Your health is your asset. Have you ever thought of covering it. You never know what will happen in very next moment. Life is full of uncertainties. Getting hurt or sick isn’t something a person wants to happen, but unexpected medical events do occur. Having a health insurance plan helps pay for some of those unexpected costs, and provides financial protection against ongoing large medical bills
Here is some advantages of health insurance
1. Increase in the incidence of lifestyle-related illnesses
Life expectancy has increased. Thanks to advancement in medicines, the average man is likely to live for around 84 years by 2040. And so has stress due to sedentary lifestyle.
This has also given rise to the early onset of chronic diseases like cancer, lung conditions and stroke, claiming younger lives. Health insurance mitigates the financial risk that may befall a person irrespective of age.
2. Health insurance coverage is more than just hospitalization
Most/Many health insurance plans give coverage for day care procedures and OPD, other than the treatments that involve serious hospitalization. There are also health plans that cover vector borne diseases like dengue.
3. Increase in out-of-pocket expenses
With the healthcare industry in India witnessing double-digit inflation, it is getting extremely expensive to treat common ailments in India. As a result, this has put a dent in an individual’s pocket.
Buying health insurance can double up as your emergency financial fund while preparing you for the troubled times.
4. Your group health cover may not be sufficient
A group health plan may or may not cover all your family members. The sum insured limit in a group plan is also less, which may not be enough to meet all the medical expenses incurred.
And then as you’ll grow older, you might need frequent medical attention. Before that you may not want to put yourself at the risk of being under-insured.
5. Benefits buying health insurance at young
Buying a personal health insurance policy is cost-efficient while one is young and free from medical complications. The premium is lower and the policy offers comprehensive coverage in comparison to a policy purchased at an older age. As an individual grows older, the cost of the cover increases and if one develops health issues, the health insurance company tends to exclude pre-existing conditions which defeat the whole purpose of buying a health insurance. Most health insurance companies have an upper age limit for the policies, which means one would have limited options after retirement. One can enjoy the benefits of cumulative bonus in the form of no claim benefit if they renew the policy without any claims.
6. Tax benefit
The icing on the cake by opting for a personal health insurance policy is the tax benefit. Payments made towards health insurance premiums are eligible for tax deductions under section 80D of the Indian Income Tax Act. Individuals less than 65 years of age can claim a deduction of up to Rs. 15,000 for the health insurance premium paid for themselves, or for their spouse, children or parents. However, it should not be the driving force behind making the decision of taking a personal health insurance policy. The need to improve risk management should be the driving force behind opting for a personal health insurance policy. One should scientifically calculate the amount of health insurance required with the help of a proficient financial advisor and make sure that they are adequately covered.
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