“Good health is not something we can buy. However, it can be an extremely valuable savings account.” this quote by Anne Wilson Schaef, rightly states the importance of keeping up good health in our life. Staying fit and healthy has always been priority of successful people, as only good health can provide us calm mind, and right frame of mind helps one to take correct and sound decisions.
What is Health Insurance?
Health insurance is a type of insurance coverage that pays for medical expenses incurred by the insured. Health insurance helps one reimburse for expenses incurred from illness or injury, or pay the hospital/care provider directly. There are different types of health insurance plans, such as individual health insurance, family health insurance, critical illness insurance, etc.
Importance of Medical Insurance:
Purchasing a health insurance is an integral part of financial planning. A medical emergency or an accident can attack anyone, anytime and it may affect an individual mentally and financially. Hence, for one’s safety, it is always advisable to have a medical insurance to keep us prepared for any such adverse medical emergency. The expenses of healthcare in our country is increasing continuously beating the inflation rate, and with the ever rising instances of diseases, health insurance today is a necessity.
Here are 5 major benefits of having health insurance for you and your family:
Contemporary way of Living:
The ever-changing lifestyle has made us more prone to a wide range of health disorders. Long travel to workplace, wrong eating habits, long working hours, , quality of food, rising levels of pollution, and rising levels of stress have increased the risk of developing health problems.
Lifestyle diseases are on the rise, especially among people under the age of 45. Illnesses like diabetes, obesity, respiratory problems, heart disease, all of which are prevalent among the older generation, are now rampant in younger people too.
Increasing Medical Expenses:
The medical expenses have risen very quickly. So, in case of a medical emergency, people end up spending their savings, which takes a toll on their future plans. Major part of Indian people depends on their Savings for any future expenditure. Hence protecting this savings in this emergency is of utmost importance.
Income Tax Bonanza:
Health insurance premiums are eligible for tax deductions under section 80D of the Indian Income Tax Act. Individuals up to 60 years of age can claim a deduction of up to Rs 25,000 for the health insurance premium paid for themselves, or for their spouse or children. There are many other benefits which can be consulted from CA or financial planner.
Perks of Starting Early:
There’s always advantage for early starters. Even, in health insurance, if one buys health policy at an early age, one will have to pay less for the policy. Premiums for a health policy increase with one’s age; that’s because the associated risk increases. Premiums for health plans are determined by the age, medical history, city of residence, etc. Of the insured. So, if one buy a health plan early it will help him save on the premiums.
Multiple players available in market:
Today there are multiple options available to subscribe health insurance with various facilities, and one such brand is IIFL which is considered as the best health insurer in India by many!
So, just go ahead and secure yourself and your family against any untoward medical emergency and by protecting your savings for your family’s betterment.