Health Insurance is a part of your Emergency Fund An emergency fund is an amount of money that you can access at an hour of crisis or, for unexpected and unplanned scenarios, and not for meeting your routine expenses. One of the biggest reasons for the sudden need of a large amount of money is a medical emergency- for you or your dependents. Considering the fact that you would want the best medical care for your family, in such situations, expenses can mount up and derail your finances.
Health insurance, therefore, becomes the foundation of your emergency fund. If you haven’t opted for Health Insurance, you would need to plan for a bigger amount in your emergency fund.
On the other hand, by paying a relatively small premium, you can be sure that you are protected against unexpected, high medical costs.
Once you decide to buy health insurance coverage for yourself and your dependents, you need to allocate a budget for the premiums other than what you are saving in your Emergency Fund. We will assist you in selecting the right health insurance cover- one that is truly sufficient for yourself and your dependents. The key is choosing a sum assured that balances what you can afford as premium and what you might actually need.
Aditya Finserv is a Mutual Fund Distributor firm based in Pune, India. At Aditya Finserv, we help individuals and families to invest in a Diversified Mutual Fund Schemes based on the Horizon of the Clients We help Invest in a short, medium, or long term Mutual Fund.
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