After life insurance, health insurance is the second most important purchase for everyone. However, why is it so? Read this article to find out.
The only thing constant in life is change. While you and your family members might be healthy now, there is no guarantee that things will remain the same always. Rather than ruling out such possibilities, it is essential to think practically and have a solid plan in place to ensure that any kind of medical emergency in the family can be easily taken care of.
Apart from your emotional state, such instances also put a lot of stress on your finances. You might already know how the cost of quality healthcare is consistently increasing in the country. A smart way to protect yourself and your family members against the high medical expenses is through health insurance.
If you are wondering why health insurance is required, here are some reasons that will help you understand their importance-
1. Policy Coverage to Manage Healthcare Expenses
Health insurance policies have an insured sum. This is the maximum amount that the insurer will pay on your behalf in a year if at all you need medical care. There are now individual policies which you can purchase for yourself and even family floater plans which cover the entire family.Medical emergencies can easily drain your savings and can also push you into debt. Having health insurance can protect you from such financial difficulties.
2. Access to Quality Medical Care
It an attempt to save money, many people needing medical care, prefer substandard healthcare providers. However, when you have a health insurance policy to pay for your medical expenses, you can use the best of medical care and receive high-quality treatment.Quality care can accelerate the recovery, making sure that you or your family member can get back to his/her healthy life again as soon as possible.
3. Tax Benefit
For taxpayers, the tax-savings of health plan can be very beneficial too. Under Section 80D of the IT Act, premiums of up to Rs. 25,000 paid for health policy in a year are eligible for tax deductions.This deduction is extended up to Rs. 50,000 if the insured is a senior citizen. So, if you have a health plan for yourself and one for your senior parent, the deductions can be up to Rs. 75,000 in a year.
Securing Your Health with a Health Insurance Plan
Increasing challenges of the professional and personal lives put much stress on your health too. Due to this, health insurance importance is at an all-time high. Understand the benefits listed above, and you will see why health insurance is a must for everyone.
Find more about Aditya Birla Capital Health Insurance.
Learn more about different Health Insurance Plans here.
* Terms & conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.
Will My Health Insurance become Costly upon Relocating to the Countryside after Retirement?
Spending your old age in the country side can be an excellent idea, given you have adequate health cover, the cost of which might rise if you happen to move to a rural area.
4 Benefits of Buying Student Travel Insurance
Student travel insurance is a mandate in the US and Schengen countries. Learn more about why investing in it can help your child succeed while studying away from home.
Know Your Risk Appetite
Not knowing your risk profile – a combination of factors – can lead you to choose the wrong investment avenues and make investment choices that would not amount to much.
Why Business Loans Application Are Rejected?
From low credit scores to insufficient collateral, there are plenty of reasons why your business loan application can get rejected.