4 Smart ways to handle unplanned medical expenses

Know More
Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.
By clicking on the hyper-link, you will be leaving www.kotak.com and entering website operated by other parties. Kotak Mahindra Bank does not control or endorse such websites, and bears no responsibility for them.
At your request, you are being re-directed to a third party site - https://www.billdesk.com/pgmerc/kotakcard/ wherein you can make your payment from a different bank account. Kotak Cards does not guarantee or warrant the accuracy or completeness of the information, materials, services or the reliability of any service, advice, opinion statement or other information displayed or distributed on the third party site. You shall access this site solely for purposes of payment of your bills and you understand and acknowledge that availing of any services offered on the site or any reliance on any opinion, advice, statement, memorandum, or information available on the site shall be at your sole risk. Kotak Cards and its affiliates, subsidiaries, employees, officers, directors and agents, expressly disclaim any liability for any deficiency in the services offered by BilIDesk whose site you are about to access. Neither Kotak Cards nor any of its affiliates nor their directors, officers and employees will be liable to or have any responsibility of any kind for any loss that you incur in the event of any deficiency in the services of BiIIDesk to whom the site belongs, failure or disruption of the site of BilIDesk, or resulting from the act or omission of any other party involved in making this site or the data contained therein available to you, or from any other cause relating to your access to, inability to access, or use of the site or these materials.
Note: Available in select banks only. Kotak Cards reserves the right to add/delete banks without prior notice. © Kotak Mahindra Bank. All rights reserved
By clicking on the hyper-link, you will be leaving www.kotak.com and entering website operated by other parties. Kotak Mahindra Bank does not control or endorse such websites, and bears no responsibility for them.
By clicking on the hyper-link, you will be leaving www.kotak.com and entering website operated by other parties. Kotak Mahindra Bank does not control or endorse such websites, and bears no responsibility for them.
By clicking on the hyper-link, you will be leaving www.kotak.com and entering website operated by other parties. Kotak Mahindra Bank does not control or endorse such websites, and bears no responsibility for them.
By clicking on the hyper-link, you will be leaving www.kotak.com and entering website operated by other parties. Kotak Mahindra Bank does not control or endorse such websites, and bears no responsibility for them.
21 MAY, 2020
Medical emergencies can create havoc in your life at any point in time. Whether you have medical bills piling or foresee a grave medical situation, it is never easy. Not only is it mentally draining, but can also seriously strain your budget. Fortunately, you can prevent your health costs from spinning out of control. Read on to know the various smart ways that you can use to handle unplanned medical expenses.
Emergency savings – Your emergency savings fund can make for the best option to fall back on. It can aid in easily getting through the small payments or cover the big costs. Hopefully, you have put aside some amount of your savings into this kind of fund to deal with unforeseeable circumstances. Now is the time to use it! Well, if you don’t have one, fret not as there are other options too.
Medical loan – A medical loan is a personal loan that you can obtain in times of medical emergencies. The loan is conveniently available and offered by banks and financial institutions. You can apply for a medical loan online or start the procedures by visiting the bank branch. A medical loan gives you enough time to repay the loan through easy EMIs and this makes it a good option to consider.
Additional Read: Quick Personal Loan for Medical Emergencies
Credit cards – Credit cards can assist with quick medical payment assistance. You have access to this money much easier and it can be used in times of medical emergencies. However, the accessible funds may be limited and it is a good option only if the bills do not run too high.
Maintain a strict budget – Medical bills can seriously hit your monthly budget and thus, you must evaluate it. You are likely to find it extremely tough to keep on track. However, set aside a small part of the budget to cover as much of medical payments as you can while restricting on other expenses. Perhaps, you may have to reduce regular dinner outings or postpone a holiday trip. Any budget cuts may be worth it and you can get back to the entertainment with time.
When you or a loved one is faced with medical atrocities, it is undoubtedly a draining process. Add to it medical bills, that make it further overwhelming. However, using afro-mentioned financial assistance options can ease the process.
You have already rated this article
OK