Top Reasons You Need a Health Insurance Policy

Top Reasons You Need a Health Insurance Policy

Written by Ramsay, In Business, Updated On
August 7th, 2023

The COVID pandemic was one such happening that made the whole world sit up and realize the importance of medical emergencies. It made us realize that financial emergencies can knock at the door at any time and can result in a financial crisis that may be tough to manage. With rising infection rate and zero successful vaccines for a long time made many to even understand the true essence of having an excellent health insurance policy.

Apart from this, with the increasing cost of medical exigencies, access to an excellent healthcare facility and hospitalization expenses became strenuous financially. Thus, here’s where many realized that having health insurance plans come in handy in rescuing one out from testing times.

Besides the obvious advantage of offering financial assistance to take good care of loved ones, a health insurance plan is very useful when it comes to beating healthcare treatment inflation.

7 Reasons You Need a Health Insurance Policy

Health Insurance Policy

Mentioned here are some important reasons why you require consider health insurance policy today – 

To fight against lifestyle diseases –

Lifestyle diseases constantly are on an elevated level, especially among individuals under 45 years of age. Illnesses such as obesity, diabetes, heart problems, and respiratory issues, all of these are highly prevalent among older-generation individuals and now are 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 combat and managing such diseases with ease, an unfortunate incident can become challenging to cope up financially. Choosing a health insurance plan that covers your regular healthcare tests can assist catch such diseases early and make it simpler to take care of the healthcare expense, 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 the best healthcare treatment if anything happens to them is something you may not require stressing about if you hold prudent health coverage. So, ensure to research well, discuss with your experts for any unbiased opinion, and ensure you avail a plan that offers you an all-around cover.

To counter inadequate cover on insurance –

In the case, you already hold a health insurance plan, review exactly what it protects you from and how much is the cover you would avail. Chances are it would offer a basic cover. If your prevailing policy does not offer you any cover against threats like illnesses or diseases that run in your family – it would come across as inadequate in times of requirement. With healthcare treatments advancing, holding a higher assured sum can ensure that your healthcare need is financially taken care of. However, do not fret much if you are unable to afford a higher cover plan, then you can begin with a low and then gradually enhance the insurance cover.

To deal with the healthcare inflation –

As healthcare technology ameliorates and diseases increase with time, the treatment cost increases too. So, it is very important to understand that medical expenditures are not restricted to just hospitals. The expense that goes into diagnosis tests, doctor’s consultation, operation theatre costs, ambulance expenses, room rent, medicines, etc. are even increasing continually.

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 every year, you can simply 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 well your healthcare expenses without using your savings or investments.

In fact, a few insurance issuers provide cashless treatment, so you do not require worrying about the reimbursements either. You can use your savings for your intended plans like purchasing a house, for your retirement or funding your child’s higher education. Moreover, a health insurance plan allows you to get tax benefits, which helps to further enhance your savings.

Be insured early to remain secured –

Selecting a health insurance policy early in life comes with various advantages. As you are healthier and young, 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 useful in case you fall sick later.

A medical insurance policy is an important requirement in the present day’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 be in the form of daycare procedures, post and pre-hospitalization expenses, treatment at a wide range of nursing homes and hospitals, mental illness treatments, etc. With inclusion such as these, you do not require worrying about healthcare conditions putting a huge financial strain. So, ensure to 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 that 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 years of age, then you can claim an additional tax deduction of Rs 25,000. Thus, the maximum tax deduction that you can claim for yourself, and your parents are Rs 50,000.

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