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How Is Health Insurance Regarded As Your Future Assurance?

Written by Aditya Bansal | Dec 17, 2021 1:40:42 PM

Health is Wealth; A cliche that has lost its importance over a period of time. Even though we know how to make healthy choices, it's tempting to excuse ourselves confronted with busy or stressful lifestyles. Unfortunately, we pay less attention to living a well-balanced life and making our health vulnerable.

With the constant increasing healthcare prices globally and the ever-rising instant of diseases, it is crucial to take our health seriously. Moreover, a medical emergency can attack anyone, anytime, and anywhere, creating a massive impact on the breadwinners of the family, emotionally & financially.

Hence, health insurance is a necessity in the modern era. Moreover, health insurance provides an individual with a much needed financial backup, especially during medical emergencies.

 

WHAT IS HEALTH INSURANCE

 

Health insurance is an insurance coverage plan that pays the medical expenses incurred by the insured. For example, an individual can reimburse the insured for medical costs incurred from illnesses or injuries and pay to the care provider directly with health insurance.

Purchasing health insurance should be an integral part of your financial plans, but no one takes it seriously. Many individuals will invest their hard-earned money in various mutual funds schemes to earn extra & fast cash, but only a few understand health insurance's importance.

According to miscellaneous reports, India continues to have the lowest health insurance penetration in the world. Even after several attempts & new schemes launched by our government, we tend to ignore the importance and benefits of health insurance policies.

 

 

WHY INVEST IN A HEALTH INSURANCE

 

There are numerous reasons to have a health insurance policy. Getting financial backup in medical emergencies is one of the most crucial factors to buying a health insurance policy. However, that's not all! We are presenting you with five main reasons for getting health insurance immediately:

 

  Changing Lifestyle

 

The tectonic shift in our lifestyle has made our work easy but has taken us a step forward to health disorders. Hectic work schedules, unhealthy eating habits, and rising pollution levels have increased the risk of developing health-related problems.

Health insurance will help cover all the health-related diseases expenses and assure your wellbeing.

 

  Rising Medical Costs

 

According to various reports, Indians primarily depends on their savings to pay their hospital bills. Unfortunately, it is difficult to manage work, health, and medical conditions on a single source of income. Hence, in case of medical emergencies, health insurance helps to pay medical costs.

Health insurance will enable you to save your hard-earned money and treat you or your family without affecting your financial goals.

 

 Save Your Taxes

 

In India, premiums made for health insurance are also eligible for tax deductions under section 80D of the Income Tax Act. For instance, an individual below 60 years of age can claim a deduction up to INR 25000 for the individual's health insurance premiums.

At the same time, if the same individual pays a health insurance premium for their senior citizen parents, a deduction up to INR 50000 is applicable. So, collectively, he can benefit from INR 75000 for health insurance premiums and save taxes.

 

  Getting Coverage Hospitalisation Expenses

 

Apart from mainstream hospitalisation costs, health insurance also covers the cost of OPD (Out-Patient Department) and diagnostic test expenses, which are also rising with the passing days.

It's a great relief for any individual, especially a single-family breadwinner, to recover these small but crucial medical costs. Hence, you pay a small premium and attain maximum returns, just like a mutual fund.

 

TO CONCLUDE:

 

After buying a health insurance, one can adhere to numerous additional benefits- ambulance coverage, day-care surgeries coverage, regular health checkup, and vaccination expenses.

Today, buying health insurance is a basic need to protect you & your family against uncertainties. Connect with us to choose the type of health insurance that will suit you the most.