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The saying ‘health is wealth’ has never felt truer considering the ongoing pandemic and rise in lifestyle-induced diseases. Fast-paced lifestyles, busy schedules, poor sleeping & eating habits, high pollution levels, and stress have all contributed to the rise of medical conditions that never existed before. Moreover, these ailments typically affect the youth, making health insurance plans necessary for everyone, old or young.
As per Morgan Stanley’s research report, the contribution of Indian millennials towards the total household income is roughly 70%. This figure is a clear indication that millennials are leading ahead when it comes to investments and financial planning, which also includes health insurance.
However, like many other things in life, we tend to wait until a certain age to buy a health insurance policy, which is not the wisest decision. Instead, it is crucial to invest in health care plans as soon as you can afford them.
Besides understanding the importance of investing in a health insurance policy, it is also essential to understand the benefits it offers.
The Benefits of Health Insurance Plans
Like most investments, even health insurance policies come with certain advantages and benefits. Let’s have a look at some of them as they can help with your decision of buying a health insurance policy.
1. Financial Protection
Most of us are aware of the financial burden that medical emergencies, especially unexpected ones, cause. You can come close to losing everything with one medical test or an accident, but this is just what a health insurance policy saves you from. Even if you do fall sick in the future, your bills will be taken care of by the insurer, and all you need to do is pay a premium amount.
2. Tax Exemption
It is generally observes that the greatest motivation for most people in India to buy a health insurance policy is the tax benefits it entails. According to section 80D of the IT Act, an individual can claim tax deductions of up to rupees 25,000 for themselves or their spouse and children. Doing so can reduce your total tax liability for the year.
3. Cashless Settlements & Payments
Earlier, policyholders had to clear the hospital bills and medical costs themselves and then have them reimbursed by the insurance company later, which used to be a major inconvenience. However, today most insurers have a wide hospital network, and the medical expenses are settled directly with the hospital.
4. Security Against Increasing Health Care Expenses
Apart from the uncertainty of falling ill, another concerning factor is the inflation in health care costs. Medical expenses have been showing an upward trend for many years, and not having financial backup or savings can take a serious toll on one. So, your best possible choice is to buy a health insurance policy, so worrying about health care costs is the last thing on your mind.
5. Cumulative Bonuses & Availability of Add-Ons
One interesting element of most health insurance plans is the No Claim Bonus/Discount (NCB). As per the NCB clause, an extra amount is added to your sum insured when you have a claim-free year. For instance, if you do not use your health insurance policy coverage amount the entire year, you are entitled to receiving the No Claim Bonus.
Similarly, there is a lot of flexibility in health care plans, as add-ons are always available to all policyholders. For example, if you have a cancer care policy that does not cover injuries caused by accidents, you can easily purchase a rider for the same, at nominal costs.
Buy Your Health Insurance Policy Today
Today, you can buy a health insurance policy of your choice by simply visiting the website of any well-established insurer. For instance, Care Health Insurance provide their customers with top-rated services, and you can find or even purchase health care plans on their web portal. So, don’t delay your plan of buying health insurance, as unprecedented times don’t wait for anyone.