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September 28, 2016: Try and recall the fondest memories of the first job you had. Yes, that job when you were in your twenties and was eager to impress the boss for even a small paycheque or promotion. And the minute the salary would get transferred to your bank account? That night was a little splurge— be it on your friends, family or a romantic date. Before you come out of the memories of that wonderful time, think for a moment about how much you managed to save then.
Undeniably, saving for the future had not been on your list when you landed your first job. Saving for health insurance that would be helpful after retirement is a farsighted thought for most of the people.
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Age-related diseases and rise in medical expenses
One may not realise it during the young time, but as we grow old, our body becomes more susceptible to ailments. No matter how healthy and fit we are today, our body is bound to age with time, and our health will eventually start deteriorating. The medical expenses of a 60-year old would be much higher than that of a 25-year old.
Above this, medical costs are undeniably going to escalate manifold with the passage of time, and the advancement in medical fields may make some medical treatment out of your coverage.
One would need to have sufficient funds stocked up for health issues which might arise after retirement, along with a reliable health insurance plan for the retirement.
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Two ways to combat high medical expenses after retirement:
Buy health insurance: Though, your health expenses may be negligible today, it is important to buy health insurance now to combat with medical expenses that may arise after retirement. Needless to say, do not forget to factor in your spouse’s medical requirements while picking your policy. Further, you should start investing in a health insurance policy as early as possible because if you put it off to the later date, the more premium you would have to pay. Also, most of the insurers insist on medical tests if the insurance applicant is above 40 years of age. Further, you might be getting corporate health insurance but the same may cease to exist post retirement or when you leave your current job.
Build an emergency corpus: Every individual should build a health corpus along with a mediclaim policy. The corpus should be used only when the insurance coverage is insufficient. Also, there are various such medical expenses which are usually not covered by most of the health insurers in India. To take an example, most of the health insurance policies do not cover dental treatment. Therefore, to make sure that you or your spouse is not caught off-guard during your golden years, it is imperative to build a retirement corpus.
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Irrespective of how young you are, the sooner you start to build, the better it is for you. You can start with smaller proportions of your money, as you have sufficient time to accumulate your wealth. Further, the savings that lie in the retirement fund will also earn interest for you, thanks to the power of compounding. For instance, if you start saving Rs 2500 every month for the next 30 years, you will be able to get Rs 54.28 lakhs if we consider the rate of return as 10%.
As time is in your stride, you can invest more in equities like ULIP, mutual funds, etc. to generate high returns. You can also park a small portion of your money in debt instruments like bank fixed deposits, post office schemes, PPF, etc. to get fixed returns.
To answer the question of how much you would need to save for your retirement, consider the current scenario of expenses and inflation impact. A monthly expense of Rs 5,000 will become Rs 11,836 in the next ten years if we consider the inflation rate as 9%. In this example, we have kept the inflation rate intact for the coming ten years. So, you can easily assume what would be the scenario if the inflation rate also rises.
The Bottom line
It is highly recommended to buy a health insurance policy as medical costs are skyrocketing. Even if you are above 40 or 50, there are various mediclaim policies available for you. Though, it might be costly to buy a health insurance at a later date, not taking insurance is even worse. A single visit to a doctor can wipe out your years of savings. What may seem like a decent corpus may become inadequate after a single admittance in the hospital. So, don’t scrimp on your health insurance policy, and back it up with your savings.
Remember, the right language is what matters for your app in the first place.
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Disclaimer: (This article is sponsored and include some commercial links)
By- Joseph Collins
An energy meter, also known as a Watt-Hour Meter, is a device that monitors the level of electrical energy or gas consumed by users. Utilities are among the agencies that place these devices in various locations such as houses, businesses, organizations, and commercial properties to charge for the power consumed. You can always know how much is gas or electric cheaper by contacting a utility company.
Electronic Energy Meters
When compared to traditional mechanical meters, these types of measuring equipment are more accurate, have a faster processing time, and are more trustworthy. When attached to a source, it uses less power and begins measuring immediately.
Analog or digital meters are both possible. Analog meters transform energy to proportionate frequency or pulse rate, which is then combined by counters inside the device. A high-end processor directly calculates power in a digital electric meter.
