Rabbit Care Shares Planning and Financial Management Techniques to Gain more Wealth, Stability, and Confidence in the Year of the Golden Rabbit

Many people usually save their money in the bank for the rainy days. Nowadays, however, there are a number of other options for doing so. Some people invest in stocks, mutual funds, or real estate properties. These methods of investment are meant to shore up savings and to yield future profits. Meanwhile, we are also aware that diseases or illnesses are inevitable these days. Therefore, we can also say that having a health and life insurance policy can be considered a wise investment option too. Modern medical technology can prove to be expensive and will surely result in incurring high medical expenses.

For that reason, getting a health insurance policy can help cover medical expenses and mitigate the risk of incurring high additional costs should unexpected events affecting one’s health or life happen. Rabbit Care would like to share four techniques to help you plan and manage your health investment decisions in order to enhance your health security, build financial wealth, and increase confidence in your life.

1) Group insurance or social security may not be enough to cover all medical expenses, so it is wise to get health insurance to increase coverage, cover expenses and boost financial stability.

Even when you already have a group insurance, social security, or life insurance fund, do you know that these types of insurance only cover basic treatment costs? Purchasing additional health insurance could be a wise decision that will offer greater peace of mind because of continuous coverage with special privileges for all medical treatments, aside from having more options for treatment in both public and private hospitals. This is also very true during seasonal changes when many forms of sickness and illness abound.

Purchasing health insurance, therefore, helps provide greater peace of mind. The Universal Plus health insurance from LMG, for instance, covers illness around the globe no matter where you are, and it covers medical treatments for up to 2,000,000 baht per hospital admission at any given time with room coverage of up to 8,000 baht for up to 365 days. There is also no need for advance payments with 300 network hospitals nationwide.

Another worthwhile option is the deductible health insurance. When you get ill, you have to pay your first deductible amount as indicated in your insurance. If there are additional medical expenses beyond the deductible, the health insurance policy will cover medical expenses according to the specified amount. This insurance is suitable for those who already have a group health insurance benefit because when you get sick, you can use the coverage from the group insurance first and have the excess medical expenses reimbursed by the health insurance plan that you have additionally purchased. This form of insurance has lower premiums than the regular health insurance. For example, the V-Better Care health insurance plan from Viriyah Insurance covers medical expenses with affordable premiums. You can choose to purchase a deductible coverage in order to receive a discount for up to 50% per year from normal insurance premiums.

If you are self-employed, such as freelancing or trading, you can have peace of mind even if you take time off from work for the treatment of an illness or injury. Income Protection Insurance helps you receive a daily payment while off from work for having a treatment at the hospital. We recommend FWD Income Protection Insurance, wherein in case of hospital confinement you will receive a compensation payment to cover your income during time off work and hospitalization according to the limit you have selected. If you are admitted to a standard room, the maximum compensation is up to 4,000 baht per day and up to 8,000 baht per day for ICU. You can claim and submit documents for indemnity of income protection insurance via online channels.

In addition, health insurance can be tax deducted for up to 25,000 baht. Health insurance is therefore a worthwhile investment because it helps reduce the risk of dealing with medical expenses. Consequently, it is considered part of careful financial planning which boosts your financial stability.

2) Think ahead with life insurance, increase financial freedom, and get tax deduction; build confidence even under unexpected circumstances.

Uncertainties in life can always happen, including unforeseen accidents that may cause injury or death. Financial planning with life insurance should not be overlooked and should be done early or at a young age to increase savings and experience greater financial freedom when one gets older. Like in health insurance, the premiums from life insurance can be tax-deductible for up to a maximum of 100,000 baht. This will surely give you financial stability during your retirement age. Furthermore, your loved ones, as your beneficiaries, stand to receive an inheritance from you that they may eventually spend or use on other important things. Aside from this, you may also buy extra insurance that can cover certain serious diseases due to lifestyle and or genetic factors. This will serve as an additional option to cover your individual needs comprehensively.

3) Make every spending flexible and worthwhile using a credit card, as this enables you to better manage your finances.

Credit cards are tools that help us manage our finances more flexibly with the features that allow payments without cash and 0% interest installment within a specified period. There are more privileges and promotions, such as reward points that can be redeemed in the form of discounts on products or services, cash-back rewards for the next spending, and the ability to cover expenses during an emergency. Having good credit cards enables you to plan your finances more effectively. All of these features will help cardholders in better managing their finances and enhancing their wealth.

4) Live your dream life. Let a loan fulfill your financial goals.

Some life events can lead us to a situation wherein we need additional cash to use when it is necessary or make our dreams come true. Hence, obtaining a loan is one of the means through which we can fulfill our objectives. There are several types of loans such as personal, car, and housing loans. Meanwhile, consolidating your debt is a technique that helps you manage your finances. In case you loan money through multiple channels, take a lump sum loan to pay off all debt to pay interest in only one channel. This can reduce the interest you have to pay each month. Additionally, some banks provide lower interest rates and longer payment terms. Choosing the right loan enables you to better manage your finances and personal cash flow more effectively, as it increases your financial liquidity and provides you with a substantial cash reserve for future emergencies without having to need a guarantor nor a collateral. In fact, housing loan interest can be tax-deductible; so, a loan can help grow money, wealth and financial agility when managed wisely and with sufficient discipline.

There are numerous financial products and insurance plans available today to fulfill a variety of demands and requirements. However, each of these goods comes with its own set of terms. Considering financial goods and insurance plans that match your demands and lifestyle, on the other hand, may necessitate extra research time because comparing different facts and circumstances can be time-consuming.

With our Caring operating system, or ‘CareOS,’ from Rabbit Care, the first system in Thailand that gathers and selects more than 40,000 insurance plans and more than 50 financial products, credit card, and loan options from more than 50 leading partners to serve customer needs and save time comparing products. This technology assists Chief Family Officers (CFOs) in making key decisions about the most suitable financial products and achieving the most value for their families, such as purchasing insurance plans and applying for credit cards that thoroughly cover all needs, in less than 30 seconds. This method, more than ever, assists in selecting key financial decisions that best suit one’s lifestyle. Begin investing in your financial health today for a better tomorrow. Find out more promotions from Rabbit Care https://rabbitcare.com/.

Source: FleishmanHillard Thailand