Health Insurance

The day may come when your parents can no longer handle their own financial responsibilities,

The day might return once your folks will not handle their own money responsibilities, and it would be arduous for them to evoke help—even if they have it.But with a sensitive approach, you can work with your parents gradually and make the process as comfortable as possible. Here are some tips to assist.

Start the conversation before problems arise:

It may be your time before your folks would like your facilitate, however, begin talking currently. a continuing dialogue can create it easier for you to know their money landscape, and you’ll have a far better grasp of what your level of involvement is also over time.

Go slowly if you’ll:

Instead of sweeping in to require a charge of your folks’ finances, increase your support very little} by little if and once it’s required. for instance, if you’ve taken on the responsibility of writing checks, begin by doing it along. this sort of gradual, sensitive approach offers them (and you) your time to urge snug with the new arrangements.

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Simplify money tasks:

Once everything is organized, take a more in-depth check out any financial gain your folks may need, like retirement or savings, and switch those financial gain streams over to direct deposit if potential. this can guarantee your parents’ cash still makes it into their accounts even though a haul emerges wherever they’re unable (or forget) to create a deposit. Review their family budget and modify it if necessary, or facilitate them produce a brand new one that works for them nowadays. If paying bills is trying for them, you would possibly take into account fixing online bill pay, therefore, things are paid mechanically monthly. If you’re a Bank of America client, learn a lot of regarding fixing automatic bill payments.

Keep your finances separate:

It’s not an honest plan to combine your finances with those of your folks, even though it sounds like a convenient fix. mistreatment your own cash to assist your folks out is often a slippery slope, and you ought to continuously keep your personal assets and funds separate. It’s vital you don’t jeopardize your own retirement or savings goals as you’re employed to assist your folks.

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Know the signs:

If you’ve talked to your folks prior time, you possibly have an inspiration in situ for a way to assist after they would like it. however, knowing once it’s appropriate—or necessary— for you to leap in are often a challenge. These signs are also a cue.            

Unusual purchases Notice if your folks are suddenly shopping for things that don’t match their wants or lifestyle, or if they start getting into multiple contests. 

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Physical setbacks: attenuation vision will create it troublesome to drive to the bank, and inflammatory disease will flip writing checks or addressing envelopes into a painful task. If you’re thinking that activities are getting difficult, it should be a cue they have facilitated.

Memory problems: psychological feature breaks—from not knowing what date to place on a check to not basic cognitive process wherever to jot down the dollar amount—can be a serious indicator that you simply may have to step in and facilitate.

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Robo-advisory as an investment method has gained momentum in the last couple of years.

While a lot of people these days are preferring Robo-advisors for financial advice, many are still comfortable with the traditional method for seeking investment advice.

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Here are the Major Differences Between a Robo-Advisor and  Human Advisor:

Robo-Advisor:                                      

  •   Fully automated based on the answers you provide to their questionnaire
  •    Human contact is limited to Skype and email
  •    Investment services only
  •    Provides only passive management services
  •    Provides low-cost advisory services
  •    Uses advanced technology

Human Advisor:

  • Personal advice which can be customised as per an individual’s situation
  • An individual is able to seek advice personally – face-to-face or on the telephone
  • Can seek advice related to investment planning, insurance etc
  • Provides both active and passive management
  • As human advisor provides personalized services, the cost is high
  • Technology is not very advanced

Choosing a robo-advisor or a human advisor depends on the choice and convenience of an individual. If an individual is not comfortable investing in a portfolio which is assessed online, and he prefers to have some control over his investment, human advisor suits him the best.

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If an individual is looking for a low-cost investment advisory platform, he can choose to invest through roboadvisory. It is always better to weigh both your investment options depending on your investing style before investing

Experience 100% automated personalized solutions for both your insurance (Insurance Advisor) and mutual fund ( Auto Investor ) needs. Just answer a set of very simple questions, and our automated results will suggest the best portfolio that suits your needs.

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Is your health insurance policy enough to cover you against Critical Illnesses such as Alzheimer’s, Diabetes and Cancer?

Without initiative or proper guidance, many of us never learn about fundamental retirement-planning steps until we’ve already made a mistake.

Let’s have a look at some common mistakes people commit while planning for retirement and how you can avoid them.

