Medical exigencies can arise anytime without prior warning and can take a toll on your physical as well as financial health. While there‘s not much you can do to predict & prevent unforeseen events, you can always prepare yourself to deal with the uncertainties in a much better way. To ensure that medical emergencies don‘t burn a hole in your pocket, it‘s advisable that you purchase a comprehensive health insurance policy for yourself. Moreover, having a health cover in place can help you take care of planned medical treatments without straining your finances.
There are several other reasons why investing in health insurance should be an integral part of your financial planning. Some of them are mentioned below
Top Reasons to Purchase Health Insurance
1. To Tackle Medical Inflation
There has been a substantial rise in healthcare expenses over the years. Right from hospitalization cost & nursing charges to room rent & cost of medicines, everything has witnessed a massive hike. As a result, availing the best-in-class medical facility can be financially straining. This is where a comprehensive health cover can come to your rescue. By paying an affordable annual premium, you can avail the best treatment and healthcare facilities without having to worry about hefty hospital bills.
2. To Prepare Against Lifestyle Illnesses
As a result of the sedentary lifestyle, unhealthy eating habits, hectic work schedules, and increasing pollution, a large number of people are prone to lifestyle diseases such as diabetes, cardiovascular conditions, respiratory problems, etc. While it‘s true that a healthy lifestyle can help you avoid some of these issues, it is always better to be financially prepared to fight these conditions by having a health insurance policy in place. You can also purchase a critical illness policy cover for enhanced coverage.
3. To get covered for a lower premium
The earlier you purchase a health insurance policy, the better it would be for you in the long run. At a young age, you would be less susceptible to ailments and consequently require less medical attention. Thus, the premium for health insurance plans would also be lower when you‘re young and fit. On the contrary, you may have to bear a higher premium if you purchase a health cover in your old age
Additionally, most health insurance plans have a waiting period for pre-existing illnesses. By insuring at an early age, you would be able to complete the waiting period in your youth, thereby allowing you to have exhaustive coverage as you get old
4. Tax Benefits
Under Section 80D of the Indian Income Tax Act, you can avail tax benefits on payments made towards health insurance premiums. Those up to 60 years of age can claim a deduction of up to Rs. 25,000 per financial year for the premium paid for themselves, their spouse, or dependent children. You can also claim another 50,000 as a deduction if you purchase health insurance for your parents aged 60 years and above.
5. Additional Benefits
By purchasing a health insurance policy, you can get additional benefits such as regular health check-ups, AYUSH coverage, pre-&-post-hospitalization cover, day care procedures cover, domiciliary treatment, etc. Ensure to make note of the inclusions and exclusions on your health insurance policy before purchasing it.
Now that you have a fair understanding of some of the major benefits of a health insurance policy, make sure that you keep yourself well-prepared against medical exigencies by opting for a comprehensive health cover. Nowadays, you can easily purchase online health insurance from the comfort of your home. So, why wait? Get your health policy, today!