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.
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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
cancer
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
[Music]
foreign
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
thinking
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
reimbursement
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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