May 29, 2023

This HEALTH MISTAKE Will Cost You CRORES | Health Finance | Finance with Sharan

Published May 26, 2023, 3:20 a.m. by Naomi Charles

When it comes to finance and health, there is one mistake that will cost you dearly: not having health insurance.

If you are among the nearly 30% of American adults who do not have health insurance, you are putting your finances at serious risk. A major medical event could easily cost you hundreds of thousands of dollars – money that you may not have.

Without health insurance, you will be responsible for 100% of your medical bills. And if you can’t pay those bills, your credit score will take a hit. That’s why it’s so important to have health insurance.

There are a number of ways to get health insurance, including through your employer, the government, or private insurers. And there are a number of different types of health insurance plans, so you can find one that fits your needs and budget.

Don’t let the cost of health insurance keep you from getting the coverage you need. There are a number of ways to get help paying for health insurance, including subsidies and tax credits.

If you don’t have health insurance, now is the time to get it. It could save you a lot of money – and a lot of stress – in the long run.

You may also like to read about:

one of the most successful investors in

India someone with a net worth of 5.8

billion dollars was asked about his

worst investment he replied my worst

investment has been my help I would

encourage everybody to invest the most

in that well the big bull was not wrong

because according to a who report from

2015 nearly 58 lakh people die from

chronic diseases such as heart and lung

diseases stroke cancer and diabetes and

that's not it India is said to have

one-sixth of the entire diabetics of the

world the number of obese adults in

India is said to Triple by 2014. so in

simple words one in every four Indians

have a risk of dying from chronic

diseases before they turn 70. now

imagine 20 years from now you suddenly

have a heart attack and your hospital

bill is 40 lakh but your health

insurance coverage is only 25 lakhs so

now it's on you to pay the remaining

whopping sum of 15 lakhs from your

pocket oh but wait you don't have so

much money because you were too busy

living your life in the 20s I want a

party to surprise you even more your

health insurance from your company does

not cover everything any extra expenses

that you incur such as scans blood tests

Etc are not covered in most insurance

plans and considering medical inflation

and an unexpected disease your health

insurance coverage would be lesser than

what you would need wow that was dark

breaks my heart but the question remains

how can you exactly prepare for all of

this and actually make your life better

don't worry today we are talking about

what you can do right now regarding your

diet physical health mental health and

your lifestyle so that you don't have to

see such a dark day in your future so

why is there such an important topic see

there are three pillars for a happy life

money health and relationships you see

all of us are striving towards getting

money and having a good relationship

because that is something that most of

us don't have in the short term health

is something that all of us probably

enjoy at least in our 20s and 30s but

what you soon realize is that once you

hit your 40s and 50s if you've been

taking your health for granted it's

going to whoop your ass and by then it's

going to be really late so today's video

I want to emphasize on the importance of

taking care of your health and also

showing you how much money you can

actually save by taking good care of

your health most of us think of having a

regular Health checkup as a waste of

money waste some money if you ask me we

might be like you know what I'm fine I

don't need a health checkup I'm fine and

then 20 years later you wake up with


I know what you must be thinking after

spending let's say five to ten thousand

rupees on an annual Medical Health

checkup if everything turns out to be

okay you think that you wasted that

money but that's not the right mindset

guys having a regular checkup at least

once a year is super critical to avoid

big medical expenses in the future

that's how you think about it so do not

compromise on your health checkup so

many insurance companies gives you

rewards for being healthy even where you

work some employee Wellness programs

offer insurance discounts or even pay

people to stop smoking lose weight or

meet other health goals now I know a

health checkup can be costly up front

but it'll also save you money in the

long run by catching a disease in its

incubation stage is way better for me

physically mentally and financially

let's say that I have type 2 diabetes

now in most cases with identification at

an earlier stage it could have avoided

medication with proper exercise and good

diet with the advice of a doctor but

since I only realized that I had

diabetes at a later stage now it's too

late and I have to depend on medication

and on an average it'll be around 3 000

to 8 000 rupees per month on medication

now that's a lot of money even without

considering inflation now if I spend on

medication for 10 years that's a

whopping 14 lakhs after assisting for

inflation not only the medication cause

but there is also a huge One-Shot

payment due to long-term complications

of diabetes complications such as heart

disease Strokes kidney failure and foot

problems some of these complications

such as heart surgery may even cause 40

lakhs in the future or the entire

procedure for a kidney transplant can

cost you a whopping 14 lakhs today now

not everyone is financially well off

some offers might even have to sell our

Assets in order to be able to afford

such surgeries if your health insurance

cover is like most people that's around

five lakhs you better turn that up

and get a separate one because relying

only on company health insurance is the

stupidest thing that you can do since

it's mostly around three to four lakhs

in a few years you wouldn't even get a

Band-Aid for five lakhs from the

hospital okay that's a joke but when

medical costs are doubling every four

years you cannot take this casually like

your Bumble dates anymore also when you

finally retire at 60s you won't have a

health insurance policy because your

company will not be giving it to you

anymore you could try to Port your

company health insurance to individual

health insurance policy when you retire

