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Importance of health insurance

Health insurance has become a necessity these days. However, not many understand the importance of health insurance. The spread of the coronavirus pandemic has made people realize that life is highly unpredictable, and a medical emergency can happen at any time. These medical emergencies can cause financial problems and can become difficult to handle. This is where health insurance can help you have a stress-free life.

It’s important to understand how health insurance can help you and your family in the long-term. This article will give you a detailed understanding of the importance of health insurance and why you should invest in a good health insurance plan.

Crucial benefits of investing in a health cover


Fight against lifestyle diseases

The number of people getting lifestyle diseases have increased significantly. Whether you are above 45 or under, diseases like diabetes and blood pressure can affect all ages. These diseases can lead to major ailments and problems in the future if not diagnosed beforehand.

Getting exhaustive health cover in your twenties can help you reap more benefits in the future. The two major benefits of this are:

  1. You’ll have peace of mind that even if you do get an unfavourable diagnosis, you have the financial security for treatment.
  2. You can get an early diagnosis by choosing a plan that involves regular medical check-ups. This can protect you from medical contingencies.

To protect your family

Who doesn’t want to have a secure future for their family? Several insurance providers allow you to add family members to health insurance plans. This means when you choose a good medical plan, every member of your family has access to the best resources possible. An ideal medical insurance plan will help you to safeguard your family while paying a slightly higher (but affordable) premium.

This is ideal for one-income families or families with several dependents (ageing parents and young children). In such cases, choosing a medical plan that can provide you with all-inclusive coverage will help protect your family.

Adding all family members under the same insurance plan also serves another purpose: you don’t have to carry different medical insurance documents for every family member.

To deal with chronic diseases

Family history is an important factor in chronic diseases like coronary artery disease, diabetes, asthma, cancer, etc. Choosing a medical plan that covers not only general ailments but also chronic diseases can help you at the time of diagnosis.

When choosing a medical plan, you can get one that includes protection from diseases that run in your family. There are various types of medical plans available in the market. However, it is important to check the medical insurance plan that you have chosen provides all the resources. In case your insurance plan provides no coverage for diseases that run in your family, then it is an ill investment.

Choosing a customized plan rather than simple or basic coverage can help you deal with future diagnoses in the family.

To deal with medical inflation

The healthcare sector is hit the hardest due to inflation. As medical technologies advance, the expenses for treatment (including doctor’s consultation, tests, surgeries, etc.) also increase. Adapting your health care plans and insurance to these changing rates can help you maintain a good financial position.

Insurance companies increase premiums to help maintain their coverage. And while it sounds like the premium will rise rapidly, that is not the case. Instead of focusing only on the premium costs, focus more on how many resources you will be provided in the plan. By choosing a suitable health insurance policy, you can escape the burden of medical inflation.

To protect your savings

Saving is a basic virtue that is taught to us from our childhood. The primary reason people save money is to be able to provide their families with a secure future in case they’re not present. However, medical expenses can wipe out a person’s life savings. This is an especially important point to remember because no one compromises on health. Spending your life savings to battle a diagnosis can demoralize many people.

With the help of an ideal health insurance plan, you can provide your family with the best medical treatments without touching your savings. These can help you later in life and can be used for other commitments like travel, education, retirement, property, etc.

When choosing your medical plan, choose a ‘cashless’ policy. This ensures that the insurance provider pays the hospital bills directly instead of you acting as a middle party.

It provides tax benefits

Buying a health insurance plan can provide you with tax benefits. Under Section 80D of the Income Tax Act, the premium paid for the health insurance plan can be considered during tax deduction. This means you can take advantage of a tax deduction if you pay the premium for yourself, your spouse, your dependent children, and your parents.

Extra benefits for Investing in an insurance plan at an early age

Aside from the above-mentioned benefits, investing in a health insurance plan early in life can bring you a range of extra benefits. In your twenties, you are healthier and can select a cover available at lower rates. These can provide you with more benefits as you grow older. Several insurance plans can also help you fight pre-existing illnesses.

If you have a family history of diseases that manifest in your 30s or 40s, you can be prepared for it with an insurance plan. By choosing a plan early in life that safeguards you during the diagnosis, you can get better treatment. However, if you pass through the period and aren’t diagnosed, you have a better insurance plan and can always choose to downgrade.

There are a wide variety of health insurance plans available that cover various resources and health issues. Based on your needs, preferences, and dependents, you can choose one that is the most ideal for you and your family. With a health insurance plan, you will have a financially secure future and ensure your loved ones have one too.

Are you looking for a new insurance policy or a policy renewal? Reach out to us and let us assist you.

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