When everything is uncertain in life, it is very important to get a health insurance plan for yourself and family members, along with this insurance should cover sufficient coverage amount. At the moment, there may be times when your health insurance plan will be limited or will not be much helpful in covering medical emergency costs. Coronavirus is wreaking havoc all over the world and it is very important for us to fight it effectively. It is also crucial to have fund for the proper treatment. Here’s we are suggesting you few ways for the treatment of diseases.
(1) Use emergency fund: You should create an emergency fund of at least 6 months apart from expenses. If you face any kind of financial emergency such as sudden hospitalization, job loss or any family emergency then the emergency fund will come in handy.
(2) Borrowing from friends and family: In emergency, the most popular method is to take cash from friends or family members. For this, you are free from the worry of interest and you get the required money quickly. However, try not to come at such a time that you have to borrow from your close ones.
(3) Personal loan: If your income is stable, you can take a personal loan. You can get a personal loan after some important paperwork. Many times the interest on a personal loan is 10% to 22%. How much a personal loan will get depends on your credit score and how you are related to the bank.
(4) Gold option for loan: You can use gold kept in your home or bank locker during emergency and take loan from bank or NBFC. The loan will get a maximum of 80% of the value of the gold pledged by you. This type of loan is better for those who need a quick loan and who have a poor credit score or low income.
(5) Loan against life insurance plans: You can also take a loan in lieu of your life insurance, here you can get up to 90% of the amount as a loan. This is a good option for people with a poor credit score or low income.