but that is dependent on your health

condition at that time and at the rate

at which we are belting junk food and

leading a sedentary office lifestyle I

don't like our chances



companies also give you a free annual

medical checkup every year you can also

reduce your checkup expense by almost 50

percentage by claiming a reduction of up

to 5000 rupees for health checkup under

Section 80d while filing taxes plus an

additional 5 000 rupees if you include

your parents if you want to learn about

how to pick good health insurance

policies check out the one person

Finance Club this is a One-Stop solution

to learn everything about personal

finance right from gold planning asset

allocation optimization mutual fund

selection and rebalancing health

insurance life insurance motor insurance

planning and finally tax planning you

also get access to India's first

personal finance Community Freedom cult

where you can join weekly live sessions

with me and other guest speakers all

these 7 500 plus people are a part of

this the link to join is in the

description down below now why do you

need a health checkup in the first place

why don't you just open your phone and

check out swiggy and zomato and see the

number of times you've ordered food in

the last one month I don't blame you I

mean who doesn't like taking a bite into

a big juicy cheeseburger and washed it

down with a sugary soft drink your brain

rewards you with the burst of dopami I

mean we love things that slowly destroy

us don't we just like that toxic X or

the one-sided Crush who has been playing

with your feelings for quite some time

in India more than 135 million people

that's like 10 percent of the population

are affected by obesity being obese

increases the chances of disease

including 13 types of cancer now when it

comes to how long it takes to reduce

weight that's depend on a lot of factors

such as exercise diet age Etc so if

tarun Gill claims you can lose 10 kgs in

25 days it's definitely a scam to the

basics of weight loss revolves around

your calorie intake and calorie

consumption essentially eat a little

less and move a little more it's not

rocket science guys and if your lazy ass

doesn't want to do that this is an

alternative what if I tell you that you

could benefit from working with a

dietitian a dietitian will work with you

to understand your particular needs and

design meal plans accordingly hey Sharon

users told us to eat less and move more

why do I need to hire a dietitian now I

know the basics sure you can do it by

yourself but we don't know all the

required things that an expert might

know dietitians can also help us slow

down or fight off our predisposed

diseases which we might find out years

from now another reason why you need a

dietitian is because you will be

accountable for your meal you will be

pushed and motivated to maintain a

proper diet by The dietitian and now

that you're paying for it you'll take

more responsibility to follow the plans

in India an average dietitian charges

around 1000 rupees per consultation

whereas top dietitians can charge as

high as 20 000 rupees per consolidation

the dietitians follow up with you every

month so if you aren't making progress

they get you into a guilt trip this will

help you track your diet goal progress

and lifestyle changes over this period

until you are satisfied with the results

I know the next thing you're going to

tell me is that all of this can be very

costly but you choose do you want to

bear this minimal cost now or do you

want a cardiac arrest 20 years from now

and have a bill of 40 lakhs for which

you may have to sell some of your assets

if this isn't enough to motivate you let

me tell you something else so guys this

is the mistake that we're making well

most of us might be allocating a certain

amount of our monthly budget towards

investments in mutual funds in stock

market we are not thinking about

allocating a monthly budget towards an

investment in our future health you see

people like Libra and James spend close

to 1.5 million dollars every year that

is 12 crores every year on their health

now I know people like LeBron James for

them health is very important for their

careers but your lifespan is also

dependent on your health guys so I think

it is super critical to allocate a

certain portion of your monthly income

towards your future health and your

future 60 year old person will thank you

today if this is enough to motivate you

guys then let me tell you something else

exercise exercise no I don't really care

about your health I'm telling you this

from a financial advice

because a study showed that people who

exercise regularly tend to get paid more

than those who don't this is because it

increases their productivity reduces

their stress and increases their

discipline you see regular Health

exercise can also prevent a wide range

of long-term risk factors like obesity

hypertension diabetes and injuries from

colic according to a study by Harvard if

you can do 40 or more push-ups in one

attempt then you have a 96 percent lower

risk of heart problems then those who

can only do 10 or fewer push-ups maybe

some of you can't even get up after half

a push-up and that's embarrassing but

here's something else you could do

getting even 150 minutes of moderate

physical activity a week can lower the

risk of developing diabetes heart

disease and strokes those 150 minutes

can be spread across 5 days for even 30

minutes each day now we all know what

you nerds and virgins spend 30 minutes

every day doing instead of that just do

some moderate cardio and no that isn't

considered cardio in a study published

by Journal of Labor research on average

those who exercise regularly were found

to earn between 6 to 10 percent more

than their less active colleagues the

research defined regular exercise as

getting in at least 20 minutes of

physical activity a minimum of three to

four times a week now why I'm not saying

that exercise will magically get you

more money or give you a raise but it

does lead to more energy levels more

productivity and reduced stress all that

combined can lead you to earning more

and I can vouch for that personally

being Physically Active also lowers your

risk for developing several common

cancers such as bladder breast kidney

lung cancers Etc hence it is very

important to stay fit guys and healthy

because it also benefits you financially

of course I do understand that gym

memberships are costly especially ones

with all of those crazy equipments and

