In earlier times, people did not consider purchasing health insurance unless they touched a certain age. Thanks to our sedentary lifestyle, polluted environment, inclination towards fast food, constant stress to juggle multiple responsibilities, increased cost of medical treatments, and inflation, having health insurance has become a necessity over luxury at an early age.
Let us give you the top 5 reasons why you should have health insurance for yourself and your family too.
- Financial Security – The whole idea of having health insurance is to provide you financial assistance when you have unforeseen medical complications. From part to even total medical expenses that you incur due to injury or illness-led hospitalization are covered by the insurance company, which otherwise would create a dent in your bank balance. You can utilize the cashless hospitalization feature offered by most health insurance companies that allow you to seek medical attention at the hospital without paying upfront cash.
- Tax Benefits- Insuring yourself with a medical plan is an effective way to reduce the obligation of tax deduction. As per the Income Tax Act, you can avail of medical insurance tax benefit on the premium amount that you pay towards health insurance for oneself, spouse, and even parents, as the primary policyholder.
- Financial Planning – Investing in individual health insurance is an excellent way to learn financial planning. When we are young, we have very little knowledge on how to plan expenses and make savings. So, by taking suitable health insurance, you are diverting your money in the correct direction to build a strong pillar of support for you and your family in the coming years.
- Raising Medical Costs – The world of medicine has advanced with leaps and bounds, bringing in the most sophisticated technologies to cure varied diseases. With this, there has been a substantial increase in the cost of treatment. If a single visit to meet the doctor itself costs you so much, imagine the financial stress you will have to undergo for significant surgeries and critical illness treatment? A health insurance plan will have you covered at such times.
- Medical Family History - If you have a family history of life-threatening diseases like cardiac arrests, paralysis, cancer, or other terminal illness, it gives you even more reason to get individual health insurance right away.
As a policyholder, you have the flexibility to choose the sum insured based on your budget and medical needs. Several factors like age, occupation, pre-existing diseases, to name a few, directly impact the premium amount. Ideally, individual health insurance has been designed for young people who are yet to start their family life. However, you have the power to even customize your plan later on to include your parents, spouse, and children. The premium will change based on the number of people and their age who have been added, but it gives you peace of mind that everyone in your family will be protected in times of need. Like it is said, health is wealth, so stay protected with an individual health insurance plan.