Isn’t your duty to be responsible to your health and start saving and investing early in a suitable health insurance. At the dusk of life, when a person has worked for a good 20-30 years, he/she wants rest and lead a relaxed life without the constant worry of taking care of others. This phase of retirement however comes with a concern: the absence of fixed earnings.
MoneyMindz, Best Oncall Financial Advisory Portal advices to plan for healthcare early because you never really know when an emergency situation will strike. On a more technical side, your savings get time to mutiply and grow.
For example, if you save Rs 5,000 per month at the age of 20 and it pays 12.5 per cent per annum compound interest then by the end of your 60th year (when you retire) you would have saved Rs 5.94 crore.
But if you begin at the age of 30, you would only have saved Rs 1.76 crore. So, if you give 10 less years to your savings, you miss out on the benefits of compounding by more than four crore.
The importance of Family Health Insurance can never be undervalued for the following reasons:
1. Provides security to human life which is of prime importance to any individual.
2. Closely bonds Insurance Companies, Hospitals, Policyholders and TPAs together for the benefit of Indian masses.
3. It is an answer to the solution of uncertainties and risks those are prevalent and ever-pervading in human life.
4. Prevention and minimization of unforeseen losses.
5. Provides access to quality healthcare.
6. It is a means of savings and a safe investment option.
7. Provides financial stability in life.
8. It is a tax-saving instrument that significantly contributes in reduction of tax deductions.
9. A family health insurance plan reduces tension and stress caused on account of hospitalization.
10. It greatly contributes in leading a stress-free life.
There is no right time to buy a health insurance. You may not have a family or personal history of illness. But you never know when an accident or serious illness can wreak havoc in your otherwise happy and peaceful life.
We see how important it is for one to take care of healthcare planning before retirement. You don’t want to be stuck in a limbo or become dependent on someone else, even if they are your own children.
It is your duty to be responsible to your health and start saving and investing early in a suitable health insurance. It could be a monthly income plan or a fixed deposit, depending on the kind of returns you expect from each or simply a mediclaim.
Therefore, Kuber Mindz, Smart Financial Adviser believes that buying a health insurance is a necessity for each individual. In spite of rising costs of medical treatments and increasing awareness about buying health insurance, people are still unaware of what makes a health insurance policy a winner. It is important to attain financial literacy and make the correct financial decision securing one’s life.
For more information visit www.moneymindz.com or give a missed call to 022-62116588.