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Is buying health insurance worth it?

In a single word “Yes.” Purchasing health insurance could be one of the most important decisions in your life and it is definitely worth it. Let us look at some of the most important reasons why you should definitely consider buying health insurance.

Reasons why buying health insurance is worth it

  1. Fights medical inflation: Medical inflation is rampant in India, and having a health insurance plan in place will ensure that you are in a position to combat this rise in medical prices. In fact, as of 2021, India has the highest medical inflation rate in Asia, a back-breaking 14%, compared to the general rate of inflation of 5.1%. As you can see, medical inflation is increasing at almost three times the rate of general insurance. Buying a proper health insurance with adequate sum assured will help in combating this.
  1. Ensures high quality treatment: Sometimes life or death is decided based on the quality of medical care. The higher the quality of medical care, the lower are the chances of mortality. This is self-evident, but sometimes people are forced to compromise on the quality of medical care for financial reasons. In an ideal situation, this should not happen. Buying a health insurance policy with a healthy sum assured will ensure that the policyholder gets admitted to the best possible hospital, and avails the highest quality treatment. Money shouldn’t be an object and should not come in the middle of quality treatment.
  1. Day care treatment and OPD: A comprehensive health plan will not only cover hospitalizations but it will also cover day care treatments and OPD appointments. This coverage will ensure that the policyholder is protected even in the event that their condition is not serious, and doesn’t need admission.
  1. Provides tax benefits: The Government wants to encourage an environment where the people are protected against unwanted complications arising out of high medical expenses, that is the reason why they have incentivized people towards buying health insurance by providing tax breaks to policyholders. A policyholder can claim tax benefits under Section 80D under The Indian Income Tax Act.

We hope this article highlighted some of the most important benefits of purchasing a health plan for yourself and your family, and aided in guiding you towards a safe, secure and financially sound future

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Frequently asked questions

  • Is buying health insurance mandatory in India?

    No, buying health insurance is not mandatory in India. That being said, it is highly advisable.

  • Under which sections can a policyholder avail tax benefits?

    A policyholder can avail tax benefits under Section 80D

  • Which countries have the highest medical inflation in Asia?

    As of 2021, the countries having highest medical inflation in Asia were India (14%), followed by China (12%), then Indonesia (10%), and finally Vietnam (10%)

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