What does co-creation mean at Jupiter?
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Financial planning has the following 2 layers.
People in the early years of career focus on putting salary savings into investment schemes and seldom focus on Insurance.
- Don’t have your personal health tied up to your employer (read: corporate insurance).
- Start Early: Best time to buy insurance is when you’re healthy. Insurance comes very cheap in the early 20s
Lets say the medical expenditure was Rs 3 Lakhs.
Pre- Hos: Any costs incurred due to the disease 30 days before hospital admission. For example, Lab tests run to diagnose the disease.
PS: No reimbursement in case the person is not admitted to the hospital.
Post-Hos: Any costs incurred due to the disease in the 60 days post-discharge from hospital. For e.g.: Medical Assistant deployed for Bed rest at home.
Top 3 priorities while selecting a Retail Health Care Plan:
How frequently should existing insurance plans be reviewed?
Must be evaluated every 4 years to suit new requirements as they are portable.
Caution for Insurance Plans for the elderly: The insurance options reduce by 50% every 5 years after the age of 55.
Wouldn’t it be better for me to have a “general” emergency fund (as a savings account in a high interest bank like Niyo) than to go for specific insurances?
That way I don’t need to book specific insurances for different assets be it my car or body or anything and I can earn 7% interest on the fund as well!