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04 Nov 2017

It is important to remember that a health problem does not arrive with any information there are chances that one day you may wake up and realise that you are not feeling well.

Health insurance / medical claim saves you from the medical expenses that hospitalization brings. It provides you with financial support at the time of an emotional breakdown. 

Health insurance provides risk coverage against expenditure caused by any unforeseen medical emergencies. 

There are two common mistakes when it comes to buying life insurance and health insurance.

  • People don't act at the right time, and
  • When they realize that they have made a mistake they try to over-compensate by buying too much insurance. 

The following points signify the importance of personal health Insurance cover.

1. Financial security: Medical costs are rising at a very rapid pace. When you are admitted in a hospital there is a various cost involved such as doctors visiting fees, expensive medicines, diagnostic tests etc. All these charges add to your hospitalization charges.  Paying for these expenses will drain your savings. There are many who would argue that going to a government hospital is cheaper as there is less cost involved.  It important to note, private hospitals are well equipped with modern facilities in comparison to government hospitals. If you have a health insurance policy, you can take the benefit of modern facilities as the health insurance will pay for the hospitalization as long as it within the permissible limits of the policy.

2. Start early: Benefits of buying health insurance young: Buying a personal health insurance policy is cost-efficient while one is young and free from medical complications. The premium is lower and the policy offers comprehensive coverage in comparison to a policy purchased at an older age. As an individual grows older, the cost of the cover increases and if one develops health issues, the health insurance company tends to exclude pre-existing conditions which defeat the whole purpose of buying a health insurance. Most health insurance companies have an upper age limit for the policies, which means one would have limited options after retirement. One can enjoy the benefits of cumulative bonus in the form of no claim benefit if they renew the policy without any claims.

3. Tax benefit: Payments made towards health insurance premiums are eligible for tax deductions under section 80D of the Indian Income Tax Act. Individuals, less than 65 years of age can claim a deduction of up to Rs. 15,000 for the health insurance premium paid for themselves, or for their spouse, children or parents. However, it should not be the driving force behind making the decision of taking a personal health insurance policy. The need to improve risk management should be the driving force behind opting for a personal health insurance policy. One should scientifically calculate the amount of health insurance required with the help of a proficient financial advisor and make sure that they are adequately covered. 

Choice is yours!  If you are a futuristic, buy a health insurance now.

11 | Follow Answer Views: 401
2 Answers

Dr. Karthik Madhusudan

answered on 1 year ago

A medical insurance not only safeguards you from huge hospitalization and treatment cost but also motivates you to keep a check on your body that helps in early detection of diseases.

3 upvotes Already upvoted Reply 0

Simpson Koshy

answered on 1 year ago

There is a popular saying about health insurance: "Buy health insurance when you don't want it, because you may not get it when you want it." Currently, the majority of the salaried professionals are provided health insurance cover by their organizations. 

1 upvotes Already upvoted Reply 0