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    You are probably thinking that just because you have medical insurance and Medisave, these are enough to protect you in the event of a medical emergency. Unfortunately, this is not always the case since healthcare costs in Singapore can go up to a few thousands. This is particularly true when you need to undergo surgery.

    Thus, if you have insufficient funds in your Medisave, combined with inadequate cash available during a medical emergency, you will have a serious problem when it comes to receiving the medical attention you need. This is why some people resort to taking out a personal loan that will help them settle their medical bills.

    Instead of opting for a cash advance using your credit card, it may seem more practical to take out a personal loan from HSBC, which only gives you about 4 to 15 percent interest rate per annum. As for the loan repayment, this is done in a fixed monthly terms. Paying off the loan is indeed easier while allowing you to set a budget for your payments.

    Important Facts about Medisave

    Going back to the topic on Medisave, there are withdrawal limits that make it even tougher for members to use it for their medical concerns. But then again, these limits are set to make sure the savings are used for future needs particularly when you have reached your old age. Then again, the limits may suffice when you are confined in class B2 and the class C wards.

    As for the expenses you have incurred in class A, B1 wards, and private hospitals, you may need to pay some cash right out of your pocket for a portion of the bill. This happens when you exceed the withdrawal limit from your Medisave. Account holders are entitled to use their Medisave in paying for their hospitalisation bills, along with some outpatient costs at any Singapore hospital. The savings can also be used for himself and the immediate family members who may need medical assistance.

    Using a Personal Loan for Your Medical Expenses

    Considering the massive expenses that obtaining medical care in Singapore may cost you, it may be worth looking into another option when you need to receive treatment with a limited budget. A personal loan may be just the solution you need for an emergency medical situation. In fact, here are some ways in which you can count on a personal loan in Singapore to cover your expenses for healthcare.

    1. Settle your medical costs prior to the insurance payout

    There are instances when you will have to settle first your medical bills before your medical insurance policy reimburses you. This is applicable to a number of medical insurance policies in Singapore, which can make it tough for patients who may have an insufficient amount of money at hand. If you are in need of a large sum of money perhaps for a surgical treatment or other expensive medical costs, how can you possibly pay your bills without much money out of your pocket? Cash advances can make things tougher for you because of the massive interest rates. In the end, you may find yourself in deeper trouble with your finances, which is not good for your overall health and well-being.

    This is why a personal loan especially for the low income group may come in handy during such situation. A number of financial institutions such as licensed money lenders and banks in the country provide you with a principle-in-approval for applications on your personal loan within one day. In this case, you will be able to gauge well when it comes to paying off your medical bills on time.

    So, if you do not have much money on your pocket, yet you need cash to pay your medical bills upfront, a person loan may help you.

    2. Have enough money for paying off medical conditions that your Medisave or insurance does not cover

    You need to be aware of the fact that there are withdrawal limits set by Medisave for various treatment types. This is a part of their policy that can pose some problems with members who may be requiring a larger sum for a medical treatment they need to undergo. If you pay thousands of money per month on your insurance, then there should be no problem with paying off your medical bills. But what if this is not the case? The insurance policy may only cover just a small portion of your medical costs.

    As healthcare in the country is not at all cheap, you will need to find a practical solution to settle your bills without relying only on your insurance. The remaining cost may not be covered by your insurance, and it may not even be affordable for you to pay off. Naturally, you do not want to end up taking out a large chunk of money from your savings just to settle your medical bills. A viable option available is a personal loan. As it is an emergency and not merely for the sake of spending on a luxury item, you should not even feel hesitant about taking out a personal loan if you really need the money. This is a practical solution for your money issues due to a massive medical bill without sacrificing your existing bank savings or emergency funds.

    3. Have sufficient money to settle a medical bill of your family member

    Having an emergency fund is important in securing your future needs. But then again, if it is not possible to set aside from cash for your loved one’s medical emergencies, how can you afford to pay off a medical bill without sufficient funds available?

    Some medical conditions just cannot wait. There are critical conditions and accidents that may cost the life of your loved one, and you would never want to compromise his or her safety. This is why if you find yourself in such a situation, it is worth it to take out a personal loan when you need the money right away. The amount of money you can get should be enough to cover an expensive treatment, and you will only have to make monthly payments to settle the full loan according to the due date.

    If the loan can help save the life or improve the health of a loved one or even your own life, then taking out a personal loan is indeed worth it.

    Additional Tips

    There is no doubt that a personal loan can be very useful during times of medical emergencies. With the minimal amount that your Medisave savings can cover for your hospital bills, it is good to think about a better way to secure the amount you need for healthcare costs. Although cash advances are easy to obtain, the massive interest rates you will be charged whenever you avail of this feature may only add to your stress level.

    This is why a personal loan may be worth looking into as an option for securing extra funds for medical expenses. Just make it a point to compare rates and terms offered by several banks and financial institutions before you come up with a decision to take out a loan from them. Consider the quality of service you can get from the interest rate offered, and be sure to check the reputation of the lending organisation as a means of determining whether you should use them for your financial concerns or not.

    Once you are granted a loan, you should be disciplined in paying off your debts according to the set due date. Never default on your loan as this would impact your creditworthiness, which also hurts your credit rating. As long as you have set a budget for your repayments, and you have selected a loan package with a reasonable interest rate, you should be able to repay the amount and get past a tough financial situation in the end.