jacuzzi and spa and sauna and all of

that but what if I told you paying for a

gym membership every year would still be

cheaper compared to an unexpected health

issue at a later stage I have built a

model to show you the numbers in this

tool it shows us that even if you spend

let's say 20 000 rupees per year on your

Fitness on gym memberships you know

protein and all of that it can save you

around 72 lakhs in medical costs over a

40 year period how check the link down

below it's completely free to use you

can check that link in the description

down below if you're still not convinced

let me tell you how exercise will help

you money wise right now because this is

after all a finance Channel exercising

regularly can help you reduce your

health insurance premium just like

Insurance penalize you for smoking they

incentivize you for exercising insurers

offers something known as Wellness

benefits to their customers in the form

of Premium discounts during policy

renewal whenever they exercise for

example Aditya birla provides 100 refund

on premiums in one of their plans

this is not a promotion guys this is

just an example of one of the insurers

providing the sort of a benefit one

needs to have to have 13 active

active month to get hundred percent

refunds one active day is equal to one

thousand steps or 300 calories burned or

a 30 minute gym session per day and they

track all of this through your Fitness

Watch so now we've understood about

physical health aspect of finance but

what about mental health a who study

done in India in 2015. shows that 15

percent of Indians need active

intervention for one or more mental

health issues and five percent of

Indians suffer from depression in 2012

alone there were two lakh 58 000

suicides with the age group of 15 to 49

being most affected the pandemic has

mothered all of our mental health

control it has taught us that you don't

need to be mentally ill to seek mental

health did you know that bad mental

health can affect your physical health

as well for example depression has been

linked to diseases such as diabetes

asthma cancer cardiovascular disease and

arthritis two out of three people with

depression have increased aches and

pains as well similarly 50 to 80 percent

of people with mental health conditions

also have sleeping problems now imagine

how much of these aches pains and

sleepless nights are going to cost you

frequent doctor visits frequent

medication and reduced performance

overall that's why investing in a

meeting with a therapist regularly May

benefit you good mental health can lead

to reduced anxiety improved mood clearer

thinking and a lot of other benefits

hence the payoff for therapy can be very

very beneficial you're probably gonna

tell me hey Sharon I can do this by

spending 150 rupees on Old Monk and

talking to my friends while it may help

to a certain extent guys it's not the

same thing because you see when you pay

for a therapist you're paying for your

therapist time not their compassion

paying for therapy means there is no

mutuality necessary it's all about you

this also helps you value it more and

work harder coming to the course

involved an average therapy session

would cost you somewhere around 1000 to

3000 rupees but trust me guys it is

worth it now I know what you must be


who needs therapy right therapy is for

people who are suffering from some

mental illness or really sad in life but

that's the wrong approach to therapy

guys therapy has to be viewed as a

preventive measure just like a medical

health checkup you don't do a medical

health checkup only when something is

wrong with you right you do it to ensure

that nothing wrong happens to you in the

future that is exactly how therapy

should be viewed you need to do it maybe

once a week or once a month so let us

please normalize therapy and consider it

as an investment in your mental health

talking about mental health we have to

talk about alcohol and cigarettes

because that is what we use as therapy

nowadays it's a no-brainer to avoid

alcohol and cigarettes because it can

lead to chronic diseases and other

serious health problems including High

BP heart disease liver disease Etc over

time but this is not the only way

alcohol and cigarettes can cause you

harm these habits can also cause your

health insurance premiums to go up

insurers usually ask you to reveal if

you are a smoker and in case you're one

insurance premiums can be almost double

for you as compared to non-smokers wait

let me stop you before you think you can

light your insurer no God please no no

do not do this guys because if you are

insurer finds or that you lied and

believe me they can they will deny to

pay your hospital bill or your claim for


bye bye Tata goodbye but in case you

actually do quit smoking there are

solutions for example if you quit

smoking for at least two years health

insurance may consider this and reduce

your premiums accordingly but shut up I

don't smoke I just do hookah bro so

that's chill but that's even worse guys

a common misunderstanding is that people

think hookah is harmless it is not

hookah contains tobacco and nicotine at

high levels and one session of hookah is

equivalent to smoking 40 to 400

cigarettes depending on the Puffs that

you take and the size of the clouds that

you make to impress your friend and

don't even think about whip an average

tank of Vape uses about 3 ml of E-liquid

if you wipe the whole tank in one

session let's be honest some of you even

do more than that you would be consuming

around 36 milligrams of nicotine which

is like four average transgender I have

built a model which will help you

calculate the entire amount that you

spend on an yearly basis on alcohol and

cigarettes and hopefully this may help

you cut down on those choices the link

to that tool is down in the description

below guys if you're stuck till the end

of this video thank you so much you see

we spend our whole life worrying about

our finances because we think that's the

most important thing and because

neglecting our health doesn't have

immediate consequences we think it's not

important and it takes a back seat but

today we learned that physical health

and mental health is as important if not

more as our financial help and

surprisingly both are very correlated if

you ignore once you pay the price with

the other so get your asses in line and

get your together and I'll see you

in the next video


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