Can Online Health EMI Cards Bridge the Gap in India’s Healthcare System?

India’s healthcare landscape is complex with many advancements in medical technology. However, a medical emergency could unravel years of financial planning for many. Paying off high medical bills could push families into debt. This could compromise their long-term financial security. 

In this scenario, online health EMI cards could be a potential solution. They offer a convenient way to manage these costs. But can these credit instruments bridge the gap in India’s healthcare system, or are they a temporary solution for a larger issue?

Understanding Online Health EMI Cards

Imagine this – you’re faced with paying a medical bill that could disturb your budget for the month. In case of such an event, online health EMI cards could offer a glimmer of hope. These cards allow individuals to spread medical expenses across manageable installments. 

Let’s say your medical bill is ₹1.5 Lakhs. With a health EMI card, you could spread this cost over 12 months. This would result in a monthly EMI of around ₹12,500. This could help in providing some breathing room for managing day-to-day needs.

The convenience factor of EMI card online offers adds to their appeal. Bypassing lengthy visits to financial institutions, individuals can submit applications from their homes. The entire process, from document submission to approval, can be completed online.  

Things to do When Applying for a Health EMI Card 

To ensure responsible use of online health EMI cards, here are some essential tips:

• Compare Your Options 

Study the different offers available in the market and compare your options. Consider factors like penalties for prepayment or late payment, processing fees, and more. Ensure that the option you choose fits your financial needs and offers favourable terms. 

• Create a Repayment Plan 

Prior to applying, analyse your present financial condition to create a repayment plan. Consider the EMI amount and any existing expenses you may have to ensure timely repayment.  

• Avoid Borrowing More Than You Need 

The convenience of such cards may tempt you to overspend. However, you must only borrow the amount you need to finance medical treatments. Remember, the amount you take out must be repaid with interest. Hence, overspending on the card could lead to financial hardship down the road. 

• Set up Automatic reminders

Missing a single EMI payment could result in penalties. To avoid such a scenario, set up reminders on your devices to stay on top of your repayments. On-time and consistent payments could help you maintain a healthy credit score and save money on late payment fees. 

Exploring Alternatives to Health EMI Cards 

While online health EMI cards offer a convenient solution, they are not the only option available for managing healthcare expenses. Here are some alternative solutions to consider:

• Medical Loans

Traditional medical loans offered by lenders may have lower interest rates compared to some online health EMI options. These loans typically come with fixed interest rates and longer repayment tenors, potentially offering more flexibility.

• Emergency Funds

Having a dedicated medical emergency fund goes a long way in mitigating financial stress during unexpected healthcare situations. Consider building an emergency fund over time to cover potential medical expenses. The discipline of saving can empower you to face healthcare needs without relying on credit instruments.

• Health Insurance

Investing in a comprehensive health insurance plan can significantly reduce the financial burden of healthcare costs. A good health insurance plan can cover a large portion of your medical bills, minimising the need for additional financing options like health EMI cards. It’s crucial to choose a health insurance plan that aligns with your specific needs and budget.

Online health EMI cards can be a valuable tool for managing healthcare expenses in a responsible manner. However, it’s crucial to understand the hidden costs, navigate the online lending landscape with caution, and make informed financial decisions. Remember, the key lies in utilising these instruments responsibly, prioritising financial well-being, and accessing quality healthcare.