How to smartly manage your finances during a medical emergency

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How to smartly manage your finances during a medical emergency

24 AUGUST, 2021

A medical emergency can be a very stressful time. It is understandable that you would be more focused on the well-being of your loved ones than the finances needed for their treatment. To avoid any grave money mistakes that can set you back, we have created a simple checklist that will cover all bases.

Here’s how:

Watch out for mistakes in billing: Often, there could be mistakes in hospital bills. You could be charged for medicines not used, or the amount mentioned could be incorrect, or the doctor’s fees could be wrong. Always check the bills thoroughly before paying.
Loop in a trustworthy friend: It is always better to have a second set of eyes. Ask a sibling or trustworthy friend to double-check the bills and other expenses incurred.
Understand your insurance policy well: Do not wait for a medical emergency to look through your health insurance document. Know the terms in advance as this can help you take advantage of benefits such as cashless hospitalisation, critical illness cover, etc.
Get a second opinion from a trusted professional: Do not blindly follow what the hospital tells you. Research the costs involved and always consult someone with medical expertise for a second opinion before you agree to do a procedure.
Ensure that all papers are in order: Your health/life insurance policy, medical history records, and will are important documents that your family members may need during a medical crisis. So ensure that all such documents are up to date and easily accessible – perhaps you could store them in a single folder.

A medical emergency can strike anytime. While your health insurance should cover most of the expenses, you will still need funds to meet other costs and compensate for any loss of income. A Personal Loan from Kotak Mahindra Bank is quick, affordable, and requires minimal documentation. It can be a friend in need by helping you sail through a tough time.

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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.