How to prepare for an emergency, especially if you have parents you choose to care for?

This keeps coming up in one out of every three conversations I have with younger people. Here are a few tips I have learnt over time. Works well.

1. Be prepared for emergencies if parents are over 65. Half the battle is won right there. Even if you can't eventually win, at least the mental preparation will help you fight.

2. Keep a certain percentage of your investments pledged with someone like Tata or Bajaj or Volt Money and have an overdraft account ready. That way you don't scramble for money when the sudden news comes in. At the same time you are not paying EMI, not unless you have utilised some money from this account anyway. Your mutual funds are meanwhile quietly compounding.

3. Keep at least 2 credit cards handy from 2 different providers. At least 4-5 lacs credit limit each if possible but at least 5 lacs in total.

4. Get your parents health insurance early. The problem is many don't think they will ever die. Until the emergency kicks in. N those who do have health insurance barely put in 5 lacs. Nothing is doable in 5 if something like cancer hits.

5. Before taking any employment check with employer parent health insurance, premium cover, support for existing diseases etc.

6. Get parents health insurance with a critical cover. Especially if your parents are in the 50s premium will still be reasonable and critical illness cover will go a very long way.

7. Ayushman Bharat if it's available in your state

8. 6 month semi annual health checkup is a solid idea. If not possible go for a yearly checkup. A lot of health insurance providers have this as a free add on. Extremely good value. In particular check for bio markers like PSA, Homocysteine etc