19/05/2020
TIPS ON HOW TO BE MEDICALLY AND FINANCIALLY PREPARED IN TIME OF PANDEMIC:
In this most trying time, the world is in the middle of a health crisis, trying to heal and recover. The burden of having to spend with little to no earnings can add up to worry and stress as we all try to survive the pandemic. To overcome any anxiety, it is still best to keep calm, be proactive and stay focused on the solutions that will help eliminate financial burdens in the future and be more financially sound as we go through recovery.
Here are some TIPS ON HOW TO BE MEDICALLY AND FINANCIALLY PREPARED IN TIME OF PANDEMIC:
1) Family Emergency Plan
Have a family meeting and talk about your emergency plan in case any one member becomes infected with the virus or becomes ill for any other reason. As we all know, being sick at this time can be extra difficult as most hospitals won't accept any admission except for COVID cases. Discuss about what medical hotline numbers to call, which doctor to call, names of local health officials and a designated isolation area in the house if need be. This way, your family knows that you are all in this together, thus, reducing mental stress among yourselves.
2) Your ICE Person
ICE - In Case of Emergency. You have to assign a contact person in case of emergency. This can be your relative, your spouse or partner or any person related to you, who is very familiar about your medical history and can act legally on your behalf.
3) Keep Your Emergency Fund In Check Second month into quarantine and as most people may have less income (for some, even nothing), it is best to keep your emergency fund in check. The ideal is to be liquid for the next six months in case of emergency. If you have prepared for this, good for you and you should be taking from your emergency fund.
4) Cut Costs
While you may have the ideal emergency fund in the bank, you have to spend sparingly. Scientists and experts said the vaccine can be developed in 18 months, at the very least, which means we have 16 more months to wait. And who knows when the government will lift the quarantine measure? No one knows. It depends on the behavior of the number of cases being reported.
5) Embrace The New Normal
While some may still feel anxious, it doesn't mean you have to stay anxious. Seek support from family members. Rekindle your old skills or learn new ones and MONETIZE. Monetizing your skills can augment daily expenses preventing your emergency fund from depleting. For example, you can sell food essentials using social media. Bake some comfort food, cookies, cake or anything your heart desires. Aside from earning money from it, your food too, can come free.
6) Review Your Life Insurance Coverage
If you don't have one, it is best to get one now while you are still healthy. Remember, even most prominent persons who got infected with this sickness had to spend millions for hospital bills. How much is the average medical expense for mild, moderate and severe cases? Data shows it could be anything between Php 500,000 to Php 2M, even more for critical cases. So take the opportunity to apply for coverage while you are still acceptable health-wise. Remember still, insurance companies may or may not accept you.
Lastly, it is important to keep your immunity strong. Eat healthy, take your dose of vitamins, exercise, get some sunshine and think of happy thoughts. If there's any consolation the quarantine has taught us is to be more resilient, adaptable and patient. Follow social distancing as today's temporary separation will bring us back together real soon.
Stay safe, strong and healthy!
