How to fight the financial impact of a critical illness6 min read . Updated: 12 Nov 2019, 05:30 AM IST
- A critical illness can hugely affect your savings. Here’s how to minimize the impact
- Get out of long term and illiquid assets like real estate and invest in FDs or liquid funds to pay for treatment
Unlike many young professionals, SK, a 27-year-old Mumbai-based financial services professional, started investing early in her career. Age was on her side and considering her long-term horizon, she mainly invested in equity mutual funds. Her plans were on course until her mother was diagnosed with breast cancer in 2017. Little had SK, who did not want to reveal her full name, recovered from the shock when her father too got diagnosed of prostrate cancer later the same year. Though her parents had health insurance, which took care of in-patient treatment such as chemotherapy and surgery for her mother and radiation treatment for her father, the policy does not cover the hormone therapy (cost: ₹30,000-35,000) that her mother has to take every month or the injection (cost: ₹15,000) her father has to take every three months.