional health insurance policies, the coverage is often limited to essential medical expenses that are non-negotiable as listed by the insurance provider. However, the unrestricted end-use feature of an instant loan for medical expenses eliminates any such hindrance. You can thus utilise the financing so availed for a range of non-essential medical procedures and treatments as well, such as cosmetic surgeries, corrective treatments, and the likes.

5. Opt for the treatment of your choice 

Many health insurance policies do not offer coverage for treatment through alternative medicine. However, these treatments can be expensive too. Also, many insurance companies do not have coverage for OPD treatment or mental health disorders, though there are a select few coming up with these facilities. In case, your medical insurance policy does not offer you this coverage, you can turn to a personal loan through a loan app and opt for the treatment of your choice. 


Thus, an instant loan through a loan app can come to your aid in all the scenarios where your traditional health insurance may fail to cover you. However, this does not mean that you should not have a health insurance, but this highlights the importance of choosing the right insurance that offers you maximum coverage, gives you lowest waiting period and has a wide range of hospitals under their umbrella. For all the costs that are not covered by your insurance you can trust an instant loan.

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