Every person should have health insurance because of the rising cost of medical care and the rapid rise in lifestyle diseases among Indians. Anybody, at anytime, can experience a medical emergency that has an emotional and financial impact on them.
Health insurance is a sort of insurance protection that covers the insured’s medical costs. Health insurance can either pay the health care provider directly or compensate the insured for costs related to illness or damage. Individual health insurance, family health insurance, critical illness insurance, and other types of health insurance are available. A crucial aspect of financial planning is getting health insurance.
Although medical care in our nation continues to be mostly an expensive endeavor, health insurance gives consumers the much-needed financial security they need in times of medical emergency. India continues to have the lowest global health insurance penetration rate, according to several reports. The situation might be improved, nevertheless, as a result of the government’s emphasis on health programs, fresh initiatives like the Ayushman Bharat Yojana, and capital spending on health care.
There are many reasons to obtain health insurance, and if you have a family to support, you can purchase family health insurance to cover their medical requirements.
There are 8 significant reasons you should buy Health Insurance –
1. To Safeguard your savings –
While dealing with a sudden sickness can cause emotional pain and stress, there is another aspect of managing a physical condition that can drain you financially. You can better manage your medical expenses by purchasing good health insurance coverage without having to use all your money. In fact, some insurance companies offer cashless care, so you will not even need to be concerned about reimbursements. Your investments can be put to use for their intended purposes, such as retirement, property ownership, and raising a family. Additionally, having health insurance entitles you to tax advantages, which boosts your savings even more.
2. Fighting Lifestyle Diseases –
The prevalence of lifestyle diseases is increasing, particularly among those under the age of 40. Diabetes, obesity, lung issues, heart disease, and other conditions that are common in older individuals are now also common in younger people. Sedentary lifestyles, stress, pollution, unhealthful eating patterns, gadget addiction, and irresponsible lifestyles are some contributing factors that result in these disorders.
While taking precautions can help prevent and control chronic diseases, dealing with an unexpected situation financially can be difficult. Choosing to invest in a health plan that includes routine medical exams can aid in the early detection of certain ailments and make it simpler to handle medical costs, giving you one less thing to worry about.
3. To protect your family –
Instead of purchasing separate plans for each member of your family, you can choose to cover everyone under the same policy when searching for the appropriate health insurance plan. Take into account your dependent youngsters as well as your aging parents who are probably more susceptible to illnesses. If you have the right health insurance, you will not have to worry about making sure they receive the greatest medical care should anything unfortunate happen. Make sure to do your homework, seek the advice of experts, and choose a plan that offers comprehensive coverage.
4. To deal with medical inflation –
The price of therapy grows as disease rates rise and medical technology advances. It’s also crucial to realize that medical expenses are not just related to hospitals. The price of doctor consultations, diagnostic tests, ambulance fees, operating room fees, medications, and other expenses are also steadily rising. According to reports, Indians generally rely on their emergency money or savings to cover medical crises. If you are unprepared, all of them could place a significant burden on your budget. You can avoid the burden of medical inflation and choose high-quality care without worrying about the expense by paying an annual health insurance premium that is reasonably priced.
5. Since your employer’s insurance simply is not enough –
The importance of having health insurance cannot be emphasized given the exponential rise in health care expenditures. Compare the price of a week in the hospital for a common sickness with the coverage provided by your employer. You will probably be pressured into purchasing a cover right away. Still uncertain? Consider the possibility that as you age, you may require more frequent medical attention. Additionally, if you quit your employment, your health insurance ends as well. Therefore, it is preferable to get health insurance that is separate from that offered by your job.
6. Buy as early as possible –
Early Implementation of health insurance offers many advantages. You can enroll in plans at reduced rates since you are young and healthy, and the benefit will last as you age. You will also have the choice of more comprehensive coverage packages. Pre-existing conditions are typically not covered by insurance during a waiting period. You will benefit from having comprehensive coverage that will be helpful if you become unwell later in life because this period will expire while you are still young and healthy.
7. Reimbursement for hospitalization costs both before and after –
The need for purchasing health insurance coverage has become even more critical as charges for diagnostic testing, OPD (outpatient departments), and other services have increased recently. It is important to note that medical insurance covers charges for diagnostic tests and outpatient care before and after the policy’s specified period and hospitalization costs.
8. Income tax benefit –
Section 80D of the Indian Income Tax Act permits tax deductions for payments paid toward health insurance premiums. Up to 25,000 in deductions are available to anyone under the age of 60 for health insurance premiums they’ve paid for themselves, their spouse, or their kids. Suppose you get health insurance for your parents who are 60 years of age or older. In that case, you can additionally deduct an additional 50,000 from your income.
It sounds terrifying to go through life not knowing what would happen next. The global coronavirus epidemic showed us all just how susceptible we are to potentially fatal environmental factors. It is difficult to consider that one of your loved ones may experience a medical emergency. But at any age, life can be harsh and unpredictable. It is crucial to recognize the value of health insurance for all the above reasons.
This article should not be construed as investment advice, please consult your Investment Adviser before making any sound investment decision.
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Also read: Do you have your Retirement plan in place?