With the ever-increasing costs of healthcare in our nation, as well as the ever-increasing incidences of diseases, health insurance is now a need. People with health insurance have a much-needed financial safety net in the event of a medical emergency. Risks and uncertainty in one’s health are unavoidable in life. One cannot plan for illness, but one can surely plan for financial hardship.
Purchasing Care Health Insurance is one method to be financially prepared for unforeseeable health risks. Health insurance is a form of insurance that reimburses the insured for medical expenditures.
Reasons to Book Health Insurance
The following are the top five reasons to have health care insurance:
There are several reasons to having a health insurance coverage in place. The seismic upheaval in our way of life has rendered us more vulnerable to a variety of health problems. There are a lot of factors that can effect your health. If you do not sleep properly or eat too much of junk food, your health will seriously face issues.
Benefit from Income Taxes
Tax deductions are available for payments made for health insurance premiums under section 80D of the Indian Income Tax Act. If you buy health insurance for your parents who are 60 years or older, you may deduct additional 50,000. When you age, it becomes really important to keep your health in the best manner. Uncertainties can struck any time and you need to be prepared for them. Also one of the best benefits of having a health insurance is that you can enjoy endless privileges in the income tax.
This deduction will be allowed for contributions toward an annual health insurance policy premium, a senior citizen’s preventative health check-up, or medical expenses for every senior citizen. Overall, if you pay your senior citizen parents’ health insurance premiums, you may claim a total deduction of up to 75,000 (Rs. 25,000 + 50,000), up from 55,000 (Rs. 25,000 + 30,000) previously.
Coverage of Pre- and Post-hospitalization Charges
Not only have medical costs grown in recent years, but so have the prices of OPD (out-patient department) bills and diagnostic tests, making it even more important to get a health insurance coverage.
When is the Best Time to Buy Health Insurance?
The question of when is the best time to acquire health insurance is a prevalent one among consumers. However, there is no set age for purchasing one. However, if one purchases a health insurance coverage at a young age, the cost of the policy will be lower. The cost of a health insurance coverage rises as one gets older since the risk connected with it rises.
Important Coverage to Think About When Purchasing Health Insurance
When purchasing health insurance, it is also recommended that you get critical sickness insurance. A critical illness policy is a type of insurance that promises to pay you a certain amount if you are diagnosed with a critical illness that the policy covers. You can get a critical illness coverage as a stand-alone policy or as a rider when purchasing conventional health insurance. In the event that you are diagnosed with a serious disease, critical illness insurance might be a very useful supplement to your standard health insurance.
The First Reason is That it Provides Financial Protection
A health insurance plan can give considerable financial aid in the event of a medical emergency. Critical illness costs, such as cancer, heart disease, and other ailments, may add up quickly. A health insurance plan can provide you with significant financial security by covering the costs of treatment in India as well as abroad. All you need to do is to select the right plan and you are all set to fight any problems.
The Second Reason is Rising Inflation
Inflation is an unavoidable fact of life. You might be startled to learn that India’s healthcare inflation rate was 7.14 percent in the fiscal year 2018-19. Despite the fact that savings instruments offer appealing interest rates, they are insufficient to meet the expenses of medical operations when inflation is included in. Health insurance is a valuable instrument that may assist you in covering the price of any medical expenses.
People’s current lifestyles encourage health problems. These problems aren’t restricted to small diseases like a fever, a cold, or a cough. Diabetes, heart disease, and renal disease are all major chronic illnesses nowadays. As a result, securing your health with a comprehensive health insurance plan is more crucial than ever.
Fighting a severe disease might be difficult no matter how much money you save. It has the potential to wipe out all of your life savings. On a fixed wage, the costs of therapy, equipment, and medicine might be difficult to meet. Care Insurance can provide you with the assurance you need to deal with these costs and relieve you of some of the pressures.