‘Uninvited guests are often welcome when they leave’. The saying holds true for medical emergencies, which come uninvited and mess up our daily lives whether we are 20 or 65. They not just drain our lives physically but also financially. Today, even a small trip to the hospital could cost you anywhere between Rs. 25,000-Rs. 60,000 easily.
So, what are the precautions you can take? An adequate Health Insurance plan will cover you against fat medical bills and uninvited medical exigencies. Still not convinced? Well, here are five reasons that will surely convince you to get Health Insurance right away!
Additional Reading: 5 Questions To Ask If You’re Buying Health Insurance
Catching Them Young
When we are young, a lot of issues tend to take a backseat. Any concerns regarding health and wellness hardly ever makes it onto our list of priorities. We tend to take our health for granted, but what we often forget is that any disease or illness, however small, has the strength to shake you to the core. And the price you have to pay at the end could be extremely high.
For example, a two-day hospitalisation can force you to pull out savings worth Rs. 1 lakh or more depending on the severity.
When you are healthy and active, it may seem like a good idea to do without Health Insurance completely. However, keep in mind that Health Insurance premiums are directly proportional to your age. As your age increases, insurance premiums go up drastically and the reasons your Health Insurance claim could get rejected also increases simultaneously. Therefore, the earlier you invest the more benefits you are likely to receive.
Generally, there is a waiting period of 30 days with Health Insurance policies, during which you can’t make a claim even if you have a medical emergency. There is also a disease-specific waiting period in which specific diseases are not covered under the policy for a fixed period. So, buying a policy at a young age allows you to exhaust the waiting period without any worry.
Moreover, accidents occur without any warning and an adequate medical cover will ensure that you are covered for emergencies and help you plan your finances in a better way.
Additional Reading: Benefits Of Buying Health Insurance Early
Due to changing lifestyles, health issues have become increasingly more complex in nature. Unhealthy lifestyles have become the norm nowadays, whether it is binge drinking on weekends, burning the midnight oil to meet deadlines, consuming increasing amounts of fast food or our growing dependency on technology. So, this makes it all the more necessary to invest in a Health Insurance plan as early as possible.
Getting a basic Health Insurance policy is a must since it covers expenses incurred from an accident or hospitalisation. Depending on one’s needs, you can also select a mix that best suits your requirements.
Additional Reading: Only 30% Of People Below 35 Years Opt For Health Insurance
Employer Cover Is Not Enough
Almost all reputed companies in India these days provide a group Health Insurance cover to all their employees at affordable premium rates. However, the major drawback with such a policy is the quantum of cover.
The amount generally depends on your designation and the salary structure you come under. Also, there are some group policies which don’t cover your entire family. For example, you can only include your spouse and not your children, or include your family but not your parents, and so on.
Then, there are chances of losing the benefits of a group health plan in case you leave an organisation since portability is not allowed in group policies. Therefore, relying on just employer-provided mediclaim is not enough. It is in your interest to supplement a group plan with an individual cover to make sure you are adequately insured.
Additional Reading: Individual Health Insurance Vs. Family Floater Plan
Much More Than Just Hospitalisation
Health plans nowadays offer much more than just hospitalisation coverage. They cover you for day care procedures, OPD and even vector-borne diseases. Most plans also offer maternity benefits and also cover newborns right after birth without any additional premium.
Depending on your level of cover, a Health Insurance policy helps you pay for services such as ambulance services, day-care procedures, a number of non-hospital related services such as dental, physiotherapy, optical and dietary advice, and therapies like Ayurveda and Homeopathy as well.
In case you are looking for a bigger cover for the extended family, there are customised plans that you can opt for.
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Last but not the least, taking a Health Insurance plan can also help you save tax. Premiums paid towards Health Insurance policies are eligible for tax benefits under Section 80D as the Health Insurance premium paid for self, spouse, children and parents all qualify for tax deductions.
Furthermore, the income tax rules allow for deduction under Section 80D for preventive health checkup too. The aggregate amount you can claim as deduction in a year is Rs. 5,000. The health check-up could be done for either the individual or the whole family, including parents, spouse and children.
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With exponential increases in healthcare costs, a comprehensive Health Insurance cover should mark the beginning of your financial roadmap. But, before you opt for one, assess your needs carefully to ensure you get the right Health Insurance policy.