Not deciding what kind of lifestyle you want after retirement:

This depends on whether you want the lifestyle you have now to be maintained even in retirement. Do you want to eat out often? Go to the theatres weekly? Go on an international trip every year? Buy property? If you don’t try and picture what you want your retirement to look like, it will be hard to decide how much money you should aim to save, invest and spend.

Saving too little, too late:

Ideally, you should start saving up for retirement from the very first salary you get, when you are young and do not have the burden of debts like home loans, car loans and various insurance policies. But if you have not, give yourself the gift of compounding and start now. The Employees’ Provident Fund (EPF) is a safe way to save, as it saves a chunk of your salary and also generates an interest rate of close to 8.5%, marginally higher than fixed deposits. As a rule, always save at least 30% of your monthly salary.

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Not planning sufficiently for economic ups and downs:

Say a product costs Rs. 50 today. At 7% inflation annually, the product will cost Rs. 381 in 30 years’ time! It is recommended to save a few percentage points over the inflation mark to your retirement savings calculation, pre and post retirement to beat inflation. Similarly, you need to have savings and investments to fall back on in case the economy takes a downturn, due to which your real estate investments become less profitable or you get laid off from your job.

Not getting sufficient health coverage:

Depending on your family history and personal health situation, you have to choose the best way to plan for medical eventualities.

Your health is an asset. Have you covered it well?

Is your health insurance policy enough to cover you against Critical Illnesses such as Alzheimer’s, Diabetes and Cancer?

Medical treatment in India – Can you really afford it?

The important thing, however, is that you take control of your health and never delay getting into shape. To get you started, here are some facts and figures to keep you healthy.

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Not diversifying your financial portfolio

Fixed deposits may be a safe and reliable investment vehicle, but the interest rates for these deposits can be as low as 7-8% post-tax, unlike high-return equity and balanced options like Unit Linked Insurance Plans and Mutual Funds. To get you started on the right track, we present:

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You need to save money in order to have money, you need to invest money to have a pool of money. It is important to make a good amount of money so as to achieve the freedom to do what you really want to do in your life. Since the year has just ended and it’s a celebration time to welcome 2018 and also the apt time for you to set up some realistic financial resolutions.  Let us look at some interesting points to ponder in order to successfully set your financial resolutions

Start with the Review of your Last year’s Financial Performance:

First thing you need to do is to introspect and do some self-analysis by asking the below questions:

  • Did you achieve your financial objectives set during the last year?
  • Did you incur any expenses which were unexpected?
  • Did you pay your EMIs and credit card payments in time?
  • What is the return you made on your investments; did you surpass your target?
  • Did you have an extra cash lying dud?
  • Did you touch your emergency fund, rather did you create one?
  • Did you borrow money and for what purpose? 

After this Self-Analysis, Following Are Some of The Financial Resolutions You Can Make For 2018:-

Plan & Control your Budge Budget is one of the most important step for controlling your finances, you need to track your spending habits well. What following a budget does to you is it makes very easy for you to change your financial patterns and habits and help you understand things which you have to change. 

Improve your Credit rating: Having a good credit rating is always important and a sign of a healthy financial life. Keep checking your credit score to constantly improve the same, in case its needed.

Plan to reduce your debt: Nobody wants a loan on their head, especially salaried class people who does everything to pay off their home loans on every raise or money they get. Ideally don’t take home loans to be a bad debt as without that many wouldn’t have bought their houses/flats. But yes, do a proper cost benefit analysis before paying out your home loans as now a day’s interest rate is around 8.35%, so as long as you can make more returns than this via alternate investments options like mutual funds etc. then you can plan accordingly. But yes, if you have a loan say personal or a car loan at a much higher rate, then it makes every sense to pay off that loan ASAP.

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Health insurance has to be renewed at the end of every policy year to enjoy continuous coverage.

Health insurance policy offers coverage for medical expenses incurred by the insured member throughout a policy year. looking for the kind of health cowl one opts for, the medical expenses will embrace hospitalization prices, day-care procedures, lodging hospitalization, pre and post-hospitalization prices, etc. Their area unit varied add-ons or riders that may be hooked up to a regular insurance policy to urge all-around coverage.

