Reasons Why Health Insurance is a must for everyone

Since March 2020, the entire world is witnessing a pandemic. This situation is evident enough to make us understand that medical emergencies can arise anytime. If you are young and healthy today, that doesn’t mean that you will be forever. Hence, getting a health insurance policy is key to save yourself from being burdened with medical bills.

Investing in a health insurance plan brings multiple benefits; let us explore a few reasons why it is a must for everyone:

Inflation in Medical Treatment Costs: As years passed by, the cost of availing medical facilities also increased due to inflation. The inflation rate in India was around 6.2 per cent in 2020 as compared to the previous year. 

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Not just treatment but health checkup is also becoming expensive day-by-day; with Health Insurance, you can bury that tension too. Many insurance plans have a provision for periodic medical checkups. This facility can be availed once every three to four years unless you have claimed your insurance.

Health Insurance policies also pay for Domiciliary Treatment: In case the insured decides to take treatment at home, the insurance company will pay for the same. From medication to attendant charges, all costs are covered. However, you might need to produce some evidence for the expenses made for the claim.

Provides coverage for Pre-existing Medical conditions: With Health Insurance, you will get complete coverage for various pre-existing medical conditions. Insurance plans often feature a comprehensive list of common health concerns that require medical help and coverage. You are just required to submit the documents with the insurer related to your medical records, and then if the condition is listed under the medical conditions covered, the treatment charges will be borne by the insurer.

Health Insurance Policies provide you convalescence benefits: Convalescence benefits or recuperation benefits are the advantages provided to the policyholders. The health insurance policy additionally bears the recuperation costs of a person. In addition to the coverage, the insurance company will also pay recovery charges in case the insured has been hospitalized for a long period.

Entire family under one umbrella: You can even consider a policy plan which can cover your entire family. You end up paying one premium that covers your entire family’s needs which is highly convenient. So keep it in consideration, especially if you are early on in your career and can’t afford multiple insurance premiums for the time being. 

Tax Benefit: Along with the benefit of covering your medical expenses, if you want to reduce your tax burden, health insurance is your answer. You can take benefit of various deductions under Section 80C, 80 D, and such other sections under Income Tax Act 1961. If your parents are covered under the health insurance plan purchased by you, and they are over the age of 60 years, then with the deduction of premium paid, you can additionally claim Rs. 50,000/- as a deduction from the taxable income. However, if you are under 60 years and have purchased health insurance for your spouse and children, then a deduction up to Rs. 25,000 are allowed.

Early Insurance brings you added advantages: When you opt for health insurance, the premium to be paid is fixed by the insurance company considering various factors. If you purchase the health insurance policy at an early age, it brings you multiple benefits, including lower premium rates. Also, most of the health insurance policy carries a waiting period at the initial stage of the policy, during which you cannot claim the insured amount. If you buy health insurance at an early age, then that waiting period will also end while you are still in your early 30s, which means you are quite young and hopefully healthy too.

Covering pre and post expenses: Medical expenses can strain you out; health insurance not just takes care of your mainstream medical expenses but also pre and post-hospitalization expenses such as testing, OPD (Out-patient Department), medications, injections, or doses as included in the policy.

Customized plans: With the insurance industry’s growth, the industry is spreading its roots and coming up with diversification. Now insurance companies are coming up with plans that can be customised as per your requirements. No matter what your age is, No matter what disease you are suffering from, a health insurance policy is a necessity for everyone.

Add ons: The insurance providers also offer to add on to your basic health insurance, which can cover maternity benefits, accidental coverage, illness coverage, etc. These add ons are termed as “Riders”. They are chargeable and increase your premium, as charged for the chosen rider.

Lifestyle: The lifestyle adopted by most of you might be the reason for the diseases we are getting prone to. Work schedules are becoming hectic day-by-day, having fast food in our diet plan, not having food on time, increase in AQI (air quality index), etc. All these factors induce health issues. A health insurance policy cannot save you from being infected with a disease but can support you financially so that you get the best treatment.

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Your investment can save you: Mental stress and financial distress can make you more ill than the actual disease. Having health insurance won’t take out your savings and still manage your medical emergencies. Some insurance companies pay the service provider (hospital or medical practitioner) directly, and others might reimburse the expenses later on submission of invoices and receipts.

In today’s era, undesirable circumstances may arrive at any second without a knock on the door. You don’t have anything to stress over your treatment charges with a protection plan as it covers major costs. It bears your whole treatment costs, directly from the charges of the diagnosing tests to the expense of some costly medical procedure which you might be expected to go through. That is why to welcome and treat that uninvited guest; a health care coverage plan is an absolute necessity for everybody.