ICICI Pru Mutual Fund Savings Fund can be very useful in financing your medical expenses

ICICI Pru Mutual Fund Savings Fund can be very useful in financing your medical expenses

Investors of the ICICI Prudential Savings Fund can avail the benefits of cashless admission to hospitalization by following a few simple procedures

One of the big ticket expenses that often causes a dent in one’s finances is medical expenses.

As time goes past, medical expenses have been constantly rising. Reports suggest that these costs are rising faster than average inflation.  Individuals, on the other hand, may find their cash savings in a bank inadequate to meet rising medical expenses.

Besides, during medical emergencies it can sometimes get difficult to access one’s cash kitty to meet hospital bills.

In fact, 85% of Indian are afraid of health as the biggest emergency and about 62% of Indian keep cash at home, apprehending emergency

 Here’s where the Medical Advantage Feature of ICICI Prudential Savings Fund comes handy and practical to use.

It’s a feature that is offered by ICICI Prudential Mutual Fund in association with Vidal Healthcare Services through which investors can seamlessly use their investments in IPru Savings Fund to pay for hospitalization bills anywhere in India.

It can even facilitate meeting medical expenses over and above the health insurance cover.  In addition, investors can utilize this facility for hospitalization expenses and later on make reimbursements on their insurance cover. 

It is a win-win solution for investors, as they not only get capital appreciation when the money is parked in mutual funds but can also avail cashless access to empanelled hospitals for medical expenses.

Further investors who can not avail health insurance due to pre-existing medical conditions can opt for this feature and be prepared to meet emergency medical expenses.

All that needs to be done is to simply enroll in this feature by filling a Medical Advantage Form and receive a Medical Advantage Card that can be shown at various point of cares. This card can be utilized by filling out a medical redemption form to reimburse the bill, depending on the available units in account.

Vidal Health has a pan-India network of over 6,000 hospitals and 1,500 diagnostic centres. Hence, this feature allows the benefits of cashless access to any empanelled hospital, a discount of up to 25% on medical tests and hospitalization, access to second opinion, and advice on which hospital to choose. Whenever there is a need for medical treatment, the hospital provides Vidal Health an estimate of expenses.

Investors can still redeem their investments for other needs. But as with most medical expenses that come unannounced, this feature may be best used with hospitalization requirements. You can keep funding your IPru Savings Fund Account as and when you want, either through SIPs or one-time investments.

As the IPru Savings Fund strives earn an income by investing in liquid and debt assets, this form of investment carries lower risk and could go a long way in alleviating your medical expenses in the future, i.e., if you keep funding your account diligently and regularly. 

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