New Delhi, Business Desk. Getting health insurance for yourself and your family members is one of the most important financial instruments. Health insurance plan with sufficient coverage amount will prove to be very useful in covering the cost of medical emergency and in medical expenses. However, there are many times that in some circumstances when your health insurance plan will also be limited or will not help to cover the cost of a medical emergency, what will you do. Know how you will be able to raise money to deal with such a situation.
(1) Use of Emergency Fund: Create an emergency fund of at least 6 months which can be used on time. If you face any kind of financial emergency such as sudden hospitalization, job loss or any family emergency then this fund will help you.
(2) Borrowing from friends and family : This is the most popular way of arranging cash during Emergency. You can get the required money quickly without worrying about interest charges. However, at such a time, if you pay the loan quickly, then it will be better for your personal relationship.
(3) Take a personal loan: If your income is stable, then you can get a personal loan in a few days, fulfilling all the eligibility requirements. Many times, banks offer pre-approved personal loans. However, in this loan you have to pay interest of up to 10% -22%. The amount you will get in this loan depends on your credit score.
(4) Credit card loans : Many credit card users get calls for loans. This loan method is also better for you.
5) Gold loan: You can take loan from the bank or NBFC during the emergency in lieu of gold kept in your home or bank locker, you will get 80% loan on the amount of gold. Those who have a poor credit score or low income. This option is better for them.
