Budgeting Tips for Achieving Financial Wellness

The road to financial wellness is like sitting through the LOTR series in one go. Rewarding, yet challenging, no offence. Managing finances for your healthcare and medicines can be quite difficult especially in India with the most random things making us sick. Who would’ve thought the roadside shawarma could force us to be bedridden for a week?

But don’t worry! We are here to help you manage your medical finances so well, that it’ll be like you have plot armor.

So, what exactly is this new demon? Well, removing all the technical jargon, financial wellness basically means you have enough money to pay for your medicines, treatments, and any other unexpected medical expenses that might arise.

In India, Healthcare expenses can vary a lot depending on the type of treatment, the choice of healthcare provider, and the location. Yes, public healthcare services are available, but let’s be honest, pretty much all of us prefer private healthcare because it has better quality, and the waiting times are much shorter.

However, when you sort prices from low to high, you wouldn’t find a single public healthcare provider in the first few pages, and without proper planning, medical bills can keep rising. So, they both have their clear pros and cons. “Perfectly balanced. As all things should be.”

According to the NSO, 8-9% of all households were pushed below the poverty line due to healthcare costs. This shows us the importance of saving for medical emergencies. So, here are some steps that you can follow to better manage medical debt:

1. Assess the Situation: Start off by calculating how much you have to pay. This includes your hospital bill, doctor fees, medicine costs, and other expenses.

2. Prioritize Payments: Determine what payments need to be cleared first. So, your premium food delivery service might have to be pushed back.

3. Negotiate with Providers: Believe it or not, you can actually negotiate payment plans sometimes. But instead of guilt-tripping them, try to reduce your costs and arrange a manageable repayment schedule.

Channel your inner Harvard gold medalist and create a budget specifically for healthcare! This can help you prevent financial surprises and ensure that you are prepared for any medical emergencies. Here’s how you can budget for your health:

Estimate Monthly Healthcare Costs: Include your regular check-ups, medications, and any treatments you’re undergoing in your monthly budget. This will give you a better understanding of how much you spend every month on healthcare.

Allocate Funds for Emergencies: Just like your comic book funds, set aside a portion of your income in a separate fund just for medical emergencies. Many studies like this one by HDFC say that ensuring you have enough for six months' worth of expenses can go a long way.

Review and Adjust: How many times have you seen your Bumble bio trying to adjust it to get more matches? Regularly reviewing your healthcare budget and adjusting it based on any changes in your medical needs or financial situation ensures that your budget remains relevant and effective.

Utilize Health Insurance: Only 1 in 4 Indians have access to health insurance. Ensure you have adequate coverage for yourself and your family. Take your time and choose a plan that has an affordable premium.

Saving on Healthcare

In a country with examples like Mumbai’s Gokhale Bridge and Maruti Suzuki cars, cutting healthcare costs should come as second nature to you! It can prevent you from spending much more in the long run. So, here are three tips to save your cash:

Opt for Preventive Care: Regular health check-ups and preventive care are like routine car maintenance – they can save you from costly repairs later.

Choose Generic Medications: Generic medications are often as effective as branded ones and much cheaper. This is a great option when budgeting for health. Check out Jan Aushadhi for some great prices! You can thank us later ;)

One day you are doing great and suddenly, the world comes crashing down and frankly, we can never be sufficiently prepared. But there’s nothing a little planning can’t fix or at least, better!

Emergency Fund: Keep an emergency fund specifically for medical expenses. Make sure it covers any expense, irrespective of whether your insurance reimburses it or not.

Health Insurance: Adequate health insurance coverage is vital. Make sure you are updated with the new and best policies available in the market to get the best coverage.

Critical Illness Insurance: Consider critical illness insurance for a lump sum payout in case of a diagnosis of a critical illness. Just like the Mario Mushroom, you never know when you’ll need it.

Document Organization: Keep all medical documents, insurance policies, and emergency contacts organized. Have them neatly organized on your computer as well.

Financial Advisor Consultation: We hate getting advised, but having a financial advisor for a comprehensive financial plan can go a really long way.

Achieving financial wellness in healthcare involves proactive planning, effective budgeting, and smart debt management. By understanding healthcare expenses, creating a dedicated healthcare budget, and exploring ways to save on medical costs, you can be the hero of your financial story. Alexa, play “Mere Khwabon Mein”.

In India, where healthcare costs can be as unpredictable as Pakistan’s bowling performances, taking these steps ensures you can maintain your financial wellness while taking care of your health needs. So, get ready to outlive your friends with these tips, and enjoy the peace of mind of knowing that your drunk secrets will be buried with them.