How to Pay for Critical Illness Without Insurance

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How to Pay for Critical Illness Treatments without insurance

Without a Critical Illness insurance, how do we pay for our medical treatments, hospital fees, medical bills, professional fees and medicine for maintenance?

Pay from your current income

Paying from your current income requires you to work and earn while undergoing treatment. If you are unable to work, it requires your family members to work extra shifts to be able to shoulder your medical expenses. As medical expenses rise higher over time, it requires the whole family to lessen their basic expenses and establish a more frugal budgeting system.

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See related: 10 Jobs that Need Life and Health Insurance the Most

Withdraw from current savings

We all save a part of our income so we’d have funds for our future dreams – travel abroad with the whole family, travel across the globe, start up our own business, save up for your dream wedding, send your child to a good school, etc. But did you know majority of Filipinos will never reach their financial dreams due to endless expenses? Most of the savings of a typical Filipino end up paying for accidents, illness, medical bills or even a death of a relative. They therefore give up their planned dreams and goals for the future.

Sell assets and properties

You can turn your liquid assets into cash quickly. Bonds, mutual funds and existing stock investments can be liquidated upon your emergency need. Just hope that the market isn’t down upon your redemption. Otherwise, you would be withdrawing your funds at a realized loss. You really have no choice because you need the money immediately.

See related: 9 Small Things More Expensive than Health Insurance

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Real properties take time to sell. You are lucky to dispose them immediately and turn them into cash. But most often or not, you would be selling your property cheap because you need the money immediately.

Borrow money

When your current income, assets, properties and savings aren’t enough to cope with the endless medical bills, you end up in debt. Borrowing money from friends and relatives. Asking for donations from local charity and organizations.

Would You Rather Plan Ahead?

Having Critical Illness Benefit can assist you financially while you undergo treatment.
See related post: Sun LifeAssure: Your Best Defense Against Critical Illness

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Money Monkeys

Money Monkeys seeks to educate Filipinos on finance, entrepreneurship, and the rising fintech innovations. We provide easy to digest articles with the aim of raising financial literacy, cultivating a growth mindset, and harnessing the spirits of fellow entrepreneurs.

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