Save money for sudden medical emergencies in India
Last month one of my friends had a very tough situation where he had to spend about 45 lakhs for his father's medical expenses. This is something that suddenly came up and he couldn't do anything about it. It is a tough call when the doctors say that there is a treatment available but we have to spend about 30 lakhs on that. I say it is a tough call because the age of his father was around 70 and we may not know if the treatment will work or not and at the same time we cannot let him suffer and die.
Fundamentally his father had a liver problem but apart from that he had heart failure. The surgery was a costly one because there was no option to do a open heart surgery as he cannot withstand anasthesia. I might express a little in words but it is very hard to say how much they exactly went through in the last few months.
Medial expenses
In India medial expenses are very costly. Maybe some basic expenses can be affordable or even available for free but some advanced treatments are not available in large scale. It is not possible to import and use a lot of medical equipments from other countries. The demand for medical needs is very high but the supply is very small here. Because of the heavy demand the medial expenses skyrocket. It can be hard for individuals to take care of those expenses without having a medial insurance.
Medial insurance
Medial insurance is good if it is a corporate insurance. The claim percentage is good compared to indivdual medical insurance. People still go for it because of the security that it gives. For example for my friend who spent 45 lakhs had some medical insurance that helped him cover at least a small amount of the money. If there is no medial insurance, we might have to spend all the money by ourselves.
This topic is not an easy one to discuss. There are people who don't believe in medial insurance and they make sure they have enough funds available in savings that casn take care of the medical expenses. Saving that much amount of money can take a lifetime. For if an individual is planning on saving an emergency fund, this type of money should also be available in hand. People argue saying that medical insurance is useless beause the claims are not cleared 100 percent and in such situations people end up paying their hard earned money on the medical expenses.
My suggestion to people is to save enough money to take care of the medical expenses. We may not know what type of medical expenses we might get, it is better to have enough money in savings that takes care of our emergency funding as well as our medical needs. This has to be done as long as we don't have great medical facilities available for free in India. But I would say it is always better to take extra care of our health so that we don't have to spend the money on doctors and hospital. Prevention is better than cure.
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health is wealth , one must make all means available to cater for one's health which is why saving up for health insurance will always be a clever financial move.
This is really insightful! A lot has been said. It is important one prepares for emergency, especially where there is limit to free medical care. As you have rightly pointed out, prevention is important. It reduces the chances of having emergencies and having to spend money on hospital bills. This can be achieved by exercising, eating balanced diets, living a healthy lifestyle in general.
I look forward to your next post 👍
Thanks man
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Medical expenses are very high, doctors understand nothing but money. Even after spending 45 lakhs, it is not possible to save the patient. Doctors get money only by treating, it is not important whether they can save the patient or not. Getting insurance money is very difficult.
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