Do your health insurance and Mediclaim cover most of your medical expenses? If so, you might wonder if you still need medical loans to pay for your treatment. And here are some things to consider:
Insurance Does Not Cover All Medical Expenses
Medical insurance does not fully cover all medical expenses. That is because it only covers a certain percentage of your medical costs and not 100%. Let’s say that you have a policy that will pay up to $10,000 in case of any emergency or severe illness, and then the total cost of treatment could easily exceed this amount. So, let’s look at some examples of costs that are not covered by health insurance:
- Your treatment at a private hospital (except for some plans).
- Surgery outside Australia (except for some plans).
- Cosmetic surgery costs more than $5,000 (in most cases).
You Might Need More Than What Your Insurance Covers
The amount of money you need might be more than your insurance plan covers. Many people don’t realise their health insurance plan won’t pay for everything. It may not pay if you need to travel long distances to get care or if your loved one needs long-term care in a nursing home or other facility outside the home. You may also need to cover co-pays and deductibles on top of what the insurance company pays out (and this is before any coinsurance). These costs can quickly add up, and they might make it impossible for you to get the treatment you need without some sort of financial assistance.
You Might Not Want to Wait Until the Insurer Settles the Claim
If you need the money for immediate expenditure and your insurer has not yet settled the claim, then there is no way around it; you are going to have to take medical loans.
And you may be thinking that this means that your health insurance policy is useless, but that’s not true in any case. Your health insurance will still come in handy when you want to pay for treatment at an expensive hospital or get specialised medical equipment installed in your home.
You Need the Money for Treatment That Is Not Covered by Your Plan
If you don’t have insurance coverage, you should still be able to get a loan for treatment that’s not covered by your medical insurance. As such, it’s essential to know how much the treatment would cost and whether or not it will be covered before applying for a loan.
You May Need a Medical Loan to Cover Unexpected Costs
If you have health insurance and Mediclaim, you may still need a medical loan to cover unexpected costs and take care of your loved ones. This is because health insurance plans usually don’t cover all the expenses related to an illness or injury. Your insurer may reject your claim for a variety of reasons, including:
- The cost of treatment was too high for them to pay.
- You didn’t follow their rules during treatment (e.g., waiting too long before seeking medical attention).
- You were given conflicting information from different doctors or hospitals.
So, in conclusion, it is better to be safe than sorry. You may not need a loan if you have health insurance and Mediclaim, but you will surely need one for any medical emergency or unforeseen expenses. So, always keep this in mind before taking out a medical loan for treatment or other medical costs.