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8 Strong Reasons to Buy Your Own Health Insurance Cover Right Now

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Wealth Protection is an area often neglected in lieu of Wealth Creation. Without an iota of doubt, Wealth Creation by doing smart investments is definitely important. But what use is it if there is an imminent risk of losing all that you created over your life time – in a span of, say, a few months?

Health Insurance is one such aspect of Wealth Protection – where most of us feel that either we are already protected enough by our company group insurance policy, or God will always be too kind on us and nothing is going to happen to us while we are in our prime age. Can we be further away from truth? And all of us see and hear enough examples around us everyday, which contradict this basic assumption of ours. Just closing our eyes is not going to make the risk vanish. A smart wealth creator, like a smart project manager, manages the risk of health by ‘adequately’ covering this risk associated with it. Cover your risk before it is too late.

It was a sever heart attack. He was fortunate to have survived. He is 31, my ex-colleague, working in an MNC in Gurgaon, and highly successful – or seemingly so. He has a beautiful daughter and a very caring wife. All his 3 arteries were more than 70% blocked. Bypass was the only option. When he came home, his corpus was down by 25% – this in spite of having a group insurance policy from his employer. Other than the emotional setback as well as lifelong constraints on his lifestyle habits, it is going to take him another 4 years of hard work – just to claw back his portfolio to where it was prior to this incident. You may say he was unlucky. No. He was not a smart portfolio manager. A smart manager will always cover the risks to his or her portfolio.

And if after reading this, you have been thinking that it may have happened with him because of his workplace stress, and that you don’t take that much stress at your workplace, let me tell you that the food you eat, the air you breathe, and the water you drink have become toxic enough to cause such, and many more dangerous diseases even if you are leading an absolutely stress free life. It is unfortunate, but true that we are living and consuming such toxicity. Who will be the next one – is just a matter of chance.

Hope for the best, but prepare for the worst – that is how we used to plan our projects. That is how exactly you ought to deal with your life. I sincerely hope you lead a healthy and prosperous life, but I earnestly urge you to be prepared in case of any such eventuality -for it is a definitely reality in our so called developed world.

Here are 8 strong reasons you must buy your own health insurance policy at the earliest, irrespective of your age or your existing cover:

1) Avoid stringent tests

If you think, you will save some money and take a health insurance cover only when you cross the age of 50, then please be aware that after 50, almost all health insurance companies subject buyers to a slew of medical tests before selling them a health plan. And once you undergo a battery of tests at that age, it is quite likely that you will be discovered with some minor, if not severe, anomaly. Each such anomaly is going to load your premium, apart from the physical pain of undergoing all the tests. You can avoid all these tests if you buy your health insurance policy earlier. Any pre-existing diseases are automatically covered in such a case. Any diseases diagnosed later will be covered – without any additional premiums.

2) Pay lower premium

Health insurance premiums are quite low when the age is less. The lower the age group, the lower the premium. And premiums go up only if you move across age groups. At 25, a plan with Rs 5 lakh coverage would cost you around Rs 8000, at 35 you’ll have to shell out around Rs 11000 and at 45 the cost rises to Rs 18000. So buy it as early as possible to book the policy at the lowest possible premium.

3) Accumulate no-claim benefits

Even if you remain healthy – which we should all hope for – with every such no-claim year, the extent of your medical cover increases. Buying early means you are likely to have more no-claim years, allowing you to accumulate the benefits over time.

4) Get access to cheaper and hassle free online buying

At a young age, you can buy a decent enough health insurance policy online. The online policies are cheaper. Many insurers are not willing to sell online if the buyer is above 50. You will not be able to avail of the ease of online purchase if you wait too long.

5) Your employer cover is just not sufficient

With exponential increase in healthcare costs, the need for health insurance cannot be overstated. Check the cost of a week’s hospitalized for a regular illness and then compare it with your company’s coverage. Most likely you’ll be persuaded to buy a cover immediately. Still not sure? Think about when you grow older and might need more frequent medical attention. What about if you are asked to leave the company – a harsh reality today? What about the period in between two jobs? You ought to cover all these risks to protect your portfolio.

6) Avail Sec 80D Tax benefits over and above Sec 80C benefits

Buying your health insurance early also means better financial planning. You save tax for paying the premium. Under section 80D, you can potentially save taxes upto Rs 40000 annually. If you take these tax benefits into account, the cost of a health insurance policy is not prohibitive considering the protection you enjoy.

7) Overcome the Waiting Period

When I quit IBM and took financial freedom, I bought a private health insurance policy – just to realise that I have to undergo a waiting period of 2 years for specific treatments. And, as fate would have it, my wife had to be operated for one such disease during this 2 year period. Who paid? I did. Do not do the same mistake that I did. Do not wait to buy a health insurance policy till it becomes a definite necessity.

