The awareness of having a health insurance plan has expanded, yet a few of us are unaware of its significance. Which one would you say you are?
If you’re aware of the importance of health insurance, then good for you. But in case you aren’t, simply give this blog a read.
Having a health insurance is important because of the following reasons: –
Medical Expenses affect your Savings
Do you know how high the medicinal expenses have risen? The fundamental cost of hospitalization has increased by over 10% in the last decade.
Not just hospitalization costs, the cost of medical procedures and surgeries have increased majorly as well. Would you be able to handle these costs yourself?
Medical Inflation has been rising the cost of medicinal expenses for a long time now. What is the point in making investments or savings if you cannot even save them? A health insurance plan is intended to deal with these expanding costs. Buying a health insurance plan helps funds from being depleted out in the event of a medical crisis.
It saves your Taxes
Most individuals invest money with an intention of saving taxes. A health insurance plan helps in the same manner as well. Health insurance premiums paid for yourself and your family (counting your guardians) have an advantage of getting exempted under Section 80D. You may claim up to Rs.60, 000 as tax exemption if you pay premiums for yourself or for a family health insurance.
It helps in Retirement Planning
A basic benefit attached to a health insurance plan is that they can be renewed. It is now possible to renew health plans for whatever length of time that you are alive that too without paying any renewal fee. This is useful, particularly if you have resigned. When you turn old, your income will be less and your medical expenses will be more. But if you buy health insurance from any of the best health insurance company, any medicinal possibility you face would be secured.
Always make sure you buy a health insurance plan that offers lifelong renewability option.
Useful for your Children as well
Health insurance can be bought for children as well. While buying one, you can even go through the list of hospitals and clinics it covers.
Moreover, if you have kids and have a health insurance plan, it is important that you teach them the significance of having a health insurance too. By doing this, your children would invest in them when they grow up.
Therefore, health insurance plans help in shielding your saving against medicinal possibilities. As you know healthcare costs are rising, it is the best time to invest in a health insurance plan. It is surely not a one-time deal but its renewability option will provide you lifelong benefits. Also, there is no better option than a health insurance plan which you can make use of during your retirement.