In an ideal world, everyone should get access to healthcare services without financial hardship. But this is not the reality. Despite building savings, a significant portion of the population struggles to pay for medical expenses due to insufficient finances and rising inflation. However, you can solve this issue for yourself and your family by investing in a health insurance plan. Let us learn more about its importance on this Universal Health Coverage Day.Universal Health Coverage Day
First proclaimed by the United Nations in 2017, Universal Health Coverage Day is observed on 12th December annually. The objective of this day is to provide quality, affordable healthcare to everyone and to raise awareness about the need for widespread access to healthcare. The UN, in association with entities like the World Bank, World Health Organisation, Oxfam, etc., spreads awareness and educates organisations and leaders to invest in better healthcare infrastructure.Role of medical insurance in health coverage
The UN conducts yearly campaigns to promote universal healthcare. It also raises awareness about the importance of health insurance, which proves beneficial in the following ways.
- Insurance safeguards your family
Health insurance enables you and your family members to bear the costs of medical expenses following a medical diagnosis. If you need hospitalisation or long–term care, your insurer covers the medical costs per the policy terms. As an investor, you can choose from various health insurance policies.
- It protects your savings
With insurance, you do not have to worry about exhausting your savings to pay for medical emergencies. You need not break your fixed deposits, mortgage your assets, or empty your savings account since the insurer bears most of the costs.
- It helps fight inflation
Medical costs have increased exponentially in the past decade, thanks to inflation. Advancing medical technology also adds to the expenses. But by investing in a good health insurance policy with a high sum insured, you can stay immune from inflation.
- Insurance enables quality treatment
Insurance ensures access to the best medical treatments, especially if you opt for high, comprehensive coverage. This way, you do not have to compromise on the treatment course. You can seek treatment at your preferred medical institutions under the best healthcare professionals.
- You can enjoy income tax benefits
The Indian government recognises that health insurance is a necessary investment. Thus, it offers tax benefits on insurance investments. Depending on your age and the ages of the persons insured, you can avail of annual tax deductions of ₹25,000 to ₹100,000 under Section 80 D of the IT Act of 1961 for expenses borne towards health insurance premiums.
Health insurance empowers you to get the best medical care. It allows you to focus on getting treatment instead of worrying about managing the necessary funds. Today, insurers allow you to purchase health insurance plans online. You can visit the insurer’s website and choose from a range of health insurance policies like individual insurance, family floater plans, critical illness insurance, and so on.
This Universal Health Coverage Day, take charge of your health and finances. Invest in health insurance today.Disclaimer: The above information is indicative in nature. For more details on the risk factor, terms and conditions, please refer to the Sales Brochure and Policy Wordings carefully before concluding a sale.