Health Insurance Renewal:

Health insurance has got to be revived at the top of each policy year to get pleasure from continuous coverage. insurance will be purchased online through the insurer’s web site or offline through an associate agent. Similarly, insurance renewal will be done online through the insurer’s web site or offline at the closest branch workplace of the nondepository financial institution
3 things to think about at the time of insurance renewal

Although insurance renewal may be a easy and simple method, particularly once done online, there area unit few things to stay in mind before restorative the present policy

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Review the renewal terms:

Policyholders are sent a renewal reminder by the nondepository financial institution  45 days before the renewal date. The reminder email can contain policy details like the add assured, variety and kinds of claims created, and no-claim bonus. Policyholders should be diligent and keep the nondepository financial institution abreast of if there’s any discrepancy within the policy details per the reminder mail

Before restorative, inspect alternative choices:

Before restorative, inspect alternative choices: Porting a policy from one insurer to another is an option when the policyholder is dissatisfied with the existing insurer either due to higher premium costs and sub-limits or lower benefits. a bonus of insurance movability is that the client won’t lose out on the policy advantages like waiting amount and No-Claim Bonus once transferring it from one insurance underwriter to consecutive

Assess insurance needs:

With the steady rise in aid prices, the associate existing policy won’t provide a decent sum of money. that’s why it’s necessary to assess gift and future insurance wants. looking for the wants, opt for the next add insured or add a rider to the quality base policy.

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Mutual Funds - Moneymindz - India's First Free Online Financial Advisory Portal

Mutual Funds – Moneymindz – India’s First Free Online Financial Advisory Portal

According to Mr.Kadam, an economist finding Mutual Fund is not easy.He sets up the mutual fund in four different strategic.

They are as follow:

1  Returns.
2  Fund Style.
3  Moving Average.
4  Expense Ration.

We run 90 million simulations before suggesting the right asset allocation. The only Mutual Fund behind Science is To select the best performing mutual fund, there are many different parameters under the same.

There are two ways of Analysis Qualitative and Quantitative.

In a mutual fund, the market prices reflect over holdings related to expenses and management fees. In different industry sectors, there is pool money from different individuals and organization to invest in assets, bonds, and stocks.

The fund of the company units the whole buy of a fractional fund, through the broker. The value of money is important to define the various form of action with the small means and limited knowledge, that would be profitable in the decision of investment. In stocks, you get the invest for bonds.

Times were the balance funds gets converted into bonds and stocks, some become aggressive due to unchanging of the fund that would be mutual. The management has some time, the mutual expectations with the real value to achieve.

The shareholders happen to achieve the goals that are bonded internally. Through this, they can meet the different measures of the mutual fund. There are funds to stay open in different moves, depending on the sponsor in the market and sell the fund at biggest asset many times.thus, the funds stay at an open note. Unfortunately, the management companies due to investments go with uninspired results.

After the view of the economists, we can get rid of the mutual fund in an easy through decide with the shareholders and different the funds.In improving the comparative data, with the help of money mind, the manager’s career discloses the record of the mutual funds, with the asset of competing it.

At money minds, you would get the investors, according to the comfort of the funds directed. The shareholders, the financial advisers give you disclosure in other mutual benefits, to get deeply different from other funds, Visit Money minds. Hence, Mutual Funds continue to be the most cost-effective means of investing.

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People in India do not have complete information about the health insurance. Furthermore, people in India make mistake of not selecting good health insurance plans. However, some do not make any mistake in selecting good health insurance schemes.

Most of them feel that it requires lot of documentation. Some of them get irritated hearing the term “Health Insurance”. Bad experience from your close friends/relatives about health insurance forces you to ignore health insurance.

You need to take up a good  insurance policy in India. This is done to protect yourself, interest of your family/promote their welfare. Furthermore, various kinds of health related problems can take place, if you ignore good health insurance in India.

Some of the common mistakes made by the people in India are as follows:

Assuming You Are Healthy, Ignore Insurance: Imagine the fact that you are well settled and your personal and professional life is on track. You consider yourselves healthy and boast about it in front of your friends/relatives. You ignore the calls from health insurance agencies offering good insurance claims. It will not work out, when you suffer from major health related issues.

Also Read : Find The health Insurance plan that fits you best !

Not Reading Policy Booklet: People do not read the policy booklet, relating to health insurance. Forget to see the list of network hospitals in the neighbourhood. Some insurance companies could limit the rentals for hospital room up-till one percent of sum assured.

For example: Mr. Iyer got hospitalized for a major surgery. Sum assured is approx INR 2 lakhs, insurance company will only pay INR 2000 per day towards the room charges. Mr. Iyers family will have to pay the remaining payment. Please do read about the co-payment clause in the insurance document.

