Why Should You Buy A Health Insurance Plan Today?

COVID-19 has wreaked havoc worldwide, and Indians have realised the importance of preparing for medical expenses. When you receive a critical health diagnosis, you should be able to focus on getting better instead of worrying about arranging finances. Planned health insurance will give you peace of mind during critical times because your insurance coverage will cover medical expenses, including hospitalisation costs if you have chosen the right policy..

● Achieve Financial Stability

A sudden illness is not the only reason for health problems. Lifestyle diseases are increasingly becoming common and managing ongoing medical expenses will quickly become expensive. Health insurance plans for lifestyle diseases will cover the monthly medical costs. You will also get access to free yearly health check-ups so that you can catch any illness early and treat it appropriately. .

● Protection for Entire Family

.Often, working individuals have some health insurance coverage offered by the employer. Even though it covers only the essential factors, it is better than no coverage. However, dependents in a family may not get health insurance coverage from the employer in a lot of cases. Most households forget about insuring the health of spouse, parents and children. Family health insurance plans help you cover the medical expenses of anyone in your family without having to purchase individual plans.

● Add-On Coverage

Most basic medical insurance policies offer minimal coverage for unforeseen illnesses and sudden diagnoses. While they are good, the coverage is not enough if you are predisposed to certain medical conditions. Purchasing add-on coverage for lifestyle and hereditary illnesses will protect you financially when there is some complication due to a chronic disease. Additionally, the add-on coverage helps you start low with the basic insurance plan and then purchase additional coverage when necessary.

● Protection against Inflation with Small Monthly Premiums

Medical inflation should not be ignored because your treatment cost will considerably increase for diagnostic tests, doctor consultations, ambulance costs, surgery expenses, medicines, hospitalisation expenses, post-surgical care etc. By paying a small monthly premium, you can receive financial assurance so that your family doesn’t have to scramble for money when the earning person falls ill. .

● Protect your Savings

While you have to pay monthly premiums, most insurance policies provide optimal coverage for your savings account. Many insurance providers offer cashless treatment where you don’t have to pay anything out of your pocket right from the moment you walk into the hospital to when you walk out. You can continue using your savings account for investment and other purposes without having to break it for medical treatment. .

●Tax Benefits

Insurers can also claim tax benefits for the insurance premiums for individual and family policies. The tax benefits also apply to death benefits when an unfortunate incident happens, and the nominee is entitled to receive the insurance benefits. Maximum deduction for premium paid for policyholders less than 60 years is Rs. 25,000 and Rs. 50,000 if the age is above 60 years. .

To meet unforeseen medical expenses, you must buy an insurance plan for everyone in the family. It will protect your savings and assets while giving you multiple treatment options. The tax benefits are introduced to encourage more Indians to purchase health insurance. Generally, insurance providers lower the premiums for young individuals. So, simply starting early with your health insurance plan will maximise your benefits.