Insurance is very necessary for our life. We always take care of our gadgets by making them insured be it a laptop or mobile. We also take care of our vehicles by doing car and bike insurance. However, what we most often ignore is the thing which is more important; our health.
Health Insurance Plans
Health insurance covers the cost of the policyholder’s medical expenses. There are various types of health insurance plans accordingly it covers the expenses like individual health insurance, family health insurance etc. Just as we do a recharge of our mobile, similarly health insurance should also be an important aspect of our financial planning. Health insurance plans all depend on the type of health cover we buy. Some are cashless while others reimburse the amount on the submission of medical bills. There are several options as per our convenience; as you can pay the premium at once or you opt for a specific premium amount at fixed intervals. During your policy tenure, if you get ill and that illness has covered in your policy then the insurance company pays you the amount of the claim as per terms and conditions of the policy.
There are various reasons to have health insurances.
1. Uncertainty Of Health Risks
No one wants to get sick right. However, with the rising of many diseases, health risk and uncertainties increased. As we always say, prevention is better than cure, therefore Health insurance is very necessary and important in our life.
2. Expensive Medical Care
Today medical care is an expensive affair. With the rapid increase in the price of healthcare, one can end up losing his entire savings in case of emergency, which will ultimately spoil your plans for the future. As we have no control over health risks, what we can control on is the financial aspect of our medical expenses by buying health insurance.
3. Drastic Change In Our Lifestyle
One thing everyone will believe that the lifestyle of people has changed drastically in the last 20 years. A working culture like hectic and tight work schedule, eating habits like fast foods, a daily routine like working till late night, spending most of your time on gadgets like mobile and laptops and the constant increase in the level of pollution has invited a wide range of health disorders.
4. Coverage Of Hospitalization Expenses
Depends on the type of policy we purchase, we get benefits accordingly. Some health insurance policy covers pre and post hospitalization charges. Some of the policies have ambulance charges covered, vaccination expenses, while a few of them also offer free health checkup. So it all depends on the type of policy we choose.
5. Tax Benefits
Premiums that we pay for health insurance are eligible for tax deductions under Section 80D of the Indian Income Tax Act. Even if you are buying the health insurance for your parents, spouse or children, you will get a benefit on Income Tax. To know more about how to claim tax benefits on medical insurance premium check out this article of Economic Times.
Particular Age To Buy Health Insurance
If this is the question, you are looking for, then we will say that there is no right age to buy one. However, buying a health insurance policy at an early age will have less premium for a policy. Premiums for a health policy increases with individual’s age; because the associated risk also increases. Premiums are determined by medical history, age etc. of the person. Therefore, buying health insurance at an early age is always a good option.
All we want to say is the critical illness can strike anytime. Protect your health today. Stay safe and protect your family.