Prepare For Black Swan Health Events

A black swan event is rare, but when it happens, the repercussions are enormous. It is likely that in the last few months, you would have come across at least one social media post of a crowdfunding platform on behalf of a family stuck with a healthcare black swan event. The family pleads to the public for contributions for a high-cost treatment, without which the patient would probably die. The cost of such treatment can leave a family in financial ruin. Such crowdsourcing platforms have been on the rise of late. It is expected that an increasing number of people will not have enough savings to cover such medical expenditure in the future. Even if they have insurance, the cover available would be insufficient, given the high level of under-insurance. So, what is the right level of coverage for health insurance? One way to think about having the right coverage amount is to look at the...