A medical emergency can strike anyone anytime, and the last two years have been a reminder of the same. Emergencies don’t just bring physical and mental strain. They also bring a lot of financial stress.
You can’t plan when to get sick or hurt in advance based on when you will have the money to afford the proper treatment. Medical bills and healthcare expenses can add up very fast. Heavy medical expenses can drain your life savings.
Thus, having a health insurance policy can be helpful. A good health insurance plan can ensure you are ready for unplanned medical expenses. You can deal with any emergency without worrying about your savings.
Keep reading to learn more about why you need a health insurance plan. We will also be taking a look at how an insurance plan can help your health and finances.
What Is A Health Insurance Plan?
A health insurance plan is a type of insurance that assists you in paying for medical expenses. The insurance plan can pay for your medical bills or reimburse them for your expenses. This applies to all insurance policyholders.
The right insurance policy can also provide you with round-the-year medical check-ups. This can help prevent any disease or identify symptoms at an early stage.
You can get proper medical care with the help of health insurance. It can protect you and your savings. It can provide you with that extra layer of security in your life.
Importance and Benefits Of A Health Insurance Policy
We live in an uncertain world that is constantly changing. In today’s day and age, a health insurance policy has become a necessity.
You and your family can get many benefits by having a good health insurance plan. Everyone knows that “Health is Wealth,” and health insurance can help you take care of both.
Let us take a look at why you should have a health insurance policy in place and what benefits it offers:
Rising Healthcare Costs
In recent times, inflation has affected all aspects of our lives, including healthcare. Everything that we need in our everyday lives is getting expensive. The costs of healthcare and medical treatments are also rising.
Indians have spent more than twice as much per hospital visit on medical costs over the past ten years. This was recently highlighted by a Statista report. And this is true for people in all age groups.
The rate of inflation has been higher than the returns you get on your savings. This is why dealing with a medical emergency can take away a person’s life savings. It can leave them with a financial burden, along with a new health problem.
This is where an insurance policy can play an important role. The right insurance policy can help you seek proper treatment. You can get medical care without having to only rely on your savings. This can be a huge sigh of relief and allow you to receive proper care without going broke.
Changing Lifestyles & Chronic Diseases
Both the world and people’s way of life are evolving. Conditions that used to only used affect the elderly are now starting to affect younger people too. This includes problems such as diabetes, high blood pressure, joint pains, and more.
Most of it has to do with how unhealthy the average lifestyle has become.
But you can avoid most of these problems and deal with them in a better manner. If you can detect their symptoms at an early stage, the chances of recovery increase.
To help you, many health insurance plans offer all-expense paid medical check-ups. These complimentary checkups can identify chronic diseases at an early stage. This can help you better tackle the disease or condition.
Inadequate Insurance Cover
Many people don’t get a proper health insurance plan because they get one from their company. But many people don’t realize that this is a group plan, and it doesn’t provide complete coverage.
An employer-sponsored healthcare plan is very limited in nature. It does not provide all the benefits that a proper individual insurance policy can. These plans also have very limited coverage for your family members and dependents. Having a suitable health insurance plan can be a boon for you and your family.
The financial benefits of a health insurance plan are more than what you may think. It can also help you get tax benefits and tax breaks.
Your payments towards your health insurance premiums are eligible for tax deductions. This comes under different sections of the Indian Income Tax Act.
These benefits are for people across various age groups and tax brackets.
You can deduct the cost of policies you buy for your family members, such as wives, parents, and children. This is besides the tax deduction you get on your health insurance premiums.
Better Medical Care
A good health insurance policy gives people the freedom to choose good medical care.
Often, what stops people from taking proper care of their health is the lack of funds. They don’t want to harm their savings, so they avoid proper medical care. This can result in their health troubles getting worse.
A good insurance plan allows people to choose the best healthcare option for them. Not only this, but they can also provide better care for loved ones.
You can choose to take care of yourself and your loved ones without any problem if you have a good insurance plan.
We can say that a health insurance plan is a necessity. Experts suggest the earlier a person can get insured, the better and more affordable it is. Health Insurance allows people to invest in their health and their future.
If you need help with finances, you can always take the help of a financial expert like Piramal Finance. They will suggest what’s best for you and help take care of your personal loan requirements if any.