These days we start making future plans just a few years after we start a job. A house, a car, marriage, vacations, children, saving for children's education and so on and so forth. We make sure to save funds for every individual plan and it is definitely a very good habit. But have you thought of being financially prepared against health risks? If not, start considering a few health insurance plans right away and choose from the best.
Why health insurance is necessary?
Health insurance is a must these days for every individual owing to inevitable or accidental health issues and it provides risk coverage against high medical expenditure. It is true that most of the employment companies benefit the employees by giving them health insurance plans. But are they adequate? A 2014-2-15 study conducted by Max Bupa and Nielsen revealed that more than 70% of consumers believed that health insurance is more important than life insurance.
Here are a few advantages of health insurance:
Increasing risk of health problems
The digital age has brought with itself a plethora of health problems. Our lifestyle is more prone to a range of serious health issues due to hectic commuting, odd work schedules, poor eating habits, having takeaways and rising pollution. Lifestyle diseases are on the rise with around 50 million people suffering from heart disease, every other Indian being diabetic, millions of Indians complaining of respiratory issues. Five years down the line you may also be one of them suffering from any serious health condition.
Therefore having health insurance will save you the excess expenditure.
High medical costs
Have you ever visited a hospital for your parent or self-checkup? Did the final medical bill make you revise it twice or more? Yes, that is the truth of today’s medical costs. They have risen dramatically. So for any future health emergency, if you wish to keep your savings intact without suffering a huge dent in your pocket, it is advisable to have medical insurance at the earliest.
Cashless medical benefits
Why would you take health insurance? To avail the best medical service at a reduced cost. Suppose you have been in an accident or your family member needs immediate medical attention and you have a cash crunch at that moment, there is nothing to worry about as the entire medical billed incurred is borne by the insurance company without you having to pay even a penny.
Free preventive checkup
We all know that importance of preventive health checkups and its need of the hour. Under certain insurance plans, you are eligible to avail free expenses of your health checkups, preventive screenings, and shots. But these services are available free of cost only if the said healthcare provider or doctor is covered under the insurance plan’s network.
Income Tax exemptions
If you have a health insurance plan for yourself, your spouse or your children, you can claim a deduction of up to Rs. 25,000 under section 80D of the Indian Income Tax Act. Additionally, if you also have an insurance plan for your parents aged 60 or above, an additional Rs.50,000 can be claimed.
You can actually save to a certain extent.
What is the right age to get health insurance?
The right answer to this question is “the sooner, the better!” Try to buy health insurance before you reach 30. If you buy a certain insurance policy earlier, you will have to pay a lesser premium, but the same policy will come at a higher premium rate if bought after 35 years.
Having health insurance is gradually becoming a compulsion, rather than an option. In India, only a mere 15% of the population is covered under health insurance. As per statistics by WHO, in the rural and urban India, 35% – 50% of the hospital bills are financed by loans or selling of assets. Plan your future well, don’t make a mistake. Consider taking health insurance as early as possible.