People still fail to understand why a Health Insurance policy is a must-have in India, despite the fact that these policies no longer serve just as investment products. In India only 18% of people in urban areas and 14% in rural areas covered covered under any kind of health insurance scheme. This is lowest health insurance penetration in the world.
In case you too are not sure about getting a health insurance policy for yourself, here are some reasons why you should:
Protecting your financial well-being
If you wish to protect your financial well-being you can’t ignore the importance of Health Insurance. In case of a medical emergency, you may end up giving up on your savings or investment hence your Health Insurance plan will protect you from such contingencies. In other words, you can receive good quality healthcare without worrying about your finances.
Healthcare costs are on the rise
Inflation has been on an all-time rise and hasn’t spared even the healthcare sector. With rising hospital and overall healthcare costs, purchasing a health insurance policy has become a necessity. One can never be too safe or predict serious illnesses and accidents in the near future. In such cases, critical illness insurance, personal accident insurance, and other specialised policies come in handy.
Life in the modern world
Our lifestyles have changed over time, we work in high-pressure environments, often overlook our health, travel a lot, live a sedentary lifestyle and even ignore small signs of health problems that eventually lead to bigger problems. Life in the modern world has given rise to medical conditions like diabetes, cholesterol, blood pressure, and other stress-related disorders which is the reason why the need for comprehensive Health Insurance is a must.
Regular health check-ups, cashless coverage, and the best medical facilities at the best hospitals are all benefits of having health insurance, which will keep you and your family assured in each other. Furthermore, critical illness insurance and personal accident insurance may be more appropriate for people who face higher occupational risks or have pre-existing health conditions.
Assessment of tax benefits
A Health Insurance plan provides significant benefits under section 80D of the IT Act where you can claim a tax deduction of up to Rs. 25,000 for the premiums you paid for yourself and up to Rs. 50,000 for senior parents.
Today, a wide range of Health Insurance policies are readily available at affordable premiums. Individual plans, family floater plans, plans for people with pre-existing conditions, child plans, and even exclusive policies for seniors are now available. You can select an affordable plan that meets your requirements.