Logic circuits combine the power to obtain the energy as well as for testing and certification purposes. The frequency or pulse rate is then calculated.
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Smart Energy Meters
It is a cutting-edge metering technique that entails installing intelligent meters that read, process, and relay information to clients. It monitors energy usage, changes the supply to consumers remotely, and digitally manages the maximum energy usage.
For greater performance, smart metering systems make use of modern metering infrastructure system technology. These meters limit the number of times you have to go to the place to get your monthly reading.
In these smart meters, modems are utilized to enable communication technologies like phone, wireless, fiber cable, and power line communications. Another benefit of smart metering is that it eliminates the possibility of tampering with energy meters, which could lead to unlawful power usage.
An energy meter, also known as a Watt-Hour Meter, is a device that monitors the level of electrical energy or gas consumed by users. | Wikimedia
Working of The Meter
The conventional electric meter looks like a clock and keeps track of how much electricity you consume. A series of microscopic gears inside the meter moves as your home takes electricity from the power wires. The numbers on your meter that you notice when you look at it indicate the number of revolutions.
The quantity of electricity utilized determines the speed at which the rotations occur. The velocity of moving gas in the pipeline is measured by a gas meter. As the gas flow rate increases, the dials speed up.
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How Often is Meter Read?
Unless the meter is a consumer-ready meter, the government will demand utility companies read user meters quarterly. If the consumer checks the meter, the utility is asked to read it at least once a year. Almost every month, many utilities try and read their customers' meters.
If the meter isn't read, the utility might issue an estimated charge based on the previous usage. Keep bushes and plants away from the meter and allow access to the meter reader if your meter is within your home. All utilities demand their meter readers to have an employment ID as a security measure.
Smart meters limit the number of times you have to go to the place to get your monthly reading. | Wikimedia
Responsibility of Meter
The utility provider is in charge of meter installation as well as the gas and electric lines that go up to the meter. The wires from the meter to the customer's premises are his responsibility.Please call your gas or electric utility if your meter is broken or displays evidence of tampering. Manipulation with a meter is prohibited and may result in service termination, legal punishment, or both.
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A hilarious rhyme that children often chant cheerily while jumping around, Jack and Jill is another example of the dark history covered up in light-hearted rhyme. Instead of England though, this is a rhyme that sheds light on the history of France.
Unlike other rhymes, the rhyme is part fiction and part history, since only the first two lines can be taken as an allusion to the past.
"Jack and Jill went up the hill to fetch a pail of water,
Jack fell down and broke his crown,
And Jill came tumbling after."
King Louis XIV ruled over France in the late 18th century and was called out for treason. He had failed to uphold the economy of France. His spouse Marie Antoinette was an equally powerful influence in the monarchy but could not do anything when her husband was convicted.
King Louis XIV of France Image source: wikimedia commons
The French are famous for the guillotine, and Louis XIV was beheaded on this device. This act of executing a monarch is why the rhyme has the line "Jack fell down and broke his crown". The guillotine, at this point in history, was kept outside the city, and the journey to it was long and tedious. It was ideally located on a hill, so that the entire city of Paris could witness the execution of the accused.
Louise XIV is believed to have been dressed and taken on the long journey up to the guillotine, where his hair was cut off and he had to renounce his authority. He bid farewell to his friends and was followed up the hill by a crowd holding pikes and bayonets, to prevent his escape. He was then executed as the last monarch of France.
Death by guillotine was the most terrifying way to execute a criminal Image source: wikimedia commons
A few months later, when the hue and cry of Louis XIV's death has died down a little, but the political situation of France was no better, his wife, Marie Antoinette was also executed at the guillotine for her role in the fall of France. And this event alludes to the line, "Jill came tumbling after".
The rest of the rhyme is a fictional account of a moralistic idea for children, as a way to tell them to be careful of where they engage in play. Since a large part of the rhyme seems like a story of two children who have had an accident in play, that is how the rhyme has survived and the history behind it, has been forgotten.
Keywords: Marie Antoinette, Louise XIV, Guillotine, France, Nursery Rhymes, Monarchy