Medical exigencies are unpredictable and can lead to a financial upheaval, which can be quite difficult to tackle. Therefore, over the years, individuals have recognised the significance of opting for added protection against contingencies by purchasing a health insurance plan.
So, let’s discuss the top reasons why it is important for everyone.
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5 Key Reasons You Need a Health Insurance Cover
- To Fight Against Lifestyle Diseases
Presently, lifestyle illnesses are increasing at an alarming rate, especially among those below 45 years of age. Ailments like obesity, diabetes, heart diseases, and respiratory issues are prevalent among the masses. Moreover, an unfortunate incident related to such illnesses can be tough to cope with financially. So, opting for a health plan that provides coverage against these diseases can be beneficial.
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- Manage Medical Costs with Minimal Expenses
Medical costs in India are on the rise, with the rate of medical inflation currently standing at 15% per annum. In addition, it is critical to note that health-related expenses are not limited to hospitalisation. The costs for diagnostic tests, doctor’s consultation, operation theatre costs, medicines, and room rent are also increasing.
Therefore, by opting for a health insurance plan, one can manage these expenses without causing a dip in savings. Moreover, some health insurance plans provide cashless treatment at network hospitals so that individuals need not fret about reimbursements either.
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- Save tax on Medical Insurance
Buying a health insurance premium is the wisest way to save tax, and avail of its benefits. As per the Income Tax Act (80D), you can avail of medical insurance tax benefits on the premium amount that you pay towards health insurance. This premium not only helps in protecting your family but also your parents as a primary policyholder.
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- Coverage for Pre and Post-hospitalisation Charges
Most health insurance plans cover pre-and post-hospitalisation expenses. Pre-hospitalisation charges are the expenses incurred before admission into a hospital. Post-hospitalisation expenses are the costs incurred after one gets discharged from the hospital. Therefore, when these charges are covered, you can get the much-needed safety net against financial losses.
- Additional Coverages
On top of the perks discussed above, health insurance plans also come with additional benefits. In fact, some health insurance plans provide coverage against ambulance charges, room rent, health check-ups, and day-care surgeries.
Moreover, such health insurance plans include additional covers like maternity benefits with newborn baby cover, alternate treatment (AYUSH), and psychiatric illness cover.
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Today’s fast-paced lifestyle calls for individuals to take extra measures towards safeguarding their health. Therefore, it is wise to opt for a health insurance plan so that medical contingencies do not strain your finances. That said, it is equally important to weigh in your options and choose a plan that offers wide coverage and suits your needs.
