As you grow older, your health-related problems will also increase with age. That is the reason you need to secure your family with the best health insurance in India to protect them and yourselves against the financial burden of paying for the treatments.
With the rising medical costs in India, it has become imperative that you invest in a health insurance plan as early as possible to avert the risk of such emergencies. A robust financial safety net that comes with the best health insurance in India will give you the peace of mind that your family is taken care of in case of a medical emergency.
In this article, we will look at the reasons why you must consider investing in a health insurance plan for your family if you haven’t done that already.
Protect yourself against the skyrocketing medical costs
Science and technology have improved by leaps and bounds over the last few decades. However, it has also become increasingly expensive to pay for these facilities and treatments. At the same time, rising costs due to medical inflation can put a massive dent in your savings if faced with a medical emergency.
Therefore, it is better to invest in a comprehensive health insurance plan that covers all your family members. You can use a health insurance premium calculator to estimate the premium and compare policies before investing.
- Give them comprehensive care
The best health insurance in India will give you so much more than just hospitalization. It takes away the most significant worry from your hands–arranging for funds to pay for the medical treatment. The policy will also cover pre and post hospitalization, ambulance charges, consultation fees, day-care surgery, health check-ups, etc. Some of these health plans will also cover medicines and diagnostic tests as part of the policy.
- Insufficient employer cover
Many people make the mistake of not buying a health insurance because their employers cover them. However, most of these group policies provide inadequate benefits, which may not be enough to provide well-rounded care for your family members. Therefore, it is better to look for a top-up cover over and above your group policy to get a higher sum assured and additional services.
- Increase in lifestyle disorders
We live in stressful times when lifestyle disorders have increased exponentially over the years, especially in people under the age of 45. Conditions such as obesity, respiratory problems, diabetes, and heart disease have become all too common in the younger generation. Some factors responsible for the rise include sedentary lifestyle, stress, pollution, poor eating habits, etc. Even though precautionary steps can help combat the risk of this disease, an unfortunate onset of a disease can be challenging to cope with financially. The best health insurance in India will take care of medical bills so that you can focus on getting better. If you have pre-existing health conditions, be sure to check the waiting period in health insurance before buying a policy.
- Tax savings
The premium you pay towards your health insurance policy is eligible for tax exemption u/s 80D of the income tax act. Therefore, you can save as much as Rs. 50,000 in tax deductions on your health insurance plans for yourself and your family members. You can use the health insurance premium calculator to know exactly how much premium you will have to pay for your policy and the tax you will save as a result.
- Secure your savings
The best health insurance in India offers your family members complete care against medical eventualities and also helps you protect your savings. Without a policy, you can lose all your savings to pay for medical treatment and related expenses. This is entirely avoidable if you invest in a health insurance plan early in life.
As a young, healthy individual, you can benefit from low premium rates and continue to take advantage of no claim bonus for years you don’t use the policy. Additionally, the coverage will include more options for you as you are a low-risk investor for the insurer.
In today’s time and age, when lifestyle disorders have become rampant and healthcare costs are hitting the roof, it is advisable to invest in the best health insurance in India. This is because a health insurance protects yourself and your loved ones against the risks that could leave you financially vulnerable.