Most of the people in private sector employment either don’t have a health Insurance policy or have very less health insurance cover. While in service some are being insured by the Employer and post that they depend on the next generation. If in case the critical illness catches up, then the hard-earned life time wealth will get drained out. In such a case, the concerned person would live the rest of his life without self-esteem and in guilt if the next generation spends their hard-earned income on them at much younger ages.
So, to lead a self-reliant life with self-esteem and prestige, having sufficient Health Insurance cover & a sufficient corpus with regular monthly investments is inevitable.
Why Built a Health Corpus in Addition to Health Insurance?
In some cases, Mediclaim may will not be sufficient. Also, the premiums will increase as you grow older. To meet this, one has taken a loan or break the savings which is very cumbersome at the old age. It is suggested, one has created separate corpus for health to lead tension free life.
As we delay the planning, investment cost will increase. So, to benefit start investing early.
Here is an illustration to showing the rising medical costs-
|Current Cost||Estimated cost after 5yrs from now|
|Hip Replacement Current cost||3 Lakhs||5,77,624|
|Heart-Angioplasty (Stent) current cost||3.5 Lakhs||6,73,895|
|Coronary Artery Bypass||4,50,000||8,66,437|
|Renal Transplant current cost||6,00,000||11,55,249|
|Liver Transplant current cost||30,00,000||57,76,244|
What does "Sufficient Corpus" Mean?
But how do you understand the term "Sufficient Health Corpus". Sometimes if we fail to pay the premiums on time or even after paying the premiums on time, the cover may not suffice to meet the actual expenses. Because in India, on an average, people end up taking a Health Cover for less than a lakh. On the contrary, the Cost of hospitalization inflates @14% per annum which is exorbitant. Also remember, even post retirement it’s only going to grow. As many may go hesitant to take more Insurance cover, it goes inevitable to invest exclusively for the health corpus creation in a combo of mutual fund schemes with medium term to long term horizon. Again, the size of corpus would vary age band wise. So, meeting an advisor to know how to design this goal matters a lot!
What Else Should You Consider?
We should also make a note that because of our ever-changing standards of living and addiction to high end hospitals, we won’t be able to settle for less by the time we retire. So should not forget the artificial raise in standards that demands a high insurance cover and wide network of hospitals.
Also, if in case the individual carries a policy sponsored by his or her working company, then by and large the company health insurance policy would cover almost all existing illnesses as well and from day one. As such it’s better to use the same on priority than the personal policy while in service to gain more bonuses.
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