Lovaii NavlakhiInternational Money Matters
These days we take insurance for the house at the time we buy it. People have also started insuring household goods and we have been insuring our cars for quite some time now. But what about the most important asset of all – our health? Because all the riches and luxuries are worth naught if you don’t have the health to enjoy them.
Health insurance is a must for you and for every member of your family. In return for premiums you have the satisfaction that god forbid, there is an accident or an illness in the family, you have help from the health insurance plan in paying the expensive hospital bills.
A simple operation requiring an overnite stay at the hospital can make you poorer by Rs.50,000 to a lakh and the complicated ones cost far more. This can cause quite a dent in your savings if you have to use your own funds. Often some other goals for which you were saving and investing would need to be adjusted, postponed or even cancelled. You may be covered by a company plan but with austerity measures kicking in, this is not an option to be banked on. Moreover you are most likely not going to stay with the same company for the rest of your working life. What if the next company you move to doesn’t have adequate health cover; or you and your spouse are covered but not other members of your family?
A decent health plan for yourself and every member of your family taken independent of your company or your spouse’s company is a good precaution and addon to company provided health plan. It ensures that your assets are protected from the risk of any illhealth or accident in the family.
Customer is the king now with many variation and combinations being launched in this space, especially by private insurers. Take advantage of this and take at the very least a floater plan of Rs.3 lacs to Rs.5 lacs that covers all the members of your family.
The author- Lovaii Navlakhi, CFP is the CEO of International Money Matters and The Financial Alphabet.
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