One is never truly immune from medical emergencies. It can arrive at any time and leave you stressed if you do not prepare for these contingencies in your life. By investing in a medical health insurance, you can not only protect your finances but also have the peace of mind that you will get quality and timely medical care when you need it the most.
That being said, here are the reasons why buying a medical health insurance should be your top most priority.
1. Protects Your Finances
A sound medical health insurance plan will provide you the necessary financial support at the time of medical emergencies. The cost of healthcare in India is rising at an exponential rate and diseases, such as heart conditions and cancer. Encountering any of these medical issues can put a huge dent in your savings in absence of an insurance plan.
With a medical health policy, you will be able to mitigate the financial stress of paying for costly treatments. A comprehensive policy will provide you coverage for hospitalization, ambulance expenses, pre and post hospitalization costs, cashless facility, and seamless claim settlement process.
2. Rising Cost of Healthcare
As mentioned before, medical expenses have skyrocketed these days that gets further exacerbated due to inflation. If you are a young person buying a medical health insurance, you are probably going to need to make a claim 10-15 years later. The cost of healthcare would not be the same at that time.
So, if you want your insurance to provide you complete coverage, then you need to buy a health insurance plan now keeping the inflation in mind. Doing so will help you overcome the costs of medical expenses and the impact of inflation.
3. Tax Savings
Health insurance will not only cover your medical bills but also provide tax savings. A medical health insurance is eligible for tax deduction u/s 80D of the Income Tax Act. You can not only claim these deductions for your own policy but also the ones you buy for your children and spouse.
4. Affordable Options
When you buy a medical insurance at a young age, the premiums are low, and the coverage is high. A young individual is expected to be healthy, thereby making the insurance plans more affordable for them. However, buying an insurance later will make the premiums more expensive. Therefore, it is advisable to buy a health insurance policy as early as possible. Some insurance providers also offer medical insurance to young buyers without the medical test.
5. Lifestyle Changes
Lives these days have become extremely stressful that leads to unhealthy lifestyle choices. As such, even young people are now exposed to the risk of lifestyle disorders, such as diabetes, hypertension and cardiac issues. Thus, it is better to secure your finances and health with the help of a medical insurance policy.
6. Protects your Life savings
You may have spent a lifetime in saving money that you planned to use for multiple purposes, such as your daughter’s wedding, retirement, travel etc. However, if you are diagnosed with a critical illness, the expensive treatments will eat away your life’s savings in no time. But with a health insurance plan, you will be able to protect your finances and pay for treatments without touching your savings.
Evidently, medical insurance has number of benefits. That is the reason, financial experts recommend people to buy a policy as early as possible. There are wide range of options available these days that can be easily bought online. Insurance providers, such as Care Insurance, also offer helpful online tools like comparison tools to simplify the buying process and help you make an objective decision.
