Is Health Insurance a Good Investment?

In recent years, India has made some fantastic advancements in various sectors such as technology, automobile, and defence to name a few. Among these, India’s healthcare sector is well-known globally for the services available at an affordable price. However, even if the services are affordable, you cannot predict the cost of hospitalisation if you or your loved one were to get sick, especially if it’s a major illness. Instead of relying on your savings to cover the cost of treatment, you should purchase health insurance for the financial safety of yourself and your loved ones from medical emergencies. While insurance has become a necessity, many people still have second thoughts about buying one. If you are one of them, here is why you should consider going for it.

What is health insurance?

Health insurance is a type of general insurance which provides you with financial assistance to cover the cost of hospitalisation and treatment. When you purchase a health insurance plan, your policy sum insured can be used to cover the treatment costs. There are different types of medical insurance policies such as family medical insurance, senior citizen medical insurance and critical illness insurance that can be bought based on your requirement.

Why should you purchase a health insurance policy?

There is no greater asset than health. As long as you are healthy and fine, you can continue living life just the way you want. Hence, the adage ‘health is wealth’. However, due to changes in lifestyle due to sedentary work culture, poor dietary habits, increased consumption of tobacco and alcohol, and lack of fitness in many, the number of people with lifestyle illnesses has also risen. This means a weaker immunity, higher susceptibility to diseases, and developing life-threatening ailments at a young change. The cost of treating your ailments could be high, especially as you age. Thus, it is essential to have proper financial support in such situations. For these reasons, you should invest in robust health insurance coverage.

What are the benefits?

The following are the benefits of investing in health insurance:

1. Protects your family

For every individual, no priority is more important than the safety of their family. Be it their parents, their partner and their children, or other dependents. If either of them were to go through some medical emergency, you would want them to get the best treatment possible. However, getting treated in a reputed hospital can be heavy on the pocket. Having family medical insurance in such situations can be beneficial. The policy is designed to provide financial assistance to your family members under a single policy. *

2. Covers various expenses

When we talk about hospitalisation, it is more than just getting admitted. There are various expenses that are involved in the entire process. Ambulance fees, room rent, nurse charges, and medical supplies are some of them. Without a policy, you would burn through your savings at an alarming rate. A health insurance policy covers these added expenses as well. *

3. Pays for visits to the doctor

Many insurers have started providing OPD coverage as a part of their health insurance policy. If you require a visit to your doctor for a routine check-up, this coverage will pay for the visit. Moreover, if you are advised to undergo any medical test, those would also be covered by the policy. *

4. Affordable when purchased sooner

When you are young, your body is fitter, and your immunity is strong. This reduces the chances of developing ailments. However, it is better to take precautions and purchase medical insurance as early as you can. When you purchase the policy at a young age, the cost is relatively low. A health insurance premium calculator is a nifty tool that can help you get quotes for your policy.

5. You get tax benefits

Due to the cost of health insurance, people often worry about the amount of tax that could be levied on the premium payments. However, you can enjoy tax benefits on your insurance policy. Premium payments towards your policy are eligible for tax deductions under Section 80D of the Income Tax Act. These deductions range from Rs.25,000 up to Rs.1 lakh. Please note Tax benefit is subject to change in tax laws.

Conclusion

Medical insurance is a robust way you must consider when looking for an alternative that provides financial support during medical emergencies. To get the best health insurance plan in India, you can get in touch with your nearest insurance advisor. *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.