The idea that leading a healthy life is one of the ideal luxuries in the world has been reinforced by sayings like “health is wealth” that we have all heard throughout our lives. While these sayings have frequently encouraged people to value wellness, they have yet to do much to help people comprehend the fundamental financial aspects of health. We typically give it little to no thought, whether it’s maintaining our health or treating a disease. Most of the time, we have grown accustomed to being overly pessimistic about everything going well or relying on our minimal corporate health insurance. We should consider the high cost of healthcare in India and the fact that your health insurance from work may only cover some of the problems you and your family may experience. Let us understand the importance of health insurance.
Cover The Basics
The financial consequences of medical emergencies are the main issue that health insurance addresses. The proper health insurance takes care of the pre-and post-hospitalisation costs and covers your hospital bills in the event of variability. Bills will surely be the last thing on your mind in an emergency thanks to this basic coverage, which also covers your family.*
Get Ready For The Worst
Because of the stress in our lives, we are more likely to develop severe illnesses like diabetes and heart disease. Your health insurance, however, needs to be more prepared to handle these problems. Choosing the proper health insurance with better coverage is a must to be prepared for medical emergencies. Although many believe we shouldn’t worry about health problems until later, being prepared is always the better choice. Furthermore, if you start the plan when you’re younger, the health insurance premiums are less expensive and more varied! ##
Save Money On Taxes
The tax advantages that come with purchasing health insurance are another fantastic benefit. According to section 80D of the Income-tax Act of 1961, you may save up to Rs. 25,000 on premiums paid for yourself, your spouse, and your children in a single financial year. Additionally, depending on the parents’ ages, you may be eligible for an additional tax benefit of Rs. 25,000 or Rs. 30,000 if you have paid the premium for your parents. To put it differently, you and your family can benefit from tax deductions ranging from Rs. 50,000 (if no family members have reached the age of 60) to Rs. 55,000 (if your parents are elderly or you are over 60). ## **
The loss of premiums in the event of a no-claims year is another issue that most people have with health insurance. They ensure the investor is rewarded for staying healthy and having a claim-free year with cumulative bonuses and benefits of health insurance. *
If we don’t have the proper health insurance, dealing with a medical emergency can burn a massive hole in our wallets, as evidenced by skyrocketing hospitalisation costs and pricey preliminary tests.
* Standard T&C Apply
** Tax benefits are subject to change in prevalent tax laws.
##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.