Going By Low Premiums: People in India love to save lot of money and end up selecting a health insurance in India with low premiums. It actually depends on your personal taste and liking. A normal person with extremely good health in India goes for health insurance with low premiums. If you have health related issues, then select a plan with huge facilities to offer protection.

Not Adding Kids: Most of the policyholders in India make the mistake of not adding kids in their insurance. So, when kids/children suffer from any disease, parents run for cover.

Depending On Company Offered Health Insurance: Most of the health insurance in India is not customized to your requirement. So, when employer takes health insurance on your behalf, it will not satisfy your requirements. You are left un-protected. The moment you lose the job, you feel dejected. Please make sure that you have an independent health insurance, covering you and your family under one umbrella.

Also Read : Why To Purchased Life Insurance “Tale”

Not Going For Renewals: Thanks to fast paced life, you forget the fact that you have health insurance and needs to be renewed. You must go ahead and review your health insurance policy. Furthermore, you must check various quality of the plan. You need to keep track of the new products available in health insurance.

Starting Health Insurance Late: Many people do not give importance to health insurance. If you take health insurance, when you are young, you will not be covered for pre-existing diseases. This will encourage person to go for cheaper cover with no-claim bonuses.

Hence, be diligent, health insurance is the ultimate saver in bad times. Make sure that your plan is suiting you well. People must decide whether they need health insurance or not.

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Hospital bills for very small to considerably large ailments are a pain. It’s difficult to meet such costs on our own without burning a hole in our savings. Also, with medical costs escalating, some even compromise on quality healthcare, because of affordability. It is then that the importance of health insurance comes into the picture.

Health Insurance provides us with the ability to afford better healthcare facilities for ourselves and our loved ones. What’s more, you can also enjoy tax benefits

Understanding the concept of health insurance Health Insurance in India, popularly known as med claim, is nothing but an Insurance which covers expenses related to necessary Hospitalization due to a Sickness or an Accidental Injury.

Let Take a example of advantage of health insurance which I personal got encourage to have an health insurance.

A few years ago, my friend Tia had just completed her PGDM and was working as an intern at a Digital marketing firm .Her husband had a job at an accounting firm, and it actually paid, but not much. They were struggling to get by, but they decided to splurge on a nice night out—dinner, dancing, that sort of thing. Tia wanted a new dress for the occasion, so I went to the mall with her in search of some good sales. We were going down the stairs when she tripped and fell—CRACK!

At first I thought she’d broken her ankle, but it wasn’t that. It was her tooth. Her front tooth. She looked at me, this terrified expression on her face, and there was a big gap right where that front tooth should have been.

She started crying. a really. She was sure she’d have to walk around like that for months, maybe longer, because she couldn’t afford to fix it. I took her home, and her husband laughed and told her it was OK. Tia got mad at him. Her tears stopped, and her face turned red with rage. I thought she might leave him. But then he explained that it was OK because he’d purchased Health insurance a few months ago. He thought he’d told her.

Maybe he’d forgotten to tell her, or maybe she just didn’t remember. It didn’t matter. She was so relieved. She started crying again, but this time they were happy tears. She called the dentist immediately. I’m surprised the receptionist could understand through all the blubbering, but got an appointment for the next day. The tooth was fixed, at almost no cost to her thanks to the insurance, and she went on a lovely date with her husband.

Or this:

I knew a woman who damaged her front tooth. She was really happy to have Health insurance.
So get a Health insurance and protect your family from uncertainties.

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India First Free Online Financial Advisory, India First Free On-call Financial Advisory, Best Free Financial Advisory

India First Free Online Financial Advisory, India First Free On-call Financial Advisory, Best Free Financial Advisory

Health insurance needs vary from person to person and largely depend on the age and lifestyle of the individual. People often ignore post-hospitalisation expenses, which can be higher than hospitalisation, while buying a health insurance plan. Choosing between indemnity and defined health insurance is often the talking point for health insurance seekers. 

Indemnity-based and defined benefit plans:

Indemnity-based health insurance plans are those which offer coverage and eventual repayment of expenses incurred during hospitalisation as per the selected health insurance plan. Defined benefit plans offer a pre-defined lump sum payout for a particular disease, irrespective of any pre- or post hospitalisation expenses.

