Tuesday, September 27

Why You Must Buy Health Insurance If You Have Not Purchased It Already

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We have recently witnessed a constant surge in healthcare-related expenditures and a spurt in lifestyle-related diseases. Hospitalisation, especially in private hospitals, has become expensive and can seriously mar our financial planning. Add to this the unpredictability surrounding the covid pandemic, and health insurance has become an unavoidable necessity. 

A Best Health Insurance Policy is the one that covers you in times of medical emergencies. It provides a financial backup in the much needed times of such emergencies. Here, we discuss why it is essential to have a Health Insurance Policy,

  1. Changed Lifestyles –  Our lifestyles have undergone a tectonic shift in recent times. Diseases like diabetes, heart ailments, respiratory disorders, etc., which used to affect older people, have now become rampant among the younger generation. The sedentary lifestyle, poor eating habits, gadget addiction, stress and inadequate physical exercise have made us more prone to diseases. 

We can undoubtedly improve our health by taking precautions, but it is always beneficial to have ourselves covered. Health Insurance provides a safety net in times of such unfortunate incidents, making it easier to cope with the financial expenses surrounding the diseases. 

  1. Rising Medical Costs – Medical costs have grown exponentially in recent times. This includes hospitalisation charges and diagnostic tests, doctor’s consultation charges, operation theatre costs, ambulance charges, room rent, etc. A report suggests that Indians spend primarily on their life savings to cover these medical expenses. This can burn a hole in pockets and derail the financial planning of individuals. 

Having a health insurance policy keeps one safe from unplanned medical expenditures. There are comprehensive plans available in the market which cover all the medical expenses, be it pre hospitalisation or post hospitalisation charges. One can at least worry about one thing less in such unforeseen events. 

  1. Income Tax Benefits – Under Section 80 D of the Income Tax Act, payments made toward health insurance premiums are considered deductibles. One can save on the amount of tax to be paid alongside the benefits one gets out of a medical policy. 

As per the rules, individuals below 60 years of age are allowed a deduction of up to Rs 25,000 paid toward the premium of health insurance for themselves, their spouse or children. The government further allows a deduction of Rs 50,000 for their parents more than 60 years of age for health insurance premiums. Thus one can save a total of 75,000 rupees from the taxable amount. 

  1. To Safeguard Family – Many health insurance plans are available in the market that covers the entire family. Having a comprehensive medical policy provides a safeguard against any unforeseen events in the family, and one does not have to suffer for want of money in such emergencies.

To ensure that family members get the best care in such times, you should buy comprehensive medical insurance. Companies such as Niva Bupa Health Insurance provides policies that can be customised for family needs, and one can secure themselves and their family’s needs through such policies. 

  1. Additional Benefits – These days, health insurance companies provide other benefits and standard policies. These include coverage for ambulance charges, day-care surgeries, medical tests, regular healthcare checkups, etc. Some of these companies also offer coverage which provides for payments of vaccination against several diseases. 

Further, insurance companies offer discounts to the policyholders if they maintain a healthy lifestyle. There are also additional discounts such as a loyalty bonus if they continue with the same policy. Similarly, other benefits are provided in the form of a No Claim Bonus by the company. 

  1. To Protect Savings – Good financial planning covers unforeseen expenditures that may fall upon a family. A medical emergency can be the most distressing of all such unfortunate incidents, and having a Health Insurance Policy allows one to prepare for such extreme occurrences. 

A small premium paid annually is better than a significant expenditure that drains your savings. Health insurance helps you protect your savings. With cashless treatments, you don’t have to worry about reimbursements. The savings can be used for intended plans, such as children’s education, post-retirement expenditures etc.

It is advised that people start investing in a health policy from a younger age, allowing better coverage for the policyholder at cheaper premium rates. For instance, a premium at 25 years of age will cost you 5,000 annually, while at 35, it will be 6,000 annually for a coverage of 5 lakhs. So, start earlier to reap more benefits.

Thus, a health insurance policy can safeguard you and your loved ones in times of medical emergencies. So to answer the question- which health insurance is best? Go for companies such as Niva Bupa Health Insurance (previously Max Bupa Health Insurance), one of the leading market players in this segment. A 30-minute cashless claim processing has significantly improved the health plans offered in the Indian market.

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