In today's uncertain world, health insurance has become a necessity rather than a luxury for Indians.
Here are six compelling reasons why you should consider getting health insurance:
Rising Healthcare Costs
Medical expenses in India are skyrocketing at an alarming rate. According to recent studies, healthcare inflation in India is around 14-16% annually, far outpacing general inflation. A single hospitalisation for a serious illness or accident can easily cost lakhs of rupees, potentially wiping out years of savings. Health insurance provides a crucial financial safety net, ensuring you receive quality care without the burden of excessive out-of-pocket expenses.
Protect Your Savings
Without adequate health coverage, a medical emergency could force you to dip into your life savings, liquidate investments, or even borrow money at high interest rates. This can derail your long-term financial goals such as buying a home, funding your children's education, or planning for retirement. By paying a relatively small premium for health insurance, you safeguard your hard-earned money and keep it allocated for its intended purposes.
Lifestyle Diseases on the Rise
India is witnessing an alarming increase in lifestyle diseases. Conditions like diabetes, heart disease, and hypertension are becoming increasingly common, even among younger populations. The Indian Council of Medical Research (ICMR) reports that nearly 75 million Indians suffer from diabetes, and this number is expected to rise. These chronic ailments require long-term care and management, making health insurance crucial for handling ongoing medical expenses without financial strain.
Tax Benefits
Health insurance offers attractive tax benefits under Section 80D of the Income Tax Act. You can claim deductions on premiums paid for yourself, your spouse, children, and parents. For individuals under 60, the deduction limit is ₹25,000, while for senior citizens, it's ₹50,000. This offers dual benefits - protecting your health while simultaneously reducing your tax liability, making it a smart financial decision.
Cashless Treatment
Many health insurance policies in India offer cashless treatment at network hospitals . This means you don't have to worry about arranging funds or paying upfront during medical emergencies. The insurance company settles the bill directly with the hospital, ensuring you receive prompt medical attention without the stress of immediate payment. This feature is particularly valuable in critical situations where time is of the essence.
Coverage for Pre and Post Hospitalisation
Health insurance doesn't just cover your hospital bills. Many comprehensive policies also cover expenses incurred before and after hospitalisation. This typically includes diagnostic tests, doctor consultations, and medications for a specified period (usually 30-60 days) before admission and after discharge. Some policies even cover domiciliary treatment, allowing you to claim for certain treatments taken at home under a doctor's advice.
Additional Benefits to Consider:
Maternity Coverage: Many policies now offer maternity benefits, covering prenatal and postnatal expenses.
Preventive Health Check-ups: Some insurers provide free annual health check-ups, promoting preventive care.
Alternative Treatments: Coverage for AYUSH (Ayurveda, Yoga, Unani, Siddha, and Homeopathy) treatments is becoming common in many policies.
No Claim Bonus: Most insurers offer a bonus for claim-free years, either as an increase in sum insured or a premium discount. Don't wait for a health crisis to strike. Invest in a comprehensive health insurance policy today to secure your health and financial well-being. With the right coverage, you can focus on your recovery during illness, rather than worrying about mounting medical bills.
Remember, the best time to buy health insurance is when you're young and healthy, as premiums are lower and you're less likely to have pre-existing conditions that may limit coverage.
