The Vital Importance of Health Insurance: Safeguarding Your Health and Finances

In an age where healthcare costs are rapidly escalating, having health insurance is more important than ever. It provides not just financial security, but also peace of mind, knowing that quality medical care is within reach when you need it most.

This article explores the essential reasons why health insurance is necessary and how it is a vital component in safeguarding your health and finances.

7 reasons to get Health Insurance:

  • Medical care is expensive  – Medical care is expensive and increasing year on year, all thanks to medical inflation. Reports have shown that medical inflation in India is as high as 14%. This is because the cost of medical care, supplies, and medications is rising faster than the price of other goods and services. Health insurance helps cover the high costs of medical care, which can be prohibitively expensive without insurance. It protects individuals from incurring significant out-of-pocket expenses that could lead to financial hardship or bankruptcy.
  • Insufficient Employer Coverage: Your employer-provided health insurance coverage may not be enough. Most youngsters today are employed and their employers provide them with health cover for themselves and their immediate family.  However, it is not ideal to solely rely on the health coverage provided by your employer, since they may provide basic coverage with a lower than required sum insured coverage and one can be exposed to the risk of medical emergencies at the time of switching jobs. Many popular health insurance in India offer add-ons like Critical Illness, Accidental Disability, etc as well as OPD treatments, which group insurance may not cover.
  • Save Tax: Under Section 80D of the Income Tax Act, you can claim a deduction for the premium paid towards your health insurance policy.
  • Access to better medical care: With health insurance, we can access quality health care without worrying about the cost. This means we can get the medical attention we need without financial barriers.
  • To protect your savings and safeguard your family: Changing lifestyles have increased the stress quotient in our lives – poor eating habits, lack of exercise, unproductive activities, etc. all amount to stress. Without medical insurance, we would end up spending all our savings on medical care. Health insurance would be a shield to protect our hard-earned money and also secure our family’s future.
  • Cashless Cover During Emergency: Many policies offer cashless treatment options, simplifying access to medical care during emergencies.
  • Many of us do not find it important: A shrewd Indian usually has everything planned – from making a budget for the month to saving for one’s daughter’s wedding from the day she is born. Strangely enough, we do not think the same when it comes to managing one’s medical expenses. We treat the premium payment as an expense and not cover. We must inculcate in ourselves that medical insurance is a shield that saves us from medical expenses that might occur now, or later in the future. It is sensible to stay prepared.

Regularly assessing your family’s healthcare needs and health insurance coverage ensures you’re adequately protected. Evaluate plans, check networks, read policies thoroughly, and look for added benefits—it’s essential for your peace of mind and financial security 

Don’t wait for a health crisis to strike—invest in health insurance today to ensure you’re prepared for tomorrow’s uncertainties. 

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