Health Insurance Becomes A Necessity More Than A Choice

With the costs of healthcare services in India heading upwards, seeking protection through a health insurance plan becomes a matter of necessity more than just a choice. Let us explore how health insurance is the need of the hour.

Medical costs and hospitalization expenses in India are skyrocketing. This drives many patients to opt for lower quality, cheaper treatments. With the healthcare inflation on the rise, an unforeseen illness can easily burn a hole in one’s pocket.To add to this, the unregulated private sector is crushing the public sector in healthcare. The public sector offers treatment at marginal costs but the services rendered are perceived as questionable. In such a scenario, being insured by a health insurance policy proves to be a blessing.

This is a bitter truth, but in today’s times, each and every one of us is becoming increasingly dependent on healthcare services. Health is an extremely crucial aspect of our well-being, but it is sadly overlooked in today’s day and age. Many of us neglect our health and do not give it the importance it deserves.Physical inactivity, extreme workload, unhealthy personal habits, poor diet have all become a way of life. These lifestyle choices are inviting lifestyle-associated diseases such as cardiovascular problems, respiratory issues, etc. In such a scenario, investing in health insurance is like preparing yourself for the high probability of someday needing to spend on healthcare.

You may have heard the saying “better late than never.” The hard fact is that health problems may befall anyone, and no one is immune to health-related issues. Unfortunately, being young or fit provides no fool-proof guarantee against diseases or accidents.Suffering from a medical condition, irrespective of its severity isn’t easy on any person. Health insurance is an effective risk management tool that eases an individual’s financial burden during such testing times.

Healthcare costs are increasing rapidly, and so are diseases and physical ailments. The exorbitantly priced healthcare services are thus disrupting people’s financial goals. Health insurance premiums are also, ultimately, liabilities that need to be discharged. Keeping this in mind, the government has rolled out some tax benefits for taxpayers who invest in health insurance plans to reduce their financial burden. Under Section 80D of the Income Tax Act , an individual can claim-

• a deduction up to Rs. 25,000 for health insurance plans that cover self and family
• an additional deduction up to Rs. 30,000 for plans that cove senior citizen parents

The above-mentioned reasons highlight how health insurance is essential for every individual, irrespective of their age, gender, income, lifestyle, etc. Therefore, people must start looking at health insurance plans as an investment towards their health rather than an expense.

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.