Should You Consider Personal Financing For Medical Bills?

Should You Consider Personal Financing For Medical Bills?

Malaysia has officially gained the status of an “ageing population” as the population of those aged 65 years and above increased to 7.3% in 2022.

With an older population and the rising cost of healthcare due to medical inflation, facing an unexpected medical crisis could cause you to suffer financially. Insurance can help but it might not be enough to cover all of the costs or provide you the funds fast enough.

And if you don’t have insurance or enough cash, you’ll sometimes be forced to borrow money from family, friends, and relatives in order to pay for treatments.

Because of that, a lot of Malaysians end up paying out-of-pocket as much as RM24.6 billion for medical services, putting them under further financial strain.

What if there is another way to help you cope with large medical expenses?

Using personal financing to pay for medical treatment

Paying for medical expenses by using up all your cash flow will only put more strain on your finances.

Instead, you can use personal financing to finance large medical bills and spread out the repayments/payments over a longer period.

And when it comes to personal financing for medical purposes, through the RHB Personal Financing/-i you can get immediate financial relief to pay for your medical expense with unique benefits such as same-day approval and special rates as low as 7.19% fixed rate equivalent.

How can Personal Financing provide temporary financial relief?

Using personal financing for medical expenses enables you to fund a wider range of treatments and elective surgeries that your insurance policy may not necessarily cover.

Moreover, you can receive the funds in a timely manner and not have to wait for your insurance provider to process and approve the claims to release the payment which can involve a lengthy waiting period.

Under RHB Personal Financing/-i (Medical), it can be used to cover a wide range of medical-related expenses like:

  • elective surgery
  • cosmetic surgery
  • dental surgery
  • optical surgery (Lasik, cataract, etc.)
  • IVF treatment
  • mental health-related treatment
  • critical illnesses treatment procedures

In addition to that, personal financing can also be used to purchase prosthetics and prescribed medications or supplements.

Examples Of Use Case Scenarios
Lasik Surgery

The cost of Lasik surgery can range from RM2,500 to RM7,000 per eye and since it may be considered an elective surgery in some cases, your insurance may not cover the costs.

If you need urgent surgery for both eyes, it may set you back over RM15,000.
Dental Surgery

Dental implants costs are not covered by most insurance policies. A single implant can cost over RM5,000.

However, it will be extremely uncomfortable or even increase infection risk to not get urgent dental treatment in such cases.
A Prosthetic Leg

Prosthetics are considered as cosmetics purchases and as such, is rarely covered by insurance policies.

And it can get very expensive with a single artificial leg above the knee might cost you up to RM10,000.
Breast Cancer Treatments

There are medical plans for breast cancer, but it might not cover the entire cost.

For example, breast cancer treatments might cost RM65,000 but your insurance only covers RM40,000. You would still need to pay for the remaining RM25,000.
Here's how RHB Personal Financing/-i can help solve your financing woes.
Est. monthly repayment/payment for 5 years term financing
= RM416.42 per month
Est. monthly repayment/payment for 2 years term financing
= RM260.01 per month
Est. monthly repayment/payment for 3 years term financing
= RM383.20 per month
Est. monthly repayment/payment for 7 years term financing = RM543.92
per month

What makes RHB Personal Financing/-i unique?

There are certain advantages that RHB Personal Financing/-i offers that can be helpful, especially if you’re in need of immediate funds to cover medical expenses.

Some of those advantages include:

  • Fully digital application journey with the same day approval from the bank
  • Helps break down hefty medical bills into smaller payment pockets
  • Bank financing is more reliable
  • Lower interest/profit rates (campaign rates)
  • No penalty for early settlements*

How to apply for RHB Personal Financing/-i to cover your medical expenses

To help Malaysians avoid being caught in the financial distress of medical costs, RHB is offering preferential rates with additional benefits that provide temporary financial relief that will help you recover with peace of mind.

Starting from May 2023, when you apply for RHB Personal Financing/-i, you will enjoy the following benefits:

  • Same Day Approval**
  • On-the-spot disbursement upon approval
  • Lower interest/profit rates for personal financing***
*Applicable to RHB Personal Financing-i only.
**Conditional approval is subject to further verification.
***Campaign rates are only applicable to customers who also sign up for Group Credit Family Takaful (GCFT) or Personal Smart Shield (PSS) coverage.
Learn how RHB Personal Financing/-i can provide the support for your medical needs here.

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