Medical inflation is at an all-time high in India. As per a mid-year review, the first half of 2019-20 saw miscellaneous inflation as the highest contributor to retail inflation. Of the former, health subcategory weighed approximately 40% and 27% for rural and urban regions respectively. Thus, affordability has become a prime concern for individuals across the nation when it comes to quality healthcare services.

At such a time, health card in India can provide a significant financial reprieve to individuals seeking medical attention. Alongside conventional health insurance policies, these cards can minimise the unplanned expenses arising from sudden health deteriorations requiring medical attention.

What are health cards?

While most individuals are familiar with the workings of a health insurance plan, few know about health cards in India that are gaining noticeable popularity for their comprehensive benefits. These cards come equipped with a pre-approved credit limit, which cardholders can spend to avail a wide range of medical, healthcare and fitness services.

With such an instrument, one can pay for all their medications and healthcare necessities without any instant financial strain. Instead, cardholders can defer their medical bill payments using a monthly instalment system. Repaying the outstanding sum is easier and more convenient through such EMIs, making health cards an important financial product when dealing with substantial medical expenses.

Using health cards

Generally, such cards are digital, which means that an individual does not need to carry a physical card to hospitals, pharmacies or diagnostic centres. All cardholders receive a unique number, along with a pin for their health card. They can use this financial tool to pay for all expenses related to a range of health problems at network outlets.

One can check with the card issuer a list of network hospitals and nursing homes where these cards are useful. If cardholders seek treatment from one of these centres, they can directly settle their bills using their unique card numbers. Doing so ensures that these individuals do not need to spend any money from their own pockets immediately.

After payment using this card, users can choose a preferred repayment schedule extending up to a long tenor to clear outstanding dues. With affordable EMI payments, cardholders can conveniently service debts for expenses met through these health cards in India.

Benefits of using health cards

If one picks cards like the health EMI network card offered by Bajaj Finserv, he/she can utilise several beneficial features from this product. Some of its advantageous aspects include –

  • Support for a wide range of treatments

From dental appointments to maternity care, health cardholders can use it to pay for a wide range of medical consultations, treatments and procedures. One can even use this financial tool to bear the expenses incurred on non-essential medical assistances like slimming treatments or cosmetic procedures.

If you prefer to go for homoeopathic treatments instead of its mainstream counterpart, you can pay for such alternative therapies as well with your health card. The list of other branches of healthcare that these cards cover is long, including treatments and consultations for chronic, communicable as well as non-communicable health problems.

  • Substantial limits

Cards like the health EMI network card are only available to existing EMI Network members of the card issuer. Eligible applicants can thus expect up to Rs.4 lakh as the spending limit on these nifty financial products. The high-valued credit should suffice when it comes to treating a range of health conditions.

  • Tenor flexibility

Repayment capabilities tend to vary from one individual to another. Keeping this in mind, health cards come with tenors of up to 24 months for the repayment of funds utilised to pay medical bills. Therefore, anyone with limited financial availability can choose the longest repayment period and take advantage of affordable monthly instalments.

  • Coverage for the entire family

Rather than opting for separate cards for each member in their families, individuals can fulfil the healthcare funding needs of all members with one card. Health cards in India allow unrestrained sharing of benefits among family members. Thus, a card that one avails can be used by his/her parents, siblings, spouse and children.

  • Zero document requirement

Since health card applicants are existing EMI Network members of the card issuer, they can forego document submission when applying for this financial product. While reducing hassle, this feature also ensures speedy approvals. Thus, when you encounter health problems, you can easily apply and receive approval of your card to begin treatment.

  • Pan India coverage

Such cards do not restrict usage to specific metropolitan centres in India. Contrarily, users can seek treatment using this financial tool across the country. Some renowned card issuers come with over 5,000 network outlets spread across 1,000 cities in India for health card usage. Thus, you are never too far away from a clinic or hospital accepting this card as a means of payment.

To apply for a health card, all you need to do is visit the financial institution’s official website and fill up an application form. Enter accurate details and submit it alongside any other requirement. An application with all requirements duly met should receive approval instantly.