6 Reasons You Should Consider Buying Health Insurance

Hectic work schedules, rising pollution, and intake of chemically processed foods in conjunction with unhealthy lifestyle habits can take a toll on your health. To add to it, in light of the recent pandemic, everyone has been feeling the need for health insurance plans in India that can help them deal with rising inflation, expensive medicare and hospitalization, and other treatments.

While health insurance is the need of the hour, and more and more Indians are leaning towards buying a policy, there are many who are still not fully convinced about parking their money in health insurance plans.

If you, too, are on the fence and want to know exactly how you could benefit, then here are a few reasons why you should consider buying health insurance plans in India:

1. Comprehensive Coverage

Right from your pre and post hospitalization charges or in-patient hospitalization expenses and your transportation, i.e., ambulance charges, to other day-care treatment expenses, the best health insurance plans in India will cover all these expenses for you.

If you have bought family health insurance plans in India, then your family also gets the same comprehensive coverage as you. You and your family can focus on availing yourself of the best possible medical treatment and leave the expenses to your health insurance plan.

. Premium Payment And Frequency

You get to customize your premium amount and decide the frequency at which you will pay your premium, i.e., monthly, quarterly, yearly, or even one-time lump sum payment. When you opt for the best health insurance policy at the early age of working life, you will be entitled to receive the benefit of paying a low premium.

A health insurance plan of 5 lahks will cost you around 5000 at the age of 25, 6000 at the age of 35, and maybe 8000 or more at the age of 45.

. Not Just Hospitalization Bills

A health care insurance plan not just covers the hospitalization charges, but instead covers much more than that. This includes cover for your day-care procedures, ambulance service, maternity benefits, and coverage benefits for the newborn as well. 

When picking the best health insurance plan for yourself and your family members, the add-on riders’ different insurance providers help you customize the health insurance policy to suit your needs aptly.

. Specific Health Covers

Additionally, you can also buy specific health insurance covers like the COVID-19 insurance plans that offer various kinds of health benefits to the policyholder in case they have COVID-19. There are two widely offered types of COVID 19 insurance in India, namely Corona Kavach and Corona Rakshak.

While the Corona Kavach covers your treatment cost against COVID-19, ranging from Rs.5,000 to Rs. 5,00,000, the Corona Rakshak offers a lump sum payout to the policyholder if they have been hospitalized for a minimum of seventy hours after testing positive for COVID-19.

. Better Financial Planning

When you buy an insurance policy at a young age, preferably before getting married or having children, you would pay premiums without making any default in the payment, thereby ensuring better financial planning.

But once you become a family person with a spouse and children, you prioritize more on meeting their day-to-day expenses, where you will barely invest your money on health insurance, leading to poor financial planning.

. Enjoy Income Tax Benefits

Another important benefit health insurance has is all the tax-saving you can do once you buy the best term insurance in India. Under section 10(10D) of the Income Tax Act of 1961, you can claim a deduction on your taxes against your health insurance policy premiums.

Use an income tax calculator to ensure that your annual premium amount is less than 10% of your total sum assured to enjoy tax benefits as long as your policy is active.

One thing you must keep in mind when buying a health cover is the age at which you buy it. Staying young and healthy during your 20s may not be the same when you reach your 30s to your ’40s. If you think about taking health insurance in your 40’s, it would be a bad choice, as the benefits you get will be comparatively less, and you need to pay a high premium as well.

Why Focus On Choosing The Right Health Insurance Partner?

It is very important to compare insurers in detail to find yourself the best health insurance with an insurer that would do right by you and your family. Having a financial backup for your medical expenses is crucial as you never know what happens in the future.

Being financially secure also helps your family at these crucial times the most, as you can easily claim cashless settlements at specialized hospitals, and these health insurance plans offer tax benefits.

Remember to choose a trusted insurance provider so that you can have cashless claims, ambulance service, day-care treatment, and other such services right at your perusal. It is ideal to buy a health insurance policy on time and avail of the term insurance benefits, and feel secure with the much-needed health cover.

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