The age-old adage that health is wealth is very relevant in today’s world. The ongoing pandemic in the world has shifted the focus back on health for everyone. The importance of health and health insurance has never been higher in a world gripped by panic due to COVID-19. Health insurance is still an evolving service sector in India, with just around 472 million people possessing health insurance. However, with rising costs and countless diseases, here are some reasons why health insurance plans are a must for every individual in your family and why you should compare insurance plans:
- High medical treatment costs
Out of pocket expenses for hospitalisation drove more than 50 million Indians into poverty in 2017. Hospitalisation expenses in renowned private hospitals can be worth a few lakhs. The ongoing pandemic has made it worse. COVID-19 related hospitalisation for about 15 days can result in a bill of approx Rs 7,50,000 in a super speciality hospital. If one adds ventilator charges, the cost will go up further.
Health insurance plans offer fixed sum insurance which can help you cover the medical costs associated with any illness. Rising medical costs in today’s time mean that health insurance can protect you against a large cash outlay if a sudden illness strikes you or your family. Several health insurance plans even carry the cashless facility option, which means that you don’t have to pay a penny to the hospital where you or a family member has been admitted. Inflation, as well as the use of state-of-the-art treatment, has increased medical costs. In such situations, a health insurance plan can protect you and your family.
- Income tax benefit
Health insurance premium is an allowable expense under Section 80D of the income tax act. Such premium paid is available even if the same is paid for family members as well as parents. One can claim benefits upto Rs 1 lakh under section 80D of the Income Tax Act depending on one’s age and parents’ age.
- Changing lifestyle
Cases of chronic non-communicable diseases such as cancer, diabetes and blood pressure have risen exponentially in India. Incidentally, more than seven crore Indian citizens have diabetes. The onset of such lifestyle-related diseases has increased thanks to long working hours, lack of exercise, uncertain meal times, unbalanced meals and various other factors.
There are even several cases of those in their 20s who have developed type 2 diabetes. One can imagine the cost of healthcare when one is suffering from such ailments. Therefore, a comprehensive health insurance plan is the key to reducing out-of-pocket expenses and experiencing high-quality health care.
- Broad coverage of medical benefits
Health insurance is available today with a variety of coverage options for the policyholder. A complete health insurance plan also includes various checkups as a part of the insurance cover. It protects the family of the policyholder against diseases and illness and allows them to undergo regular checkups to be sure about their health.
Apart from the checkup, specific health plans concerning cancer or other terminal diseases are also available. The wide coverage will ensure that proper and timely treatment is available to you and your family members.
- High-quality treatment
Health insurance plans provide a health cover guaranteed by the insurer. It will enable you and your family to avail the best services without worrying about the underlying costs. Often in situations wherein a person’s financial condition is not secure, they cannot access the best possible healthcare services. Health insurance would ensure that the patient can avail of high-quality treatment and proper services at the hospital.
A health insurance plan would cover the hospital bed charges, doctors visiting charges, and even the medical costs. Such coverage would allow the patient to afford top doctors and ensure that they recover quickly and fully.
Health insurance plans are a necessity in today’s time as it ensures that one can get the necessary treatment available without worrying about the treatment cost. Such insurance plans offer not only a protective cover but also a means of financial planning. One must obtain health insurance as early as possible so that the insurance premium payable is lower.
Plan coverage must be selected as per the number of members to be covered and the insurance plan’s terms to ensure that the policyholder in their city can avail adequate treatment. One can compare health insurance plans available online to choose the best health insurance plans for your family.