6 Reasons Why Smart People Buy Health Insurance- Tax Benefits, Life Safety
act that we all have learned again during the ongoing COVID-19 pandemic is that medical exigencies are unpredictable and can cause a financial upheaval that might not be easy to manage. Since the pandemic, people have started to realise the importance of having a reliable health insurance policy. Timely buying a health insurance policy offers you added protection in difficult times like these.
Reasons Why Buy Health Insurance Policy
Here are some reasons why you should opt for a health insurance plan for yourself and your family:
1. To Fight Lifestyle Diseases/Critical Illness
Lifestyle diseases are prevalent among people aged under 45 years. These are caused mainly due to stress, pollution, a sedentary lifestyle, gadget addiction, unhealthy eating habits, etc. And the treatment of these critical diseases such as heart disease, respiratory illnesses, or obesity, can be hard on the pocket. Therefore, investing in a health insurance plan that covers regular medical tests to cope with these illnesses, becomes essential.
2. To Cope With Rising Healthcare Expenses
With the development of technology, the cost of healthcare treatments also rises. These include operation theatre expenses, doctor’s consultations, diagnostic tests, ambulance expenses, room rent, medicines, etc. It can hurt your pocket. But if you have a health insurance policy, you need not worry about inflation.
3. To Avail Tax Benefits On Health Plans
On the premium paid for health insurance plans, you can avail of tax benefits under Section 80D of the Income Tax Act, 1961. Individuals up to 60 years of age can claim a deduction of up to Rs. 25,000 if the premium paid covers themselves, their children, or their spouse. One can also avail of the further benefit of a deduction of Rs. 50,000 on buying the policy for parents aged 60 years or above.
4. To Protect Your Family
An ideal health insurance policy protects your family along with yourself. This way, there is no need to buy separate health insurance plans for other members, for instance, dependent parents, or dependent children. God forbid, in case they face a medical emergency, then you must be prepared to manage finances. But with a health insurance plan for a Family that offers you suitable health coverage, you need not worry about the same.
5. To Protect Your Savings
Apart from stress and mental illness, dealing with health conditions also comes with several expenses. But if you have a reliable health insurance plan, then you can better manage your healthcare expenses and keep your savings intact. You can do this by availing cashless or reimbursement treatments.
6. Several Coverage Benefits
A health insurance policy covers several healthcare expenses which include in-patient hospitalisation expenses, pre-hospitalisation and post-hospitalisation expenses, ambulance expenses, daycare expenses, domiciliary hospitalisation expenses, etc.
Conclusion
Health insurance plans offer several benefits to the insured and hence are a must, especially during the pandemic times. So, it is imperative to not only buy a health insurance policy but also to choose one that comes with all-round coverage, so that you are protected at all times.
Must Read:
Reasons Why Buying Health Insurance in Your 20s is a Good Idea
Reasons to Revisit Your Insurance Policies!
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.
