Health Insurance

Why health insurance is Important?

Medical emergencies are unpredictable. They are almost always followed by immense financial stress if you are not covered under any medical insurance plan. That is why health insurance is important. Medical insurance cover is also considered one of the best tools to beat rising inflation in healthcare.

Let us study today’s different life scenarios to understand why health insurance is necessary.

Lifestyle diseases

Our lives have become hectic and sedentary. Lack of physical exercise, coupled with hectic work schedule, causes lifestyle diseases. Even those who are below 45 are diagnosed with lifestyle diseases. The cases of obesity, diabetes, heart diseases and respiratory problems are increasing day by day. Pollution and unhealthy eating habits are two other factors that can cause lifestyle diseases. Some precautionary measures can definitely help. But an unfortunate event can be difficult to cope with without a health insurance policy.

Investments in health insurance plans can be of great help in such situations. Medical insurance policies cover regular medical tests which can help diagnose a disease in time. Early diagnosis makes it easier to cure the medical condition. It also helps handle the financial aspects of it better.

Healthcare for family

If you want to know why healthcare insurance is important, just look within your family. You will realise the need to have an adequate health insurance policy. Note that a comprehensive Health Insurance Plan can cover your family, including parents. In fact, you can secure the entire family with one policy, instead of buying separate policies. This way you can ensure that your near and dear ones get the best care in case of an unfortunate event.

Medical inflation

The cost of healthcare is rising in tune with the advancements in medical technology. That is why it is important to have health insurance. A good health insurance policy will cover the cost of an ambulance, various diagnostic tests, consultation fees of doctors, cost of medicines, room rent and more.

Emergency funds

You will come under tremendous stress, physical and mental and financial, when a medical emergency, or an unfortunate event strikes. With an adequate health insurance policy, you can manage medical expenses without unlocking the emergency fund. Many insurers also offer cashless policy. So, you do not need to bother about reimbursements. It also helps you keep the savings intact.

Critical illnesses

A critical illness like cancer can drain you physically and financially. You may have to stay out of work for a few months and this can put a financial burden on your family. There are health insurance policies in the market that cover critical illnesses.

Some policies also give a lump sum amount if the diagnosis reveals a critical illness. You may have to purchase riders to cover critical illnesses. Riders provide insured parties with additional coverage options. A rider is basically a provision that adds benefits or amends the terms of a basic insurance policy.

Health insurance policies cover hospitalisation expenses and more. They cover the cost of outpatient treatment and diagnostic tests too.

Tax benefits

Tax incentives partly answer the question of why medical insurance is important. The premium you pay for a medical insurance policy can be deducted from taxable income under Section 80D of the Income Tax Act. The maximum amount deductible is Rs. 25,000. The limit is Rs. 50,000 for senior citizens.

It is now clear why a comprehensive health insurance policy is essential for everyone. You can compare different plans of different insurers and choose the right cover that offers adequate coverage to you and your family members.

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.

Looking for the right policy?

Manage Your Policies at Fingertips

Avail Your Insurance Benefits on the go with SBI General Mobile App

Download the App Now

qr code
apple play storeplay store