Healthcare plays a crucial role in our lives, and although we may be in the pink of health, there may be times when we need treatment. Many times, you will discover you need funds on very short notice, and health emergencies tend to cause stress. This is a natural response to any adversity but added to it, you shouldn’t be worried about your finances. Today, health-related costs that begin with a consultation, continue with diagnostics, and end with treatment through medication or surgery can put a dent in your bank balance.
You don’t want to find yourself eating out of your savings completely. Here’s where digital payment instruments like the Bajaj Finserv Health EMI Network Card come to your rescue. With a convenient procedure to download health card usage can be undertaken quickly. Another variable besides the Health EMI Network Card from Bajaj Finserv that can bring down costs of healthcare is generic medicine. Let’s see what vital roles these two play in bringing down the costs of expensive healthcare.
Generic Medicine: What is it?
Today, simple illnesses like the flu can cause your medical practitioner to prescribe expensive drugs to alleviate symptoms. Prescription medication is approved by the Food and Drug Administration (FDA) and other authorities for official use. These drugs are also patented and protected by copyright regulations. Generic medicine, on the other hand, is a copy of any given brand-name prescription drug, but since it hasn’t gone through the process of patenting, it is less expensive than branded medication. A generic medicine is sold at pharmacies in India at half or one-third of the cost of its prescription counterparts.
Generic Medicine and Branded Medication
Although generic drugs are more affordable than brand-name drugs, you won’t find too many medical professionals prescribing them. This is due to the fact that they have not been patented and a lot of doubt surrounds their efficacy. Nonetheless, generic medicine has been shown to be just as effective as its branded counterparts and works out to be affordable, especially for those in the lower rungs of the economic ladder. You can see how generic drugs may, even in the long run, promote a significant reduction in medical costs, as treatment medication constitutes a significant part of healthcare. Here are some features of generic medicine and branded drugs:
- Ingredients of Drugs – Active ingredients of generic drugs versus branded prescription drugs remain the same, so both are effective. It’s the inactive components that may be different in both.
- External Aspects – The packaging, colour and form of a generic drug may be different compared to a branded drug. The dosage will remain the same as active components don’t change.
- Quality Standards – Generic drugs are marketed and sold only after the fulfilment of standards of the FDA. Assurances of safety and efficacy matching those of branded drugs are guaranteed for generic drugs. Generic drugs have to meet stipulated standards through testing of active ingredients used and are evaluated for strength, effectiveness, absorption rate and storage adequacy.
The Role of Health Cards
Health cards are digital payment tools that you can access with an easy process of the download. Health card use has gained importance as people have realized that cards like the Bajaj Finserv Health EMI Network Card can save you money and enable you to pay your medical bills without tension. People often find themselves looking to take personal loans or pay with credit cards for health costs in emergencies. While these are effective ways to pay for treatment, as is health insurance, you may end up increasing your costs. Both loans and credit card payments may incur hefty interest rates on loans you take against them. With insurance, you often have to pay your bill with your own funds and then get reimbursed later. Furthermore, insurance may reimburse your health cost only in part. The Health EMI Network Card assures you of benefits to meet your health expenses without hassles or worries.
How the Health EMI Card Benefits You
It’s obvious that drugs under the title of ‘generic medicine’ cost you less than branded drugs and cut down your overall medical expense. Here’s how the Health EMI Network Card offered by Bajaj Finserv can be of advantage to you and can play a role in lowering health-related expenses.
- Digital Instant Payment – The Health EMI Network Card is a digital payment instrument that pays for your healthcare requirements without you having to shell out any cash initially. This gives you the power to meet expenses in an emergency or when you don’t have time to arrange for funds.
- Flexible Repayment Terms and No Cost EMIs – You can borrow up to 4 lakhs INR with the use of the Health EMI Network Card, and repay what you borrow in easy No Cost EMIs. These are interest-free EMIs and you can choose flexible tenors from 3 – 24 months to repay the amount. Additionally, every health-related treatment can be availed of, like dental care and cosmetic surgery which are often not covered by insurance.
Both generic medicine and health cards such as the Bajaj Finserv Digital Health EMI Network Card play important roles in our lives, as they significantly lessen the cost of healthcare. Healthcare costs are rising with inflation every quarter, and this includes diagnostics bills, hospitalization and treatment charges, as well as the cost of pharmaceutical drugs.