How To Tackle The Rising Cost Of Medical Care?
With rapid advances in technology, medical and healthcare services has changed significantly. It is now possible to cure a number of illnesses through medication or surgery. However, these advances have been accompanied by a rise in the cost of medical care.
The industry has undergone a drastic change in the last decade. It has developed exponentially, but on the downside, the cost of medical services and healthcare has gone up. Research suggests this is only going to increase in future.
Keeping inflation in mind, you will have to pay far more for the same service ten years from now than what it would cost you today.
Tackling an era of ill-health
Today, people from all age groups face problems such as diabetes, cardiac arrest, lifestyle diseases, obesity, and many more. A large number of people are falling prey to lifestyle diseases caused due to the lack of physical activity and a sedentary lifestyle.
On the other hand, older people in the country face problems like disability, Parkinson’s, kidney and lung problems, and cardiac arrest. It is difficult for them to have access to long-term care while constantly struggling to be independent. In the case, of paralysis or disability, it can take a long time for the patient to recover and regain their health. This could mean a huge financial burden on the family.
The cost of long-term medical care cannot be restricted to the amount incurred for the hospitalisation or for the medicines of the patient. It includes all the minor and major expenses incurred until their complete recovery. This amount can often be substantially high and could put a person into financial debt.
Curing a life-threatening illness like cancer requires a large amount of money and physical stamina. You cannot build your physical strength in advance (well, not beyond a point) but you can certainly keep a certain sum aside for an unexpected illness. This will spare you from having to spend all your savings.
How to beat rising healthcare costs
The best way to tackle the rising cost of medical care is to invest in an insurance cover. It can also ensure the security of your loved ones when you are gone. Additionally, it helps to invest in Medical Insurance so you can meet any medical and healthcare costs in future, including hospitalisation. There are a number of packages available. Some come with optional riders that let you purchase additional cover for a specific illness such as cancer.
However, if you haven’t invested in medical insurance or are unable to pay regular premiums, do not panic. In case of a medical illness or a serious ailment, you can apply for a Personal Loan from HDFC Bank. The entire application process is simple and straightforward and you will receive your loan in no time. The bank disburses the amount within a few seconds to pre-approved customers and within four hours to non-HDFC Bank customers.
In times of emergency, it may not possible to go through tedious paperwork at short notice. A Personal Loan from HDFC Bank does away with all this. The loan is hassle-free; pre-approved customers are not required to submit any documentation. The loan amount is also deposited in the account within 10 seconds for selected pre – approved HDFC Bank customers, and within 4 hours for non – HDFC Bank account holders.
The loan amount can be repaid in monthly instalments and you can estimate the repayment amount keeping your monthly income in mind. The EMI could be as little as Rs 2149 for every Rs 1 lakh borrowed. This means you can ensure the loan is repaid on time. There’s no need to compromise on the quality of medical treatment!
A huge advantage of a Personal Loan is the higher approval amount. You can borrow funds that even exceed your current Credit Card limit. The loan amount can be as high as Rs 40 lakhs and hospital bills can be paid in cash in a single payment, in instalments during the period of treatment, or through cheque.
With HDFC Bank, the choice of your protected health is in the right hands!
* Terms & conditions apply. Personal Loan disbursal at sole discretion of HDFC Bank Ltd.