3 reasons you need to have medical insurance

Health insurance is essential for everybody. The medical expenses are increasing day by day and people’s health conditions are also deteriorating due to pollution and unhealthy lifestyle. Anyone can have a medical emergency anytime and it can affect not only you but your entire family both financially and emotionally. It is recommended that you buy a medical insurance early in your life so that you don’t have to think about money when a crucial medical need arises. Here are the top three reasons why you should have medical insurance.

You won’t have to take loan

If you have a medical insurance, then you won’t have any financial stress at your old age. When you get old you become vulnerable to diseases. You need to keep a good portion of your savings aside to take care of your medical needs. If you have a medical insurance, all your major medical conditions will be covered. So, you won’t have to worry about getting a loan for your treatment.

Gives financial security

If you get admitted to a hospital, the expenses increase exponentially. You have to pay the room charge, bills for diagnosis and medicine, etc. If you know that you have the medical insurance to cover all these then you get financial security. It will give you peace of mind.

The portion your employer covers is insufficient

In most jobs, your employer will offer you health insurance policy. But this is not enough. The bills you will get after getting hospitalized will be more than the amount your office insurance will cover. So, you should have your own medical insurance policy. Medical insurance gives you the opportunity to seek better treatment. You should get a good medical insurance plan for yourself and your family members at the earliest.

3 reasons why you should start saving for your retirement early

  Saving money for your retirement is a form of investment. Though most people wait till they reach the age of 50 to start their retirement plan, it is always wise to start saving early for your retirement. Here are three reasons why.

You can take more risks

The early you invest in your retirement plan, the more time you have to juggle with your finances. You can invest money in risky ventures and get high returns. In case you incur a loss, you will still have the time to recover from your loss.

You will be able to save more money

When you start to think about your retirement early, you will start to limit your expenditures and keep money aside for saving. So, your spending habits will get better and you will be able to save a lot of money in future. You will soon get out of the impulse buying habit.

You will have a better life

By saving early, you will become more financially secure as you grow old. So, you won’t have to worry much if you need any medical assistance or other unforeseen expenses. Most people rely on their pension after retirement. But this is not enough. Your health is a major concern when you get old. The pension you will get will be just enough to run your family. It won’t be sufficient to meet the extra medical and nursing care needs. So, planning for your retirement is a very smart move to make.

Top 4 tips for investing in startups

It can be greatly rewarding if you invest in startups. You will be contributing to creating something from scratch when you invest your money there. Entrepreneurs are now contributing to the economy of the country.So, by investing in their venture you are actually contributing to the economy yourself. Though the experience can be rewarding, there are some risks associated with the investment as well. Here are some tips for you that might be helpful if you think of investing in startups.

Do your homework

You should learn about the background of everyone involved with the venture. You should make sure that they are experts in the relevant sector and have the capability to start a successful business. You should check the backgrounds of the people involved.

You should invest in something you have knowledge

You need to understand the business you are investing in. So, choose something that you understand. That way you will be able to make a sound decision. You should ensure that the business has a good scalable model so that it can grow and become successful.

Have patience

You may not get your expected returns for a long time. You should have the patience to wait. A startup requires a lot of cash at the beginning. You need to make a continuous investment for the business to have a strong foothold. On average, you might have to wait for 3 to 5 years before you will see any profit coming out of the investment.

Plan an exit strategy

When you invest in startups your money can be stuck for years. You may not get any return for 5 years; even after that, you may not be able to take out your initial investment. You should have a plan to liquidate your investment. You should look at the legal documents and do a thorough research on the business partners before investing your money in any startup. You should take the decision wisely so that you don’t end up losing all your money.