“Health is wealth.”
The most important thing in life is that you and your loved ones are healthy and happy. That said, when a medical emergency befalls, it is not only the mental and emotional aspects of your life that are strained. Your finances will take a toll as well.
Medical bills can quickly cripple a family’s finances. Most diseases tend to silently creep into a patient’s body while some conditions burst onto the scene unexpectedly leaving mayhem in its wake.
Pre and post hospital visits, emergency procedures, operations and medication can easily cost you hundreds of thousands of dollars. Lest to say, this is not money that most of us have.
Health insurance is usually the first option that comes to mind but, even that may not be enough. It also does not cover every condition as health insurance companies are enforcing their restrictions on what procedures or ailments they can and cannot include.
When insurance is not an option, it is imperative that patients or families find other sources to cater to medical bills. Medical loans remain the next best option for people looking to clear medical bills.
So that you can truly focus on what’s most important: Your health.
Medical loans are loans intended to specifically fund medical costs that cannot be covered by health insurance.
They cater for scheduled or emergency surgical procedures, necessary medical procedures, out of network charges, medical debt consolidation, or any other medical cost that may arise.
It is also wise to note that your Medisave account has withdrawal limits and that your insurance policies may not cover pre-existing conditions.
This is where a medical loan can come in handy to help you take the burden off your finances so that you can focus on treatment. As an established money lender in Singapore, Lending Bee has been a trusted moneylending institution, providing medical loans to hundreds of Singaporeans over the years.
Efficient and reliable, we help you make progress in life.
Any medical emergencies qualify for medical loan applications. Other procedures covered include:
Medical loans can cover scheduled elective procedures such as nose jobs, breast reductions or implants, or liposuction. You may find this facility useful since these procedures tend to be expensive and are most probably not covered by your insurance policy since it is a cosmetic procedure.
Types of dental procedures covered include reconstruction, braces, and surgery whether elective or not.
Some insurance covers may not cover fertility treatments, forcing you to make other arrangements to pay for such procedures.
Sometimes, taking out a medical loan might not necessarily mean that you have to use it to pay for medical procedures or emergencies. You may currently be in debt with unfavorable loan terms. Taking out more credit to service such outstanding amounts can lessen the burden in the long run, especially in situations where the interest is very high. It becomes easier to take out another loan with better repayment rates and terms to pay all the other pending debts with conditions that translate to much higher costs.
Anything can happen at any time. Knowing what to expect in the form of a medical emergency could help make the right decisions when faced with a crisis. Though these medical emergencies are usually covered by your Medisave or insurance policy, there is still a limit to the amount they cover. The common ones include:
The body needs oxygen to survive and operate efficiently. Any person having a difficult time breathing requires urgent medical attention regardless of whether it is caused by an asthma attack or an allergic reaction.
If someone is in extreme pain, whether injured or not, it is important they seek help immediately.
If someone collapses and nobody is aware of the cause, it is paramount to seek immediate medical attention.
A heart attack occurs when someone has a blockage in the arteries thus causing impaired function. The heart could completely stop functioning if left untreated.
Heart attacks come with several signs including feeling dizzy or lightheaded, chest pain, shortness of breath, nausea and/or vomiting, pain that feels like it is moving from the chest to the arms and affecting the neck, jaw, back and abdomen and an overwhelming feeling of anxiety.
Some people experience unexpected and uncontrollable shaking of their body or body parts. It could be as a result of a condition known as epilepsy or any other underlying medical reason.
A stroke occurs when a blood clot is lodged in the brain. It affects speech and movement and can cause brain damage if not handled immediately.
If someone’s face has fallen on one side and they can’t smile; if their speech slurs; if they can’t move their arms up or can move them but can’t keep them up, they are most likely having a stroke.
A medical loan can be used for any form of medical procedure or during medical emergencies.
Below is a list of some common and emergency medical procedures, and the estimated costs after government subsidisation, under a public hospital, class B2 (do expect to pay more if you opt for a private hospital):
Source: Ministry Of Health Singapore
|Medical Procedure||What It Is For||Cost|
|Cataract Surgery||Corrects cloudy vision by removing the lens of your eye and replacing it with an artificial lens.||$1,501|
|Heart, Irregular Rhythm||Arrhythmia, Cardiac Arrest and Conduction Disorders W/O Cat or Sev CC||$1,384|
|Hand Surgery||Surgery to hand, wrist or fingers||$1,908|
|Ear, Nose & Throat (ENT) Surgery||Surgery for ENT related problems||$1,965|
|Appendix Surgery||Surgery to remove the appendix||$2,535|
|Brain, Blood Clot Or Bleeding. Stroke, Without Severe Complications||Stroke and Other Cerebrovascular Disorders W/O Cat or Sev CC||$2,610|
|Heart, Insertion Of Pacemaker||Surgery to insert a dual chamber pacemaker||$3,424|
|Knee Replacement (Simple, One Side)||Knee, Various Lesions, Primary Total Joint Replacement (Unilateral), open/MIS/navigated||$7,088|
|Partial Hip Replacement Surgery||Hip, Various Lesions, Hemi-Arthroplasty||$7,298|
Don’t let the cost of medical procedures prevent you from delaying treatment.
Before making an application and subsequently qualifying for a medical loan, you will need to consider the following:
Your credit rating depends on your credit history and your income. Delayed payments and unpaid bills could easily tarnish your record.
That said, Lending Bee will carefully assess and evaluate each individual’s financial situation to see if we are able to grant you the loan. If we see that it has improved and we are confident that you will be able to repay the loan, we may be able to grant you with a medical financing loan.
In order to qualify for a loan with Lending Bee, you will need to:
Before you head down to our office, do ensure that you have:
At Lending Bee, we aim to make our loans accessible to everyone. This is why we have kept our loan terms as friendly as possible. These include:
We understand the urgency of emergency medical procedures. This is why we have streamlined our borrowing process to make it quick and less stringent. In fact, it is recommended that you apply for our medical loan online to save you time.
With a medical loan, you will be able to consolidate your existing medical debt for a lower interest rate.
Medical loans are mostly unsecured, and these do not require any collateral to access.
At Lending Bee, we will give you adequate time to make repayment with our flexible loan tenures. This way, you will be able to plan accordingly and make repayments at a reasonable pace in installments, thus allowing for peace of mind.
Medical loans can also be used to cater to, not just medical expenses, but other related expenses such as living expenses while you recuperate.
We not only cover for your initial medical costs, but also what comes after.
It is important to understand that medical costs reflected above should not be taken at face value. Follow up check-ups, further complications during surgery which may result in a longer hospital stay and medication should all be taken into consideration. There may be some situations where the problem cannot be solved with just a single surgery. The surgery may solve part of the problem but the patient might have to be on long term medication, or require subsequent surgeries thereafter.
All these equate to additional costs. This is where Lending Bee can step in and help with your medical financing. As we strive to help with your medical financing costs, you will then be able to devote your time to what matters most: your health. We understand that medical emergencies and procedures can place quite a dent on your finances, which is why we are here to offer you with the timely financial assistance that you require.
Let Lending Bee® take care of your medical costs, so that you can focus on your health.
Borrow With Confidence.
With Us, You Can.