I (34F) am lucky to say that my health is quite well - I workout regularly, don’t smoke or drink and my family history seems fine (no cancer at least). I also earn enough to set aside few k a month for savings and saving up for 3 month emergency fund based on my necessary expenses. However, recently a young relative (25M) got a terrible asthma attack to the point of a collapsed lung and his father isnt well off and had no insurance for his son so they had to ask the rest of the family for rm20k+ worth of payment for emergency (they went to KPJ). Not to say it’s waste of money since they managed to get him to hospital before brain stopped working from lack of oxygen and the relative is now recovering well.
All this made me wonder if I am really saving enough for these type of emergencies, not only for myself but for others cos other than the asthma, my relative is quite healthy; he was jusy unfortunate to be in an environment in that specific moment that triggered his asthma attack. Like what if I have a child and they had some medical condition that required a lot of money?
Is there are any advice to give on where to save money to prepare for these sudden astronomical costs? Would these depend on the situation (saving for self vs child etc)? Is it just enough to ensure my savings are diversified properly and have a portion of them parked somewhere liquid? Would it be better to rely on insurance instead?
Hope insurance agents dont try to sell their plan here lol
EDIT: as a note I do have health & life insurance and also insurance covered by employer, though I havent taken a look at what my insurance covers since I havent had to make a claim since I got signed up