The savings gambit and ways to thrive
The serious financial implications of medical emergencies

As of April 26th, 2021 there are approximately 2,000 people dying each day in India due to Covid. To say the healthcare system is in a crisis is an understatement. But as we zoom in our focus to a macroeconomic perspective we observe that along with a health care crisis, we have widened the gaps of a financial crisis. Every year 39 million people were pushed into poverty even before the pandemic due to the indebtedness to cover their health care costs Source for information. As the situation worsens, these so-called gaps have transformed into death traps.

While bidding goodbye to 2019, did anyone think the new year will bring in a global health catastrophe? We live in a chaotic environment, and as a result, we are susceptible to chronic illnesses more than ever before. While many of us believe that we don't need to be concerned with health conditions until later in life, being prepared is still the best decision. As Benjamin Franklin once said, an ounce of prevention is worth a pound of cure. So we need a platform to help us with smart health tips, guidance to good hygiene, and prevent these illnesses by inculcating healthy behaviors.

According to the World Health Organization, some 150 million people face financial catastrophe each year as a result of out-of-pocket healthcare expenses. Medical emergencies can be financially devastating for low-income families and micro-entrepreneurs, eroding wealth, depleting working resources, triggering loan repayment defaults, and exacerbating liabilities. The major cause of poverty is nothing but the financials associated with their health.

We often overvalue finances for the need of productive purposes, for example, it is common to see people saving up for their children’s education, or their marriage, even in economic societies finance is obviously given paramount importance. But as a society, we don’t focus much on the protective role of money. For example, we believe in the lower odds of a traumatic medical emergency and hence underestimate the financial burden that could fall upon us.

The current crisis has brought about an echo for help. It has brought about new issues and highlighted the ones. It is glaringly evident that we need to set up a strong financial plan to survive and safeguard the lives of our family. While it’s good to have an optimistic approach so that our anxieties don’t get the better of us, at the same time it is also important that we take on a practical approach and remain proactive. It’s high time we start saving proactively for the health care needs. OCareNeo, India’s first-ever digital health bank has the solution to help us save more with maximum returns on the savings.

Medical emergencies can have serious financial implications. But your health insurance plans can address the issue of inflating hospitalization bills. Few good plans also cover your pre and post-hospitalization expenses. A simple policy, which also covers your family, ensures that expenses are the last thing on your mind in the event of an emergency. Be it insurances or emergency medical loans, with the OCareNeo App you will never run out of medical cash.

Insurance does help during hospitalizations. However, it doesn’t come to your rescue every time you visit your family doctor for a checkup, or when you visit the nearby pharmacy for medicines, or when you get a few pathology tests done in your neighborhood. This 360-degree perspective towards healthcare has been lacking at the moment. But neo banks like OCareNeo are solving this problem for all Indians with its smart digital piggy bank, an integrated platform for all your financial and healthcare needs.

The beauty of such integrated solutions is the simplicity and ease it brings in accessing services. The stark difference in integrated vs non-integrated solutions can be learned from the universal MAC vs PC debate. Mac users enjoy an elevated user experience since the hardware and software are tightly integrated, something which PC fans can’t boast of. At the end of the day, it’s all about our choices, the choices that make our life better.

With OCareNeo’s digital bank, you can save smartly, its debit card helps you save wisely, get instant medical emergency funds, and avail of the best insurance plans that fit your needs. OCareNeo’s neobanking App helps you take back control of your life.

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