Health insurance is more than just a financial investment. In India, healthcare costs are rising steadily. So, having a health insurance policy is a wise decision as it will provide you with adequate coverage against medical expenses. Let us explore the importance of health insurance for your well-being and how it can help you during medical emergencies.
Why Health Insurance Is Important
Our health is our most valuable asset. But with medical costs constantly on the rise, even a sudden illness can cause a financial crisis. Let us have a look at why health insurance has transformed from just a desired option to an essential safety net for everyone.
Mitigating Medical Inflation
Medical costs are constantly on the rise. Out-of-pocket expenses for hospitalisation, surgeries, and even diagnostics can quickly deplete your savings. There are huge benefits and importance of Health insurance as it’s coverage as a buffer against this inflation.
Your insurance policy covers a significant portion of the costs. It prevents your medical emergency from turning into a financial crisis and provides you with peace of mind as you know that you and your family are covered.
Tax Saving Benefits
While covering your medical expenses, health insurance may also offer you tax benefits. The premiums you pay towards the health insurance policy are usually tax deductible under Section 80D of the Income Tax Act, 1961.
You may get tax deductions of up to ₹1 lakh per year for the health insurance premiums. However, you must note that these tax deductions are based on your age and also the age of your family members.
Convenience of Cashless Claims
Medical emergencies can be stressful. Health insurance with cashless hospitalisation facilities can be a great support during emergencies and challenging times. Check with your insurance provider for cashless claim options.
A cashless facility eliminates the burden of paying the medical bills upfront as the insurance company settles the bills directly with the hospital. It smoothes out the entire process of getting medical assistance whenever a medical emergency occurs.
Access to Emergency Medical Care
Having a health plan, especially health insurance for senior citizens, gives you access to reputable hospitals and expert doctors. Elderly people may require medical care more often than younger individuals.
Health insurance ensures your parents or other elderly members of the family receive the best possible care during a medical emergency. It will allow you to get the best medical attention without worrying about exorbitant hospital fees.
Coverage for Lifestyle Diseases
Sedentary lifestyles, lack of sleep, stress and unhealthy eating habits increase the likelihood of getting affected by lifestyle diseases such as obesity and hypertension. Health insurance provides coverage for these diseases, which have become common over the years.
Conclusion
Buying a health insurance policy is an investment in your well-being. It safeguards your finances from the ever-increasing cost of medical care while providing tax benefits. It also gives you access to top-notch hospitals and healthcare providers and streamlines the claims process.
Buying a health insurance policy is even more crucial for individuals with critical illness. This is particularly true for conditions like liver cirrhosis, where treatment expenses can be extremely high. In such cases, a health insurance policy with critical illness coverage can help. It will provide you with financial support for cashless hospitalisation, pre and post-hospitalisation costs, daycare cost coverage, etc.
You might also opt for critical illness health insurance to cover the treatment of various medical conditions.
With a robust health insurance plan, you can have peace of mind and focus on recovery, while the insurance policy will protect you and your loved ones.
