Medical Loans In Singapore: What You Need To Know About Them 

Medical Loans In Singapore: What You Need To Know About Them 

Written by Kenneth Sawyer, In finance, Published On
January 6, 2024
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Being healthy is the most expensive asset we have. That’s why it’s important to preserve one’s health by adopting a healthy lifestyle and to protect it by purchasing insurance. But what if you get confronted by an unexpected healthcare bill that wasn’t in your budget?

Thankfully, the Singaporean government is concerned with its residents’ financial well-being and has made medical loans available to anyone in need of financial support during difficult times. Let us first look at the characteristics, benefits, and considerations that come with using this kind of loan.

What is a Medical Loan?

taking out medical loans

Medical costs are one of the roadblocks to one of the Singapore government’s main goals for keeping the residents healthy, aside from other challenges such as Singapore’s ageing population, medical changes, higher operating costs, and inflation that can occur at any time. That is why numerous health insurance packages with precisely arranged payments are lawfully available.

A medical loan, on the other hand, is meant to quickly address the needs of medical concerns. This unsecured loan might cover ongoing medical conditions that require operations or specialised care.

What is the point of taking out medical loans?

Some of you may be wondering: Is it really important to take medical loans where Singapore has many public national medical savings schemes? Why should I accept another bill when a portion of my salary is already set aside to pay for my personal or approved dependents’ hospitalisation, emergency surgery, and some outpatient expenses, as well as my own healthcare needs in old age?

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Unfortunately, withdrawal and product limitations have been set for MediSave, MediShield Life, and other personal insurances.

Assume you are in your forties and have dutifully contributed to MediSave and enrolled in MediShield Life to receive additional coverage for significant medical expenditures.

Once a day, one of your family members experiences a severe medical emergency that requires surgery or specialised treatment not completely covered by MediShield Life, and your MediSave account reaches its withdrawal limit. This type of emergency circumstance demands a huge amount of money for medical spending, and both insurances are insufficient.

Would you have to pay for these non-covered MediShield Life medical services out of pocket? You’ll be hesitant to pay for this, won’t you?

Medical loans are the kind of loans that can be given for the most urgent conditions, allowing borrowers to access funds quickly. These urgent funds that must be obtained quickly can be done so by getting a medical loan. This ensures that your family is treated on time or has surgery without delay.

Furthermore, medical loans frequently provide flexible repayment plans that allow borrowers to choose terms in accordance with their capacities, making it easier to manage their finances. Last but not least, reliable money lenders in Singapore give competitive interest rates on medical loans, increasing the borrowers’ wealth.

What expenses can a medical loan cover?

taking out medical loans

Knowing the benefit may pique your interest enough to put it to use. But what are the expenses that a medical loan can cover? It’s a wide variety, from regular consultations, surgeries, medications, follow-up consultations, and more. Here are some examples of medical emergencies it covers:

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Chronic health problem

These frequently result in the highest medical bills for patients. For example, having to go for weekly kidney dialysis or chemotherapy might result in extraordinarily significant costs that many people do not anticipate.

Dental procedures

Getting braces or following orthodontic procedures, dental surgeries, filling cavities, reconstruction, or other dental treatments can be ensured optimally by medical loans.

Physiotherapy

In many cases, people require rehabilitation and physiotherapy to get back on their feet. The procedure is costly and time-consuming, and some people may require loans to finance it.

So, medical loans can cover outpatient operations, consultations, diagnostic tests, physiotherapy sessions, and other specialty treatments or services that are usually provided outside of a hospital setting.

Cosmetic surgery

Yes, you heard it right. Even elective procedures such as nose jobs, liposuction, face and body treatments, or any other aesthetic procedures can be covered by a medical loan. These are all not covered by insurance policies or even public medical savings, but funding them using medical loans will likely happen.

Get your medical loans as soon as possible

taking out medical loans

Instead of depending solely on traditional sources, medical loans in Singapore can help shoulder the burden in times of difficulty. Their terms and applications can be more beneficial to your healthcare demands. Reputable money lenders also help make sure these loans are widely available.

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