Finance

Why Has Health Insurance Become a Necessity?

When it comes to protecting yourself, a health insurance plan should be the first choice.

Health insurance is a type of insurance cover wherein the policyholder is covered for medical ailments that might occur during the tenure of the policy.

Health-related contingencies arise at most inopportune times. In such situations, having a systematic procedure to deal with them can be the best way. It includes medical facilities, financial costs, treatment expenses and more that are laid down in your insurance plan. Moreover, you enjoy peace of mind knowing that you shall be covered in case of such contingency. All of this makes buying health insurance an absolute necessity in today’s times.

Let us look at the reasons why you should not treat health insurance as an option but as a necessity –

Soaring Medical Costs

There has been a positive growth in medical technology over the past few decades. It surely has increased the life expectancy of the population but at a steep price. We witness an increase in medical bills each year along with the steady increase in hospitalisation and other ancillary costs. It is better to avail health insurance to protect oneself from eating up your savings. Having the back-up of a critical illness insurance is better than repaying long bills. This will not only ensure you get timely treatment for your ailments but also protect you and your family in times of distress.

Increasing Lifestyle Diseases

The lifestyle we lead has an impact on our health condition. Statistics report that this trend is seen to be consistently increasing accounting for millions of deaths around the world. With the increasing numbers, it is important to protect oneself from such lifestyle diseases like cardiovascular or respiratory ones. Lack of physical activity, unhealthy eating habits, along with increasing urbanisation leading to pollution is the root cause. Availing health insurance plans for family can help in case of such lifestyle ailment by providing a safety net to cover the cost of treatment.

Smart Financial Planning

Health insurance is a tool to spread your risk. In the absence of a health cover, you have to bear the mental stress of ailments along with medical bills to repay. It can drain you emotionally along with your finances. Instead, a health insurance plan saves you from the financial turmoil while devoting your complete attention to recovery. There are various plans that offer benefits like cashless hospitalization wherein you need not pay from your pocket. Buying such plans can make the medical treatment much more convenient than otherwise.

Systematic Medical Treatment

Most insurers have a list of hospitals empanelled with them wherein the policyholder can avail treatment. Visiting such network hospitals is better as they have reputed medical professionals that are available for your treatment. Getting the right treatment at the right time is important; after all it is a matter of life and death.

Tax Benefits

Apart from the above advantages, you can avail tax deductions under Section 80D in your return of income for the premiums paid. These amounts are not restricted for the premiums for yourself, but also paid for insuring your parents, spouse and children.

Reading the above highlighted points makes buying health insurance a more concrete decision. Make sure you compare the various available plans that check the right boxes. It will guarantee you financial peace of mind knowing you have a safety cover in case of a medical emergency.

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