Top Reasons You Need a Health Insurance Policy
The COVID pandemic was one such happening that made the whole world sit up and realize the importance of medical emergencies. It made us know that financial emergencies can knock at the door at any time, resulting in an economic crisis that may be tough to manage—with rising infection rate and zero successful vaccines for a long time, it made many understand the true essence of having an excellent health insurance policy.
Apart from this, with the increasing cost of medical difficulties, access to an excellent healthcare facility and hospitalization expenses became strenuous financially. Thus, many realized that having health insurance plans helps rescue one from testing times.
Besides the obvious advantage of offering financial assistance to care for loved ones, a health insurance plan is beneficial for beating healthcare treatment inflation.
7 Reasons You Need a Health Insurance Policy
Mentioned here are some essential reasons why you should consider health insurance policy today –
To fight against lifestyle diseases –
Lifestyle diseases are constantly on an elevated level, especially among individuals under 45 years of age. Illnesses such as obesity, diabetes, heart problems, and respiratory issues are highly prevalent among older individuals and are now rampant in younger individuals as well. A few contributing parameters that result in such diseases are stress, a sedentary lifestyle, unhealthy eating habits, pollution, undisciplined lives, and gadget addiction.
While following specific precautionary steps can assist in combatting and managing such diseases with ease, an unfortunate incident can become challenging to cope with financially. Choosing a health insurance plan that covers your regular healthcare tests can assist in catching such diseases early and simplify taking care of the healthcare expenses, leaving you with at least one less issue to fret about.
To protect your family –
When you scout for a health insurance policy, you can select to secure your family members under a single life insurance policy instead of purchasing separate policies for everyone. Consider your aging parents, who are most likely to become vulnerable to diseases and dependent kids. Ensuring they avail themselves of the best healthcare treatment if anything happens to them is something you may not require stressing about if you have prudent health coverage. So, be sure to research well, discuss with your experts for any unbiased opinion, and avail yourself of a plan that offers you an all-around cover.
To counter inadequate cover on insurance –
If you already have a health insurance plan, review exactly what it protects you from and how much coverage you would avail yourself of. Chances are it would offer a basic cover. If your prevailing policy does not provide you with any coverage against threats like illnesses or diseases in your family, it will come across as inadequate in times of requirement. With healthcare treatments advancing, a higher assured sum can ensure that your healthcare need is financially taken care of. However, do not fret much if you cannot afford a higher cover plan; then, you can begin with a low and gradually enhance the insurance coverage.
To deal with the healthcare inflation –
As healthcare technology ameliorates and diseases increase with time, the treatment cost increases, too. So, it is essential to understand that medical expenditures are not restricted to just hospitals. The expense of diagnosis tests, doctor’s consultations, operation theatre costs, ambulance expenses, room rent, medicines, etc., continually increases.
All of the above can put a substantial burden on your finances in case you are not thoroughly prepared. By paying a considerably affordable medical insurance premium yearly, you can beat the enhanced burden of healthcare inflation while availing of quality treatment without fretting much about its cost.
To protect parking –
While any unanticipated disease can result in mental stress and anguish, there’s another side to dealing with healthcare conditions that may leave you thoroughly drained, i.e., the expenses. By purchasing a prudent health insurance plan or critical illness insurance, you can manage your healthcare expenses well without using your savings or investments.
A few insurance issuers provide cashless treatment, so you do not need to worry about reimbursements. You can use your savings for your plans, like purchasing a house, retiring, or funding your child’s higher education. Moreover, a health insurance plan allows you to get tax benefits, which helps to enhance your savings further.
Be insured early to remain secured –
Selecting a health insurance policy early in life comes with various advantages. As you are healthier and younger, you can get plans at lower premiums, and the benefit will continue until you become older. Moreover, you are provided higher extensive cover. Most policies come with a preexisting waiting period, which tends to exclude cover of preexisting diseases. This time frame finishes while you are still healthy and young, thus endowing you the benefit of exhaustive cover that proves helpful if you fall sick later.
A medical insurance policy is an essential requirement in today’s fast-paced life. Safeguarding yourself and loved ones from any unanticipated occurrence that could drain you out financially is a must. For instance, a few health insurance policies provide comprehensive coverage and distinct benefits that can offer financial safety.
Such benefits may include daycare procedures, post and pre-hospitalization expenses, treatment at a wide range of nursing homes and hospitals, mental illness treatments, etc. With inclusions such as these, you do not have to worry about healthcare conditions putting a tremendous financial strain. So, do your in-depth research and select the health insurance coverage that best matches your budget and needs.
Tax deduction benefits on health insurance plan –
The amount you put in towards a health insurance premium allows you to avail of tax saving deduction as per Section 80 D. You can claim Rs 25,000 per year for your health insurance. Also, if you pay the health insurance premium for your parents below sixty, you can claim an additional tax deduction of Rs 25,000. Thus, the maximum tax deduction you can claim for yourself and your parents is Rs 50,000.
