Health Insurance is something that most people still consider an expense and not an investment. We need to understand that having health insurance is one of the most important investments you can make for yourself and your family. Health insurance can provide coverage for sudden, unexpected medical expenses and hospital bills in a medical emergency.
Let us discuss why health insurance is important and why you should get one.
One of the main benefits of health insurance is the coverage of unexpected medical expenses. With health insurance, you can be sure that you will be covered in a medical emergency, such as an unexpected illness or injury.
Health insurance can help you to avoid the financial burden of paying for costly medical bills out of your pocket.
The World Health Organization (WHO) indicates that India ranks very high among the nations affected by the rising wave of premature deaths caused by non-communicable diseases, which account for 60% of all deaths in India.
Health insurance can protect you against the high cost of medical care. With health insurance, you can be sure that you will not be left with a huge medical bill if you ever have to go to the hospital or require medical treatment.
It may surprise you that in India, 3.2 crore people go below the national poverty line by spending on healthcare out of their own pockets in a single year. (Reference)
Health insurance can provide access to quality health care. With health insurance, you can be sure that you will have access to quality care without any additional burden on your pocket. It ensures you get the best care when you are sick or injured.
We are all aware of the condition of most government hospitals in our country, so it becomes all the way more important to get quality health care in case of need.
Health insurance can also provide tax benefits. You can deduct the cost of your health insurance premiums from your taxes under section 80D of the Income Tax Act 1961. This can reduce the amount of taxes that you owe and will eventually save you money.
Preventive care can help to detect health problems early and can help to keep you healthy and reduce the risk of more serious medical problems in the future. Health insurance can also provide coverage for preventive care. This can include annual check-ups, vaccinations, screenings, and more.
Many health insurance companies now provide coverage for mental health issues.
A research published in the Lancet in October 2021 found a 35% increase in mental health disorders in India.
According to the ‘Global Burden of Disease Study 1990–2017,’ 19.73 crore Indians, or one in every seven, suffer from various mental problems. ( Reference)
Seeing this trend, many health insurance plans nowadays provide coverage for mental health services, such as therapy and counseling.
Please check with your insurance company, as only a few currently provide this service.
Some health insurance companies are now covering alternative treatment methods, such as Ayurvedic, homeopathic, chiropractic care, etc., so if you are a believer of alternate treatment, ensure that your health insurance company is providing these options.
Many health insurance plans also provide coverage for pre-existing medical conditions. This can help to ensure that you are covered even if you have an existing medical condition.
Please check beforehand with your insurance company if their insurance scheme covers this facility and the terms and conditions associated.
Many health insurance companies have started providing family health covers. In these types of insurance, your spouse, children , and parents can be added with an extra premium. This can ensure that your family, too, has access to quality medical care when they need it.
Also, taking insurance individually for parents, spouse, and children can be way more expensive than this type of family insurance.
Having health insurance can also provide peace of mind. You can be sure that you will be covered if you ever need medical care, and you can rest easy knowing that you will not be left with a huge medical bill.
Also read- Motor Insurance: Important Things You Should Know
Health insurance should be an essential part of any individual’s financial planning as it can provide many benefits, such as coverage for unexpected medical expenses, financial protection, access to quality care, tax benefits, preventive care, discounts, peace of mind, coverage for prescription drugs, mental health services, and pre-existing conditions. Therefore, it is important to have a health insurance.
Remember, like other investments, it will be fruitful if you start it early in your life!
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