In times of hardship or struggle, people naturally turn to loved ones and family for help. It is not uncommon in a country like India, which is rooted in the joint family system. Especially in times of serious financial emergencies such as job loss, medical emergencies, etc., people expect their near and dear ones to come through and extend financial help.
However, a fact of today’s life is the rising cost of living, and so is the rising number of nuclear families. In such times, everyone is looking out for themselves, and supporting family members can not just be difficult but can also cause stress.
A financial emergency due to medical issues need not create stress and cause trouble. A lot of financial instruments such as medical loan, personal loan for medical emergency and others are available to help in the time of need. Here is how you can ensure that you and your family don’t face financial stress in trying times:
1. Sign up for health insurance
Medical emergencies come unannounced, but you can be prepared for them by opting for appropriate health insurance. You can choose to add your parents to your health plan as well. You can also help your parents by choosing a sound health insurance plan based on their needs.
2. Help family members set financial goals
Get your parents and other family members to put together a sound financial plan and set goals. This way, they can ready themselves to face an unforeseen event well in time. Such plans can include traditional savings, insurance as well as an emergency fund that could help in financial emergencies.
3. Plan for your own goals
If you are married and have children, your family will naturally be your priority. Ensure that you have a set budget, adequate insurance and an emergency corpus to protect your family. Any other savings that are above and beyond your family goals and expenses can be used to help your family members in their time of need.
4. Ask for help
If your parents or an extended family member is undergoing financial stress, involve your siblings and other family members. If your parents require regular monetary assistance, the involvement of all siblings will reduce the financial strain. It makes sense to sit down together as a family and come up with a plan together to come out of the financial tumult.
5. Apply for or suggest a personal loan
A personal loan is a great way to manage difficult financial situations. A personal loan from Tata Capital offers the benefit of quick fund access to handle emergencies. Collateral is not required for availing a personal loan from Tata Capital. Most companies offering personal loans have streamlined procedures, enabling quick disbursal as well as competitive interest rates, which make repaying them not very difficult. Your family members too can easily avail a personal loan for medical emergency.
6. Help them understand medical loans
Another easy and quick way to arrange for finances in case of a medical emergency is a medical loan. These days, many companies offer medical loans that provide flexible repayment options. These can not only be availed for hospitalization expenses but almost all medical and dental procedures.
You can thus help your family members during financial emergencies without getting into a mess yourself. The key is to emotionally support them, speak to them to figure out exactly the extent to which your help is required. An honest and open discussion will help you and your family to be on the same page and avoid misunderstandings.