When you buy a health plan, you have to serve several waiting periods-for certain surgeries, special treatments, pre-existing illness coverage, etc. If you buy it now, when do not need it immediately, it would mean you would have served the requisite waiting periods and be able to claim all full benefits later.

8) Cover your ‘to be born’

Today’s health insurance policies covers much more than just hospitalization. New health plans cover you for day care procedures and OPD, not just serious hospitalization. Even vector borne diseases are covered. Most plans also have maternity benefits, which may be relevant at this stage of life. Also, your new born will be covered from birth without any additional premiums.

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IT Assessment Services Provide Organizations With Facts Safety Alternatives and Facts Center Co location

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Details storage and security have become an integral part of nearly every company heading forward by way of the 21st century. A global, digital economy experienced practically mandated the adoption of knowledge know-how resources and knowledge management if you want to stay competitive and meet up with compliance. The transfer and usage of sensitive info, including that of an economical, medical or personalized mother nature, requires effect facts safety options to safety information and facts.

Know-how implementations may be complicated as a way to satisfy enterprise desires, but any enterprise can, however, reward from them with IT assessment products and services. Employing ten metrics, these comprehensive IT assessments can enable a company to implement and utilize extremely efficient and protected knowledge techniques.

Utilizing Assets

IT assessments measure all assets that are available to a company in-house, how they’re at present utilized, and where adjustments can be most helpful. Existing methods are checked for information center colocation for remote backup providers, extra facts security, and improved efficiency.

Efficient Operation

One particular stumbling block that many organizations will face is inefficient IT resources that lead to unnecessary expenses. Typically, it requires a firm that specializes in technology to get in the position to create top efficiency details defense answers. Utilizing these a company is definitely the ideal technique to have that know-how disseminated so as to effectively leverage price savings. IT assessments will identify the very best way to achieve a client’s demands if the answer is in-house, remote servicer, or details center colocation.

Distributed Areas and Remote Solutions

Offering adaptability, facts center colocation is typically one particular of the very best methods for efficient techniques. This process allows for virtual servers and remote backup companies to consolidate information onto a high-efficiency, safe storage medium. Utilizing distributed places also safeguards against natural disasters, gear of housing failures, and even blackouts. Managed IT providers could be coordinated from a central organization that will not be bodily located using the saved facts.

Virtual Techniques

The chance to separate IT applications from its underlying hardware is definitely the inherent quality of the virtualization paradigm. An effective option, IT infrastructure which includes networks, program, applications, hardware, and even operating devices could be presented remotely. Virtual setups can eliminate capital investments and alter the full value structure into solely operating expenses, paid on the per-use foundation. Virtualization can also be a frequent method for quickly expanding existing capabilities, as virtual resources are identical and compatible with common infrastructure.

Electronic Discovery

The Federal Rules of Civil Procedure mandate how electronic information has got to be maintained in light-weight of lawful steps. All details, such as e-mail, instant messaging chats, documents, and some other electronically stored info, needs to be stored in its native file sort along with meta information describing each piece of knowledge. IT assessments will choose all policies into consideration when designing IT methods.

Compliance and Certification

Outside of eDiscovery, you will discover a lot of other types of govt or industry standards and rules. Info protection methods may be tailor manufactured to fulfill any and all retention pointers for delicate and ownership information. Medical and legal firms are prime candidates for turnkey techniques set to satisfy people recommendations. Automated backup, retention, and archival routines make certain comprehensive answers.

Archiving and Retention Requirements

By far the most basic technique for managing info security is usually to simply save everything. Although effective, this method is highly inefficient and carries extraneous fees. Units may be delineated with multiple priorities ranges to specify retention time frames, the degree of obtaining necessary, or every other metric. Reducing the information size footprint will translate into direct IT price savings.

Enterprise Continuity, Disaster Recovery, and Mission Critical Knowledge

Robust contingency programs are included in almost any absolutely specified program. Details may be lost to natural disasters, gear failure, power loss, and even uncomplicated mishaps in the scenario of saved tapes. Catastrophe recovery is often extremely costly in both equal restoration costs and lost income and opportunities. Data center colocation and virtualization are utilized to great effect in making sure mission critical information is always available even in crisis situationsĀ National Computer Security Center NCSC-TG-025 Standard

Recording Delicate Information

Data is usually categorized less than multiple priority stages to match sensitive data for the suitable retention time, restoration time, and associated storage price tag. Some information really should be stored and accessed on a regular foundation, and is also saved on disks for easier obtain. The long-term archival knowledge that will not require recurrent use may be stored on cost efficient media with extended restoration instances to minimize fees.

Forecasting Information Growth

In regards to IT, corporate facts are developing at a steady pace from fifty to eighty percent for every annually. This quickly developing demand from customers puts pressure on even newer devices to be able to cope. Specialist IT assessments will get all growth opportunities into consideration to create units that will scale with long run demands, but not be over specified inside the meantimeĀ NCSC-TG-025

IT assessments will uncover any client’s exact wants by applying these ten comprehensive metrics.

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