Mr. Raman, a well known financial advisor in his 60's, is speaking at another conference. He is going to touch upon the topic of health care. To be more precise, what can people do to keep themselves financially prepared and why is preparation for the future so important?
"To take my example, I am 64 and I have diabetes. A few years ago I had a heart attack. However, I was completely prepared. How could I be completely prepared, can I tell the future? As much as I'd like to be able to do that I can’t? But I did the next best thing. I have a life insurance policy with a critical illness rider that took care of the finances of my operation. In addition to that, I know my wife is completely protected when I pass away.
I am not here to scare anyone, just to tell you that it doesn't hurt to prepare yourself for the future. Let's look at a few reasons why we need to be prepared."
Deteriorating Health Conditions
"Health conditions all over the world, and in India, have shown a decline over the years. With this decline the increase in disease and illness is a logical expectation. This puts us all under the danger of falling prey to disease that will show no mercy to our savings. Disease won't only attack those who can afford to pay for its cure. So I say that the best and wisest way to counter this is to invest in insurance that offers adequate protection and offers relief to our medical expenses. My long term policy helped me in my time of need, and what's even more amazing, is that it will help me as long as I'm alive. Well, it will also help my family when I am gone."
Increasing Cost of Healthcare Treatment
"The latest budget in India has shown a significant increase in doctor's fees and healthcare. Hospitals with more than 25 beds and central air conditioning are being slapped with service tax. This additional tax burden will be transferred on to their patients. In addition, cashless payments were the only payments on which a service tax was charged. Now even reimbursements will fall to the same fate. These facts indicate that healthcare costs are being driven up and we will all have to deal with these increased medical costs. I think it is a fair assumption that costs can very easily rise further in the years to come. So let's be prepared."
Hamper Planning and Dent Savings
"With the increasing cost of healthcare in India it is becoming more difficult to shelter savings from high medical bills. I would like to think of myself as financially wise since I decided to protect my future. It is better to contribute a small sum every month, as a premium, to spare yourself a huge sum of hospital and medical bills that can completely damage your savings. A wise investment can shine a bright and happy light on your future."
Well, this is definitely something to think about.