Personal Medical Fund Vs Health Insurance: Which One Do You Need?

In this episode of Money Today’s Your Insurance Masterclass, we decode why health insurance alone may not be enough to protect your family from a medical emergency. With medical costs rising and treatment becoming more advanced, having adequate health coverage and a separate financial safety net is increasingly important. Pankaj Gupta, MD & CEO, Pramerica Life, explains how much money households should keep accessible, whether fixed deposits or liquid mutual funds are suitable for emergency savings, and why safety and liquidity matter more than returns. The conversation also explores the needs of single professionals and families with dependents, common financial planning mistakes, the role of life insurance, and a practical checklist to prepare for unexpected medical expenses without derailing long-term financial goals.