Medical science is constantly progressing; new techniques and machines are being developed to detect and treat complex diseases. While we are benefiting from these advancements, it’s also leading to a rise in medical inflation. The diseases are discovered suddenly but they go slowly, consuming not only precious time but also hard work and money. The average person may be able to give time and hard work, but it becomes difficult for them to raise money for the disease. A large part of India’s population belongs to the middle or lower classes, for whom the medical expenses of any major disease are almost always unaffordable.
(Read more: Health insurance plans for family)
Whenever a sudden major illness strikes, a middle or lower class person rushes towards a medical loan for money. In order to save the life of himself or any family member, they are unable to think of anything else at that time. They do not even think about how heavy the loan and interest are going to be for them later. In such cases, a mediclaim policy can keep you covered and you will not need to go around asking for money in case of an emergency.
(Read more: What is not covered in health insurance)
In this article, we are going to talk about which one between a mediclaim policy and a medical loan is the better option.