Medical treatment costs are increasing due to rising medical inflation and technological improvements in the field. In addition, longevity is increasing, necessitating the need for more medical care. What is the remedy? The secret is to lead a healthy lifestyle in addition to getting enough health insurance.
The second most important and unavoidable sort of insurance coverage, after life insurance, is health insurance. Comprehensive health insurance plans for family serves as a strong financial safety net when health-related emergencies occur, especially in the case of serious, protracted diseases.
Even people who are financially secure find it challenging to handle in the event of medical problems without health insurance. This demonstrates how, even when one has resources, urgent requirements and poor planning can drain one’s bank account amid medical emergencies. Sometimes some people are left without any cash resources. When this happens, health insurance comes to the rescue by enabling one to receive immediate medical attention and also other health insurance benefits.
The following are some other crucial justifications for why having health insurance is no longer a choice but a requirement in the modern world:
- Increasing costs of medical care
Health care expenditures are rocketing upward and will keep doing so in the future because high-quality medical care is expensive. Major organ-related illnesses, critical illnesses, organ transplants, etc., present a catch-22 situation in which the standard of care cannot be compromised. Still, the associated medical/hospitalisation costs are not constrained. Therefore, without health insurance, medical expenses consume a sizeable portion of assets that have been amassed for significant long-term financial goals.
- Increasing rate of lifestyle-related diseases
According to WHO research, respiratory and cardiovascular diseases, which are categorised as lifestyle diseases, pose a serious threat to the world and are responsible for the demise of 38 million each year. Of these, 28 million occur in low- and middle-income nations, including India, making adequate health insurance essential.
- Added benefits
It is alarming to learn that, due to sedentary lives and a lack of physical activity, age is no longer a significant factor in the development of catastrophic illnesses. Diabetes, heart disease, high blood pressure, cholesterol issues, etc., are all becoming more common among persons under 40. Some persons as young as 25 have major health conditions that were previously thought to solely affect the elderly.
Therefore, it is not a good idea to put off purchasing health insurance until you reach a specific age. Because it is believed that younger people are often healthier, the better the deals and larger the savings on the premiums are when you get a health insurance plan. ##
- Comprehensive medical care
Hospital networks are empanelled with all health insurance carriers. Therefore, purchasing health insurance enables the policyholder to plan ahead and access high-quality medical care. In the event of a medical emergency, the policyholder needs just go to the hospital that has been approved by his or her insurance company and notify the business of the hospitalisation within the allotted period.
- Tax benefits
Health insurance provides tax advantages in addition to financial security and medical coverage. Section 80D of the Income Tax Act allows tax deductions for health insurance premiums up to a maximum of INR 15,000 for anyone under the age of 65.
If the premium for the health insurance plan is paid with an additional INR 15,000 for the parents, the exemption has been raised to INR 20,000 per year as of the assessment year 2016–17. Senior citizens are eligible for an additional INR 20,000 deduction, which increases to INR 30,000 with the start of the assessment year 2016–17. Additionally, a separate deduction can be made for the medical insurance premiums for parents. **
** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
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