Today, health is a big issue as the stress levels, and risk of lifestyle-related diseases are increasing every day. Although the awareness of having a health insurance policy has increased significantly, many people don’t understand its importance. With the rising medical inflation, health insurance must be an integral part of your financial planning agenda to save yourself from depleting the savings.
Financial Coverage
A health insurance plan acts as strong financial support during medical emergencies. The costs associated with critical illnesses like cancer, heart ailments, etc., can severely affect your financial standing. A health insurance plan can offer you large financial coverage that can cover the costs of treatment in India as well as abroad. It also covers hospitalization costs, diagnosis costs, and ambulance and medicine expenses.
Rising Inflation
Inflation is inevitable. Although savings instruments provide attractive interest rates, they are not enough to cover the costs of medical procedures coupled with inflation. Health insurance is a useful tool that can help you meet the probable medical costs. Right from the cost of equipment to the cost of treatment, medicines, and diagnosis, health insurance covers a wide range of expenses and helps you overcome the effects of inflation.
Tax Exemption
Health insurance is not only effective in covering future costs but also offers financial relief in the present. You can claim tax deduction* for up to ₹ 25,000 under Section 80D on the premium paid towards a policy. You can claim deductions for your own policy or that of your spouse or children. This can help you reduce your overall tax liability.
Affordable Policies
Buying an insurance plan in your youth can be more beneficial than you think. When you are young, you are more likely to be healthier and can get a plan at a more affordable cost. As you grow old, the premium amount keeps increasing. A smart move would be to invest in health insurance in time because the more you delay it, the more expensive the premiums get. Younger people can also get insurance without having to go for health check-ups.
Changing Lifestyle
The lifestyle that people embrace today welcomes health issues. And these issues are not just limited to minor illnesses such as fever, cold or cough. Chronic diseases such as diabetes, heart and kidney disorders are equally common nowadays. Thus, it is more important than ever to secure your health with a comprehensive health insurance plan.
Key Takeaways
Given the benefits of health insurance, it must be an integral part of one’s financial portfolio. You can now opt for right health insurance plan for you and your family using ICICI Lombard’s IL TakeCare app.
