KANYE West’s medical emergency may save him millions of dollars, it has been reported.

After cancelling all remaining tour dates six hours before being admitted to UCLA Medical Center, his insurance policy is expected to cover him for the $30million loss these shows will incur.

7 Kanye West looks set to save millions after taking out an insurance policy before cancelling his tour Credit: Getty Images

TMZ claims the policy covers the rapper “if the event illness prevented him from performing".

It continues: “The policy provides the insurance carrier will pay Kanye for not only the money he'd make but the money he was obligated to pay others if ‘accident or illness ... prevents any Insured Person from appearing or continuing to appear in any or all of the Insured Performance(s) or Event(s).’"

The rapper, who earlier this year revealed he was over $53 million in debt, is currently being treated for a “temporary psychosis due to sleep deprivation and dehydration".

7 The policy covers the rapper “if the event illness prevented him from performing” Credit: GETTY

Kanye had 21 shows remaining on his current Saint Pablo world tour which he abruptly cancelled on Sunday.

The rapper stormed off stage on Saturday in Sacramento after just three songs before cancelling the following dates.

He ranted to the audience: "There are methods, non-political methods to speaking that I like, that I feel were very futuristic.

“That style, and that method of communication has proven that it can beat a politically correct way of communication, and I f*** with that.”

7 Kanye was admitted to UCLA Medical Center six hours after cancelling his tour Credit: X17Online.com

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Kanye was admitted to the facility on Monday after “acting erratically” at the home of his personal trainer Harley Pasternak.

It was reported he was “handcuffed” to a stretcher after a call was made to the emergency services at 1:20pm for a “medical emergency.”

His security team have since been pictured patrolling the area surrounding the hospital as wife Kim Kardashian rushed back to California to support her husband.

7 The rappers security team surround UCLA Medical Center Credit: Xposure

In February the rapper made a surprising admission about his finances on Twitter.

Despite coming 20th on Forbes wealthiest celebrity list in 2014, Kanye later claimed he was $53million in debt.

He tweeted: "I write this to you my brothers while still 53 million dollars in personal debt... Please pray we overcome... This is my true heart...

"My dreams brought me into debt and I’m close to seeing the light of day…."

7 Kanye claimed in February he was $53million in debt Credit: Getty Images

Kanye even begged Facebook CEO Mark Zuckerberg for money on Twitter.

He pleaded: "I know it's your bday but can you please call me by 2mrw... You love hip hop, you love my art...

"I am your favorite artist but you watch me barely breathe and still play my album in your house ... World, please tweet, FaceTime, Facebook, instagram, whatever you gotta do to get Mark to support me...(sic)."

7 He even reached out to Facebook CEO Mark Zuckerberg begging for money Credit: Reuters

The entrepreneurial 39-year-old's struggling finances come after he has launched a number of different ventures, but not all of them have been successful.

In 2011, he attempted to release a collection of high-end womenswear, but the luxury garments never made it to stores.

Founder of the French A.P.C. line Jean Touitou alleged that the fashion experiment lost Kanye £23million.

Kanye’s expensive taste could be another reason why his bank balance hit rock bottom.

Not only do his lavish properties come at a price, he’s also owns a Mercedes Maybach, which costs almost £150,000.

7 Kanye has lost tens of millions over the years on failed business ventures Credit: Splash News

He is also renowned for his generosity.

He has splurged on pricey gifts for wife Kim Kardashian, including Birkin bags, a luxe Louis Vuitton fur coat and a £3.5 million Lorraine Schwartz engagement ring.

It’s not just his partner that Kanye’s famous for, as he’s splashed the cash on behalf of friends and other family members.

Not only did he buy his toddler North a diamond tiara, it’s also been reported that he spent £26,000 on a golden skull gift for fellow recording artist Jay-Z.

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