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How Financially Prepared Are You for a Medical Emergency?
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Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.
Success
Failure
In the rush of unforeseen medical emergencies, let not the financial unpreparedness hold you back. These tough times should have you focusing on the best available treatment options, not worrying about funds or liquidating savings. A well-thought-out plan can help you sail through these situations. The steps you take formulate your safety net to protect you from unplanned and uncalled-for situations.
Assess Your Current Financial Preparation
The first step to financial preparedness is assessment. Here’s what you need to check:
How to Improve Your Financial Readiness
If you find your financial condition to be unsatisfactory for emergencies, then you can start improving it with these ideas.
Set Up an Emergency Fund
Medical emergencies do not come knocking on our door. To conquer such situations, emergency funds stand by your side. You can put a fixed amount in this fund every month, and it will continue the collection. So whenever something happens, you can dip into this fund and get the amount you need.
Benefit from a Personal Loan
Sometimes, a Personal Loan can provide immediate financial relief. Kotak Personal Loan offers you quick access to funds up to Rs. 35 Lakhs. With competitive interest rates starting at 10.99% per annum, you can enjoy flexible repayment tenure of up to 6 years.
All you need to do is start by checking your Personal Loan eligibility to see which offer is the most suitable for you. Then, gather all the documents you need and start with the application process. You can also look into how to get a Personal Loan. This will give you an idea of what to do after every step, and you can get the funds you need smoothly.
At the same time, ensure that you check how much your monthly payments will be using a Personal Loan EMI calculator. This will help you manage your finances effectively and plan the repayments.
Get Health Insurance
If you do not already have health insurance, then consider getting one. It will help you pay off and save on hospitalisation costs while ensuring high-quality treatments. Several insurance plans can meet different needs.
Investing in health insurance is always a great idea since you can customise it with riders and ensure that it covers you and your family sufficiently.
Summing Up
Medical emergencies never come announced. So, even if you are in good health, it is a good idea to be prepared all the time. However, being prepared does not mean that you have to do everything at once. Focus on taking small, proactive, and consistent steps to protect your future financially. Prioritise your emergency planning, and you will be taken care of in any unfortunate and sudden circumstance. At Kotak Mahindra Bank, the easy application process and fast disbursal ensure that you get the support you require. So, you can apply seamlessly when the need arises.
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