Wealth may not be able to BUY health, but the role healthy finances play in one’s mental and physical health cannot be denied.
When you know you have an Emergency Fund stored away to be used ONLY under dire circumstances like a hospitalization, you tend to be worry-free and can think about progressing in your personal and professional life normally, unlike a majority of the population that is worried how the hospital bills will be paid and how their homes will run if they are affected by COVID-19 in the rampaging Second Wave of the virus that has gripped many parts of the country.
How large should your Emergency Medical Fund be?
Experts at OneInsure have this to say regarding emergency funds:
- Should be at least 6 times your home’s monthly income
- It’s okay if your emergency fund earns 0% interest; just stick with it
- DO NOT spend unless in an emergency
- Your spouse should have access to it in case you are incapacitated
Cannot create an Emergency Medical Fund? There is an alternate!
Six times a home’s monthly income could be anywhere from 4-5 lakhs to several lakhs! A fund of this size is impossible to accumulate overnight and has to be diligently gathered over several months/years.
Luckily, there is a solution that gives you the same protection as an Emergency Medical Fund for a fraction of the cost – a Health Insurance Plan!
Why a Health Plan should be the front and centre of your Financial Planning
As we’ve mentioned already, healthy finances contribute to your mental and physical health. And one cannot have healthy finances without having a solid health insurance plan that acts as a safety net in case of huge unforeseen medical bills. A health plan costs a few thousand Rupees and can save you several lakh Rupees in healthcare costs!
Let’s run through the most important benefits provided by a health insurance policy:
- Health plans cover hospitalization costs in case of planned treatments, surgeries, and even emergencies in return for relatively affordable premiums. If you visit a network hospital, the treatment can even be cashless.
- A health plan protects you and your family from the financial burden of expensive treatments.
- Family-floater plans allow you to cover the entire family under a single health plan for marginally higher premiums.
- High-quality treatments with no compromises.
- Tax benefits under Section 80(D).
- Having a health plan ensures you are not fooled at hospitals with extra charges and unnecessary procedures.
Do not let a health emergency derail your life. Health insurance prices are low when compared with the financial backup it provides.
In case of queries, write to us at firstname.lastname@example.org or call 86559-86559.