Common examples of indemnity based health insurance plans are Mediclaim policies or family floater plans while critical illness plans or disease specific plans are examples of defined benefit health insurance plans.

Comparing the two plans:

The money can be used towards pre- and post hospitalisation expenses. A diagnosis report signed by a medical specialist must be submitted for availing lump sum payout for such a plan.

On the downside, indemnity plans have a deductible clause which means that policyholder has to cover for some percentage of the hospitalisation expenses. Cost of post-operative care and medication is excluded in indemnity health plans.

Defined health benefit plans usually offer a cap on hospital cash cover. So, if a policyholder opts for a defined health benefit plan, the payout per day will be as per the stipulated limit irrespective of the amount spent by the policyholder during hospital stay.

Choosing between the two

Both the plans have their advantages and choosing between the two must be correlated as per the individual health needs of a policy seeker.

For example, if someone has a high risk of specific ailments that run in the family, a defined benefit plan may be the right choice along with an indemnity insurance plan to make for a comprehensive health cover.

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One of the most important roles of a father is to plan for the financial future of the family, and ensure there are adequate funds for children’s education, marriage, etc. Most Indian fathers look into financial planning in unorganized and traditional ways. Here’s some help on getting them organized, so that they lead a happy and independent retired life.

 ➡ Compute cash-flow statement:

The cash-flow statement calculates the income and expenses. This statement shows the savings on hand at the end of every month. These savings can further be utilized in investments. After analyzing the statement your dad can control unnecessary expenses every month. It can be used as a reference to compare flow of cash on a month-on-month basis. Keeping this record handy makes it easier to analyze the financial situation at the end of the year. Suppose your father is not tech savvy then give him a print format to fill details and maintain records. You should add this information in an Excel sheet and compute this statement at the end of every month.

 ➡ Looking into debt management:

Your father would have taken loans at various stages of his life, i.e., home loan, car loan, education loan, etc. You can help him by compiling the Equated Monthly Instalments (EMI) of various loans he is paying. Calculate the time-line to pay off each loan. This gives him a better clue on how much he needs to earn and save to pay off these debts.

 ➡ Analyze retirement solutions:

During his life he would have saved his earnings in various retirement products for a secure retired life. These products would be pension schemes, provident funds, etc. Assist him to know the savings in each instrument till date. Calculate whether these savings are meeting his expenses and goals for a happy retired life. You should consult a professional financial planner for further assistance and advice in retirement planning.

 ➡ Analyze insurance deeds:

The rising inflation nowadays is impacting medical costs. So it’s a must to have medical insurance coverage for all family members. Maintain a record of each medical policy with its coverage and premium paying dates, so that he renews the policy on time and it doesn’t lapse. Also, analyze the life insurance policy of your dad. If there is short fall in the sum assured then recommend him to increase the sum assurance in this policy while renewing to secure family expenses and pay-off of debts in any unfortunate event.

 ➡ Maintain a record of investments:

It’s very common among the older generation to invest the amount in fixed deposits for certain time-frame then forget to withdraw or renew when the term gets over. Also, they don’t maintain proper records while investing in equity. Explain the importance of maintaining records of investments and tracking the performance of all investment products.

Further, if you have the skills then analyse the investment decisions considering risk appetite and goals. Also, explain the asset allocation and performance of these investment products time to time. Alternately, recommend a financial planner to look into investment planning decisions. They can guide your father to achieve set goals in the prescribe time-frame.

 ➡ The importance of estate and succession planning:

Explain to your father the importance of estate and succession planning by arranging a meeting with a lawyer. This professional would frame an estate and succession plan based on the inputs and recommendations from your father.

 ➡ Maintain one point of reference:

Most fathers in India don’t maintain a single one point of reference to preserve important documents like insurance policies, investment records, payment receipts, loans, bank account details, birth certificates, marriage certificate, driving licence, PAN card, tax filing records, etc.

So, it’s difficult to fetch certain information/documents when required urgently or while filing a tax. You should recommend maintaining a file for each subject area and keep them in a section folder by giving prescribe tags. Following this pattern would keep the documents in organized way.

Also, maintain an emergency diary with important contact details at one place. These contacts must include family members, family doctor, insurance advisor, financial planner, tax consultant, medical stores, nearby hospital, ambulance services, etc. Maintaining these crucial contacts in a diary makes it easier to approach the right person at the right time during critical situations.

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