It is rightly said – good health is by far the greatest blessing in life. Everyone wishes to stay in the pink of health and hence some adopt healthy lifestyle habits. However, there may be certain unavoidable circumstances where you may fall ill and may require hospitalization. Giving the rising medical inflation, making out-of-pocket expenses towards medical bills may become an expensive affair. To safeguard yourself from rising medical inflation you may consider investing in a health cover.
A health insurance policy is more of a necessity in today’s world. There are numerous benefits of opting for such an insurance policy. Following are five major reasons why you may purchase a health cover right away.
- Relief from escalating medical costs
In any event of hospitalization, your insurance provider is liable to cover all the medical expenses. This includes nursing costs, room rent expenses, cost of surgery, and medicine, among others. Such a policy also covers expenses related to alternative treatment such as Ayurveda, homeopathy, and yoga, among others. A health insurance policy offers financial protection against health checkups and domiciliary treatment as well. By investing in such a plan, you may avoid a huge financial strain in an event you are hospitalized.
- Lifestyle changes
Many individuals now suffer from high levels of stress. Changes in lifestyle habits such as long working hours, dependency on junk food, and lack of exercise may take a toll on one’ s health. Due to such factors, the risk of contracting a lifestyle-based medical condition has increased. This may result in high blood pressure, diabetes, and obesity, among others. To remain financially protected against such medical conditions, you may invest in a health insurance policy.
- Additional cover over your group plan
Many employers offer the benefits of a group policy as a part of their employee welfare program. A group insurance plan offers the same level of coverage to all the members of the group. This level of coverage may not suffice your medical expenses at an older stage. Besides, such policies do not allow individual customization. You may, therefore, consider investing in an individual health insurance policy, thereby enjoying a supplemental cover.
- Lower cost for young individuals
Many financial advisors recommend individuals to buy health insurance at a younger age. At a younger age, the risk of contracting a medical disease is lower. Due to this low-risk factor, insurance providers provide the benefit of a health cover at a lower premium. Therefore, purchasing a mediclaim policy earlier in life allows you to enjoy a better tomorrow at a lower cost.
- Tax benefits
The good news is that you may avail of health insurance tax benefits on the premium paid towards your health insurance policy. You may enjoy a deduction of up to INR 15000 under Section 80D of the Income Tax Act, 1961. Senior citizens may enjoy a higher deduction, thanks to the Union Budget announced by Finance Minister Arun Jaitley. They may avail of tax deduction of up to INR 50,000 per budgetary year. You may, therefore, reduce your tax liability largely if you and/or your parents are senior citizens.
You may consider the aforementioned points and purchase a health insurance plan at the earliest. By doing so, you may enjoy a great degree of financial security. You may focus on receiving quality treatment instead of worrying about making last-minute arrangement for finances. You either may visit your nearest branch or may buy a medical insurance policy online. Purchasing a health cover through the internet offers numerous benefits such as convenience and lower cost.
Health is the greatest wealth. By purchasing a health plan, you may invest in your health for a better tomorrow.