Reasons Why Health Insurance is Important
In this blog we are going to explore the unavoidable reasons why health insurance is important. While we are evolving to a more comfortable living and technology-studded environment that makes everything work seamlessly, we are also getting more vulnerable to diseases right at early life. Therefore, the second most important measure to take (first is, of course, healthy living) is buying health insurance and ensuring that your financial standing doesn’t prevent you from getting the best treatment. This section will discuss the benefits of health insurance which will make you understand why it is a wise choice to make.
What is Health Insurance and What Does It Bring?
Health insurance is a type of insurance in which the insurance company takes the guarantee to compensate for medical expenses in the event of any illness suffered by the insured or if he/she ends up with an accident resulting in hospitalization. To get the health insurance policy benefits, the insured pays a sum of premium.
Insurance companies, usually, have tie-ups with the major hospitals as a result of which the insured gets cashless treatment. If the insurance company does not have tie-ups with any hospital, then the insured gets the reimbursement for the cost of medical expenses. The government also promotes health insurance by providing a deduction from income tax.
There are different kinds of health insurance offering a wide scope of coverage to individuals including individual health insurance, senior citizen health insurance plan, family health insurance, maternity health insurance and personal accident plan. Know that health insurance also brings tax benefits.
Getting yourself and your family a health insurance plan is the most important favourite you can do. Given that the medical care brings along hefty bills which more often than not only baffles your mind. It can really bite your pocket and drain your funds.
Health insurance is, hands down, an important step to take as it repels the financial crisis at times of utter requirements and makes sure there’s added burden to the worry-stricken mind. It proves to be even a better decision when the breadwinner of the house gets hospitalized.
All it takes is the payment of a nominal amount of premium which helps you be rest assured that the coverage has your back in the times of medical emergencies. An ideal health insurance plan covers expenses including hospitalization costs, doctor’s consultation fees, costs incurred by medical tests, ambulance charges, and even the costs billed for post-hospitalization treatment and recovery.
Importance of Health Insurance: 5 Reasons Why It Is Essential
Let us tell you: health insurance is a lot like your friend during the hard times of your life when the health takes a toll on you or your loved one. A friend who makes sure you don’t have your savings derailed in your way to preventing a life. Buying health insurance is essential to maintaining a healthy financial life and there are many reasons why it is so.
Here are the benefits of health insurance policy that tell us why it is a wise decision to buy one:
- To Combat lifestyle diseases
We cannot escape the fact that lifestyle diseases like onesies, heart diseases, diabetes etc. and severe medical conditions occurring out of them are on the up every day. What sounds even sadder than that is such diseases are now found among the people under 45 years of age.
Several lifestyle habits such as stress, unhealthy eating habits, consumption of alcohol and drugs, addiction to gadgets, undisciplined daily routine, abstract sleep patterns etc. are the major players propelling younger people towards such diseases.
With these scary conditions threatening your peace of mind, you don’t want to make a lack of financial back add to the burden. While nothing is better than taking care of your body and mind and avoid attracting any disease is the kindest favour to do to yourself, buying a health insurance policy makes sure that you don’t bump into any financial gap at the event of any unexpected situation.
Looking at today’s rising health conditions among all the age groups, health insurance counts to be a useful medium of making sure that you be able to tackle the medical urgencies and there will certainly be no worries on the financial front.
- To Secure Your Family
The last thing we want to see is our loved ones suffer. When hunting for a good health insurance policy, you can opt to safeguard your family using the same policy instead of purchasing separate ones.
You can choose a health insurance plan that offers the coverage for your entire family and make sure the lack of finances doesn’t disturb the medical treatment of your loved ones, especially your ageing parents who are more likely to fall prey to illnesses.
Getting such a health insurance plan will also help ensure the well-being of other members of your family including your children. You can perform a strong research and seek help from the experts to get an impartial opinion on the best health covers and confirm a plan that offers an all-in-one coverage.
- Tax Benefits
One of the reasons to buy health insurance tax relief. Under Section 80D, you can claim a tax relief for up to ₹25,000 as an individual with a health insurance policy. These deductions can be claimed by you on your own policy or the policy of your spouse/ children.
- To Secure Your Savings
Unforeseen health issues not only result in mental torment and stress but they also land you on hefty medical expenses, leaving you all financially drained. Using a good health insurance policy that suits your requirements, you can lower the expenditure incurred and make sure that you don’t have to visit your savings.
- To deal with medical inflation
Since diseases are treated with medical technology nowadays, the bills incurred by them are high. Besides that, medical expenditure is not wrapped up at the hospitals. They continue as long as there are medicines, diagnosis tests, going for doctor’s consultation, ambulance charges, operation theatre costs, room rent, etc. which, not to mention, are also always on the rise.
A good health insurance plan can help you avoid paying all such costs from your pocket. You can ensure a relief in medical expenses by paying a notably affordable insurance premium annually and get a quality treatment.
Health Insurance and Its Benefits: The Earlier, The Better
When you decide to opt for a health insurance plan, it is best that you do your research, seek advice from experts and only pay for a plan that meets all of your requirements and is compatible with your budget. Then, it is also highly recommended that you get insured early in life without delaying it to your 40s.
When you are young and healthy, you stand a wide variety of good plans at compatibility with lower rates and maximise the scope of benefits by getting a plethora of coverage options. Now that you are up to getting insured and saving the financial life from unforeseen illnesses, it is perfect if you get it started at young age and make the best of it.