How Medical Loans Can Help You Pay Off Medical Costs With Ease

Medical emergencies. They happen when we least expect it. With rising healthcare costs and increasing restrictions on insurance coverage and claims, if one is ill-equipped financially when a medical calamity hits, what then? 

In Singapore, one can easily rack up hundreds of thousands in medical bills, especially where surgery is involved. Many Singaporeans are struggling to afford rising healthcare costs to cope with health-related expenses especially when our life expectancy is an average of 85 years or more. You could tap on your MediShield Life and Medisave but there are limits and restrictions to how much you can withdraw. When medical emergencies strike, people of all ages can find themselves financially crippled. 

In other scenarios, you might be suffering from skin related problems that require cosmetic surgery, or want to achieve perfect vision with LASIK, or undergo a bariatric surgery for weight loss but are unfortunately short on cash. While it may be a viable option to save up for these procedures, some people might not have the luxury of time if their conditions greatly affect their health and well-being.

Health is our biggest wealth in life. If you are facing financial difficulties and need immediate assistance, why not consider taking up a personal medical loan? Unlike getting a cash advance on a high-interest credit card, you can apply for a medical loan with low interest rates while waiting for your insurance payout for instance. At Goldstar Credit, we have medical loans tailored for your every need. 

 

What Is A Medical Financing Loan

Medical loans are personal loans intended to specifically fund medical expenses that cannot be covered by health insurance, Medisave, MediShield Life or other forms of financing. Examples of medical expenses include emergency or optional surgical procedures, out of network charges, medical debt consolidation, or any other medical cost that may arise out of your insurance cover. 

As there are restrictions and withdrawal limits for different claims under health, accident, hospital and critical illness insurance and even for Medisave, it is not wise to bank on them in times of emergencies. If you are not able to dip into your savings to pay off your medical bills upfront, an alternative would be to take out a medical loan.

 

Advantages Of A Medical Loan

A medical loan can help take the burden and stress off your finances so you can focus on getting the treatment you need. With our quick and easy application and approval process, you may be able to get the funds for your procedures much faster than if you had to wait for your insurance to check and decide whether the particular surgery or condition is covered or not.

In situations where your health insurance or Medisave do not cover other medically related expenses such as additional living expenses during your recovery and treatment, a medical loan would also come in handy. Some medical insurance policies would require you to pay your medical bills upfront before reimbursing you, and if you need a quick, reliable and safe option to access cash, you should also consider taking out a medical loan. 

Apart from the almost instant cash loan, you can also rest assured that our medical loans cover a wide range of procedures from cosmetic surgeries to LASIK to orthoptics and more.

If you have dependencies such as aging parents or young children, or even family members who fall critically ill and in need of urgent financial assistance, as a matter of life and death, a medical loan would be one of the best options for you.

 

Situations Where Medical Loans Can Come In Handy

Not only do our medical loans cover medical surgeries, they can also be used to fund various medical costs such as:

  • Plastic surgery
  • Skin cosmetic surgery
  • Orthodontics
  • LASIK and other optical procedures
  • Fertility treatments
  • Weight-loss surgeries and treatments (e.g. bariatric procedures)

Be it any form of medical emergencies or procedures, we have an array of loan options tailored to suit your needs.  Have a particular procedure in mind? Our friendly team of experts will be more than happy to provide you with more details. 

At Goldstar Credit, we require no property or assets collateral and offer interest rates from as low as 2.27%. You can also loan up to 6x your monthly salary with a flexible repayment schedule of up to 12 months. We also offer a minimum of $300 and up to $50,000 in personal loans.

Goldstar Credit is a licensed moneylender certified by the Registry of Moneylenders under the Ministry of Law. When it comes to medical emergencies, you should seek a certified moneylender you can trust. Our cash loans and terms are transparent and there are no hidden fees, which should be the least of your worries when dealing with crises. 

No one should suffer because of healthcare costs and Goldstar Credit is here to offer a timely financial assistance to tide you through any medical crisis. 

Click here to apply for a medical loan or speak to our team of loan officers to find out more about the different loans and schemes to suit your financial needs.