Why Health Insurance is a must buy?
Have you been saving all your life since you began working to afford that fancy car or the vacation of your dreams? 20s is all about living your life and fulfilling your dreams and having new ones. In your 20s, you barely stop to think about your health. At this stage, many people think that they are healthy and don’t need to worry about medical emergencies that can result in huge medical expenses. What happens, when life doesn’t go as planned and one unfortunate incident can land you in the hospital? Your savings dry up in a jiffy, your car and vacation are a distant dream now. Unfortunately, you may not be immune to illnesses and accidents but fortunately it’s never too late to buy the health cover you always avoided.
Necessity of Health Insurance:
To put it simply, health insurance is not an option but a necessity. Without a health cover to fall back on, it is easier to dry up your savings. With changing times, health care prices are shooting up. Treatment at good hospitals comes with a huge price tag now. It is hardly a choice when it comes to serious ailments like cancer, organ transplants, critical surgery, etc. you would always opt for the best possible treatment that is available. However, these treatments come with a heavy cost that your health insurance can cover for you.
Treatment for Serious Health Hazards:
A growing cause of concern in urban and semi urban cities is the pollution and a stressful life which is heavy contributor to serious illnesses such as asthma, lung diseases, and cardiovascular ailments and so on. This makes it all the more necessary to have a health insurance that can help you pay for the best healthcare.
Health Insurance is a Discipline:
Health insurance is a good financial discipline to follow. You may not see its benefits in the present but in the need of the hour you will be thankful to yourself for having healthcare insurance handy. Health insurance along with providing you with a medical cover, also offers tax benefits as well. The premiums that you for the health insurance are eligible for tax deductions up to Rs 15000 limit under the Income Tax act, section 80D. With growing number of people buying a health cover and to encourage more people, the government has increased the exemption to Rs 20000 per annum.
Tax Advantage of Health Insurance Plans:
It is important to not look at health insurance as a tax saving instrument. One should look at it from health perspective only. As this will enable him/ her to choose the best policy that is suitable and meets the requirement of the individual and its family. An ideal for a young family would be below 5 lakhs. But for a family with members over 50, one should opt for a cover between 7-10 lakhs.
Best Health Care with Health Insurance:
Health insurance also speeds up the process of availing you the best medical care. Health insurance companies have several good to best hospitals tied with them. This provides you with an array of options to choose from. All you need to do is inform the insurance company in the event of hospitalization and the company will contact the hospital and ensure that the medical care is provided.
The bottom line is, don’t wait for a medical emergency to wake you up. In today’s times, with sickness knocking at your door, it is better to be prepared to deal with the situation. It is not wise to solely rely on the insurance cover that your employer provides. Go online, ask around compare the best policies for you and buy that health cover that you also thought of as not important.