Why Should Health Insurance Be a Part of Your Financial Planning?

When you make a financial plan, the last thing that’s on your mind is health insurance. While charting your income and expenses, it is necessary to set your financial goals. Yet, it is more important to invest in a health insurance plan. With a comprehensive health insurance plan, you can make long-term premium savings.

There have been instances when people got diagnosed with critical illnesses. While you might think a typical medical insurance policy will suffice – the story is quite different. Many medical insurances do not cover critical illnesses. When an illness is severe, you suffer from financial turmoil indicating the need for critical illness health insurance. There are plenty of stories when young individuals fell prey to critical diseases with nothing to fall back upon. 

That’s why we recommend you know why buying a critical illness health insurance plan is vital.

So, Do You Need a Critical Illness Insurance Plan?

Stroke, brain tumor, cancer, heart failure, and renal failure are just some of the medical emergencies that need a critical illness insurance plan. These illnesses need expensive treatments and can drill a hole in your pocket. The ordinary man presumes that a standard insurance plan can protect him from such critical diseases. Life-threatening critical illnesses need extensive treatment rather than your standard insurance plan.

With high-stress levels and poor lifestyle choices, people are now more prone to serious health conditions. These life-threatening health diseases call for critical illness insurance plans. Here are a few reasons why you should buy an insurance plan for critical ailments.

Check Your Family History for Critical Diseases

As we say, it’s all in your genes. The risk of critical illnesses could increase if you inherited the faulty genes. For example, if cancer runs in your family, you would need to take proactive measures. One such measure would be to invest in a critical illness health insurance plan. When you have an insurance plan, even in the worst situation, you avail of the best treatments without bearing excessive financial burden.

When Your Family is Financially Dependent on You

If you are the only breadwinner of your family, then the need for critical illness health insurance is non-negotiable. When you buy such an insurance policy, you secure yourself and your loved ones. This makes the family feel sheltered from financial distress and emotional turmoil. Many families where the breadwinner got diagnosed with a critical illness faced the loss of income and expensive treatment costs – all this can be bypassed when you buy a critical health insurance policy!

What Are the Benefits of Investing in a Critical Illness Insurance Plan?

1. Payment in Lumpsum 

Regardless of the hospitalization expenses, the insurer pays the entire sum of money insured as a lump sum. You can use this payment to cover recuperation and treatment expenses and pay off debts.

2. Lower Waiting Period

In most cases, the critical health insurance waiting period should be at most 3 months.

3. Easy Claim Process

In most cases, hospitalization is unnecessary, and the claims get processed depending on the diagnosis reports.

4. Availing the Tax Benefits

Critical illness insurance allows you to avail of tax benefits under section 80D and medical insurance.

Should Health Insurance Be a Part of Your Financial Plan?

Health insurance is a vital part of your financial planning. “Health is wealth,” and investing in health insurance is smart. Neglecting your health can make you vulnerable to critical illnesses, adversely affecting your financial stability. Yet, you can avoid such a situation by buying critical illness health insurance early on. This will help you save substantial money in the long run by curtailing expenses needed for critical illnesses.

People are usually of the opinion that they won’t require health insurance till a certain age. Well, health insurances are not only for older people. Even young people are susceptible to critical illnesses, and without good savings treating these diseases can become a financial burden. So, if you are delaying buying critical illness health insurance, better be safe than sorry! It’s vital and brings along innumerable long-term benefits.

Lower Premiums

A healthy and young person will need to pay a low premium. Insurance companies provide robust health coverage at low premiums to healthy and young individuals at a lower risk of falling sick. Moreover, the premium value is significantly lower if you do not have a pre-existing health condition. So, take advantage of this situation by investing in health insurance early and continue doing so to avail of the no-claim bonus. This can further decrease the premium for each claim-free year.

Full Coverage

Did you know by choosing comprehensive health insurance, you can get extensive coverage like preventive care, regular checkups, and health screenings from time to time? This kind of insurance plan is ideal for maintaining the pink of health and detecting health issues early on. So, it is advisable to opt for better coverage health insurance policies to keep diseases at bay and the doctor away!

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Better Financial Coverage

Comprehensive health insurance ensures you are financially protected from unexpected medical expenses. This means you need to plan your budget and make room for purchasing health insurance to ease the financial burden coming from medical bills. Many people sell off their assets and reach a state of bankruptcy to meet medical bills. Do not let that happen to you! Choose a critical illness health insurance plan that covers pre-existing conditions and offers comprehensive coverage. Therefore, if you want to prioritize your financial well-being for the long run, then choose a health insurance plan early on. 

Final Thoughts

Cancer and brain stroke are the most common cases rising among young adults. Many families go through financial turmoil to save their loved ones. Selling off their jewelry, land, and other assets is quite common. However, these can be averted by choosing to invest in a critical illness health insurance plan. These insurance policies can help to alleviate some of your financial woes. These insurances come to use, especially when you get too sick to continue working to meet your family’s needs. So, the next time you sit for financial planning, make space for health insurance premiums – a vital and non-negotiable investment.