3 Options to Pay off Your Medical Debt


A medical emergency is a catastrophe that hits us when we’re least expecting it. No matter how much we think we are prepared for it, the enormity of the medical expenses comes as a double blow. Today, in this article, we will tell you about the 3 best and surest options to pay off your medical debts with the hope that you won’t be reluctant or afraid anymore to get your illnesses treated at the best hospitals.

  • Crowdfunding

The most reliable and effective way to raise medical funds is, doubtlessly, crowdfunding. With this funding method, the amount of money you’ll have to actually spend from your pocket is a meager amount. The top medical fundraiser in India, Impact Guru, makes sure that you’re able to raise your desired amount no matter how huge it is within a week or two. With their mobile app that you can access with the help of a smartphone and a fast internet connection, you can build your campaign in less than 5 minutes. Once the campaign is created, all you have to do is share it as widely and unapologetically as possible.

Successful crowdfunding campaigns have been able to raise over 40 lakhs within a week- that is the potential we’re talking about. Crowdfunding websites in India are fast emerging, and if you have the adequate knowledge and the drive to succeed, you will be amazed at how powerful philanthropy can be.

The best part about this funding option is that you don’t have to repay the money because it was donated, and each of the 100 donors will have donated a very small amount for you to feel obligated to return the money.

  1. Health Insurance

Rising costs of healthcare as well as the evident need for adequate healthcare today makes health insurance a must. When it comes to critical illnesses, the strain that it can put on a family’s well-being is undeniable, leaving people to turn to their life savings for aid.

Many health insurance plans nowadays give coverage for day care procedures and OPD, other than treatments involving hospitalization. Health insurance policies also cover pre and post-hospitalization as a large amount of expense on doctor consultations, tests and medicines are borne during this period. You will also find health plans to cover the expenses of vector-borne diseases such as dengue.

It is advisable to buy a health cover while you are young and healthy, because health insurance premiums rise as you age and develop more diseases.

However, one disadvantage of having health insurance is the cost. Health insurance might prove to be very expensive. This can be a difficult situation for people with low incomes or those who are self-employed.

  1. Medical Loans

A medical loan is another option you might consider. Health insurance is more popular than medical loans, but as we said above, they can burn a huge hole in your pocket. Medical loans can be used to cover all medical expenses, whereas the cover offered by health insurance is usually limited. A second advantage of medical loan is that you don’t need to pay collateral or deposit. With a personal medical loan, you receive medical care almost immediately.

Don’t Forget to Negotiate Costs With the Medical Provider

You should always try to negotiate with the medical care provider. While negotiating doesn’t always work, sometimes it can result in huge savings. Ask around for the billing department at the hospital because they are usually the ones with the authority to discount your bill.

Before you start negotiating, you need to know how much you can afford to pay, either up front or in instalments. Sometimes, the billing department may offer you a one-time discount for paying immediately, so make sure you have provisions for the same.

Now that you have the options, make your decisions wisely. Weigh the pros and cons of each of these methods to ensure that you have to spend the least amount of money of your own because when our loved ones are diagnosed with a serious illness, money should be the last concern.

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