In today’s world, we are either focusing on our career or on our family and keep on in taking junk foods and thus adding an unnecessary strain on the health aspect. There comes the role of Medical Loans and health insurance. Most of the people choose health insurance without evaluating the advantages and disadvantages. But, you should be aware of these factors first and have the knowledge of the alternatives.
1) Approval process
In case of medical emergency, you cannot afford to waste time. When you apply for a health insurance, you have to wait for a certain amount of time to get the membership activated and this is the biggest drawback of it. But, in case of a medical loan, the approval process is easy and you get instant approval of loan.
2) Coverage criteria
When you enroll yourself for a health insurance, there are many criteria that a applicant needs to meet. Some of those factors are your medical history, age as well as your current health condition. But, medical loan is a better alternative in this case, because even if you are suffering from a life-threatening illness, you can utilize funds received from the loan.
3) No installments
When you invest in health insurance installment, and do not make any health insurance claims during the year, the money is a complete waste. This is one more reason why you should think of opting for personal loan. The Personal Loan interest rate is lower than regular health insurance installment, so you will be able to repay it on time.