The ongoing Covid-19 crisis has resulted in an massive rise in circumstances of health-related emergencies. The pandemic induced several lockdowns have additional compounded the difficulty by minimizing the revenue of numerous households.
Raghuvir Gakhar, CEO of Computer Financial, “‘It is the health that is the real wealth and not pieces of gold and silver…,” Mahatma Gandhi has rightly said. Today, we understand this better when the pandemic has wreaked havoc resulting in a health emergency across the globe. We have learnt to prioritize health over everything else. However, at the same time, it is absolutely necessary to remain prepared for any unforeseen situation.”
Hence, the necessity to strengthen yourself financially is crucial. For instance, if a medical emergency arises, an individual needs to be equipped with sufficient funds that would enable them to deal with it.
Here are some important tips that can help to remain credit ready for medical emergencies;
Emergency fund – Experts say there is nothing more important than maintaining an emergency fund that would bail you out of any difficult situation. Ultimately, the amount of the emergency fund should be enough to cover at least 6 months’ costs. Further, economic planners advise, in no way to hold the complete emergency fund in a savings account.
Gakhar says, “Invest some of it in equities that are easy to liquidate. It will help earn better returns and also ensure availability in case of an emergency. One must make it a habit to keep a certain amount from every month’s income for the emergency fund.”
Medical insurance coverage – With the present trend in increasing health-related expenses, it is not possible to spend for such massive health-related bills at the hospitals and that as well from a month-to-month salary. Hence, it is very important to have well being insurance coverage for the complete family.
Gakhar adds, “While the organizations provide medical insurance cover, one must not rely on it completely due to the current job market situation. There are several companies offering medical insurance with a range of coverage.” Choose a program that suits you and your family superior.
Life insurance coverage – Life insurance coverage plays a pivotal part, particularly if you are the sole earner in a family. It is advantageous as it can empower households to face any health-related emergency predicament with enough funds at their disposal. According to IBEF (India Brand Equity Foundation), the anticipated annual development of the life insurance coverage market in India will be 12-15 per cent more than the coming 3-5 years.
Quick individual loans – Considering the economic urgency of their personal buyers, lots of banks provide immediate loans. Such loans do not go via a lengthy procedure of approval, therefore, can be opted for immediately. During a predicament of health-related emergency when in require of funds, it is a worthwhile selection to opt for loans from such banks.
Gold Loan – Banks provide loan against gold jewellery and a consumer in emergency requirement. This can rapidly variety anyplace from Rs 10,000 to Rs 1 crore with gold jewellery.
Gakhar says, “This is a convenient option when someone is facing a medical emergency and needs funds. Its easy application process makes it one of the easiest options for quick credit.” Furthermore, it have to be noted that the interest prices are nominal since gold acts as fantastic safety for repayment of the loan.
In a nutshell, there are a wide variety of possibilities for a rapid credit in the course of an emergency but one desires to be conscious and ready usually.
Industry authorities say, even even though one can in no way be completely ready for a health-related emergency, it is only sensible to know what all credit possibilities are readily available.