It is a well-known fact that medical emergencies can strain our cash flows and affect the achievement of our long-term financial goals. Increasing medical inflation and the rising number of lifestyle diseases have led to the rise in medical care costs. Besides maintaining a healthy lifestyle, it is important to buy health insurance for your future. It is a crucial type of insurance thereby making it an essential investment instrument.If there is a health-related contingency, a comprehensive insurance policy will safeguard you. Here are a few reasons why health insurance is not an option but an absolute necessity.
- Increasing medical care costs
The cost of healthcare is skyrocketing and it is only going to increase in the future. When it comes to major organ-related illnesses and ailments, the quality of treatment cannot be compromised and the expense of hospitalization has no limits. Hence, if you do not have medical insurance,an illness could eat up a major chunk of your savings and could disrupt your long-term financial goals.
- The increasing number of diseases
There has been a consistent rise in the number of cardiovascular diseases, cancer cases, and diabetes. With an increase in the number of illnesses, it is indeed necessary to invest in a health insurance plan.
- Multiple benefits
A health insurance plan will not only provide a cover for you in case of an illness but it will also serve as a tax-saving tool. The amount of premium paid for the plan is deductible under Section 80D of the Income Tax Act. An individual below the age of 60 can enjoy a maximum deduction of INR 25,000. Hence, you can save tax while protecting your health with medicalinsurance.
- Better financial planning
Insurance is an ideal risk management tool. When you buy online health insurance, the financial turmoil, which a critical illness brings along, can be easily tackled. It will also safeguard your savings and other investments because you will not have to liquidate the assets because of lack of funds.
- Quality medical treatment
Health insurance companies have a strong hospital network, which is empaneled with them. Hence, when you buy a policy, you can enjoy a superior quality of medical treatment in a planned manner. If there is a medical emergency, all you need to do is visit the empaneled hospital inform the insurer about the same. The insurance company will immediately contact the hospital and ensure that the medical treatment is provided.
There is increasing awareness about the benefits of maintaining good health but many people still believe thathealth insurance is only a tax-saving investment. Majority people tend to get under-insured or over-insured. This is why it is important to consider your requirements keeping the age, health conditions, and financial goals in mind. It is wrong to consider health insurance as a mode to save tax. Such an insurance plan should be considered as a necessity. It will ensure that the risk associated with your health is well managed and you get access to quality healthcare and medication without hampering your savings.Identify your exact needs and then compare plans available for you. Do not make a decision driven by the premium amount.Instead, opt for a comprehensivehealth insurance cover that is fit for your needs.