The Top 7 Benefits of Investing in Health Insurance

Hospital stays are often intimidating. Even when they are a necessity. One of the most common reasons is the hefty hospital bills. Hospitalization has never been affordable, nor will it ever be. That’s why you must be prepared for it.

But how do you prepare yourself? By having savings? No, that’s not smart. One hospital bill is enough to crash down your savings. That said, savings can be put to better use. By using that money to buy health insurance.

What everybody needs is health insurance. So, in case you haven’t bought health insurance already, here are all the reasons why you should at the earliest.

The Top 7 Benefits of Investing in Health Insurance

  1. You Get several Benefits

Pre-hospitalization and post-hospitalization are not the only expenses that are covered by a health insurance policy. Additional expenses such as medical bills, treatment costs, surgery costs, doctor consultation fees, day-care procedures, ambulance charges, occasional health check-ups are all covered by a health insurance policy.

Health Insurance
Health Insurance
  1. Ensures the Best Medical Care

Life is precious, and so every patient deserves the best medical care possible. However, sometimes lack of funds can become an obstacle. But having health insurance can ensure that all your medical bills are taken care of. That said, buying health insurance would mean transferring the risk to the insurance company. Perceive health insurance not as an expense, but as an investment towards the health of yourself and your loved ones.

  1. To Combat Medical Inflation

Inflation is a universal problem, and healthcare is not immune to it. If a medical treatment costs INR 40,000 today, several years later it can cross lakhs. Adequate health insurance can help you combat the effects of inflation on healthcare.

  1. Health Insurance Can Match Your Earning Capacity

You do not have to buy a health insurance policy with maximum coverage right away if you cannot afford it. Health insurance offers you the privilege of increasing your health insurance cover gradually as your earning capacity increases. As health insurance policies renew every year, you have the option to increase the cover with time. Start with a basic health insurance policy even when you would know it wouldn’t be adequate. As said, you can increase it later.

  1. You Save More when You Invest Early

Most individuals do not buy health insurance at a young age because they think they are young and fit and wouldn’t need medical insurance. But just so you know, some illnesses and accidents don’t see if you are young or not. Yes, it can be that the probability is less, but it’s still there.

Having said that, buying health insurance at an early age comes packed with financial benefits. The younger and fitter you are, the lower the premium you would have to pay. However, if you start at a later stage in life, you will have to incur higher premium.

Thus, it’s better to buy health insurance as early as you can to reap the benefits of health insurance.

 

  1. Premiums are Affordable

There are lots of misconceptions floating around about health insurance. The most prominent of them all is that they are expensive. But it’s completely untrue.

Although health insurance premiums differ by age, medical conditions, coverage, and insurance company, there’s no one fixed figure for everyone. Nonetheless, monthly health premiums are more affordable than anybody thinks. You can get the basic covers at the cost of your monthly telephone bills. Not to mention, you have the option to increase your life cover as your purchasing power increases.

The reason that health insurance is affordable is because of the monthly premium payment option. Policyholders can buy health insurance without causing a financial strain to their wallets.

Health Insurance
Health Insurance
  1. 7. You Get Additional Benefits with Riders and Tax Savings

Contradictory to the general misconception, one can get additional benefits and save on tax at the same time with a health insurance policy.

You can get additional riders by paying a meagre additional premium. These riders can save you from hospital room rent charges, maternity costs, disability, critical illnesses etc. Not just that, some of the best health insurance plans provide free yearly medical tests to ensure that you are in the best of your health.

Talking about tax benefits, according to Section 80 C of the IT Act, health insurance premiums, up to the limit of Rs 1,50,000 are tax-deductible.

Conclusion

The benefits of health insurance are many. Now that you are aware of the benefits, we hope you will consider buying health insurance. You can buy individual health insurance or a family floater pack for your family. But before you buy health insurance, ensure that you know everything there is to know about health insurance

Remember, health insurance is the ideal way to protect your family from the financial strains of medical costs. It’s an investment in your family’s health.

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