Five Reasons Why You Must Buy a Health Insurance Now

Medical emergencies can arise unexpectedly, and they can lead to significant financial strain without proper preparation. Investing in a well-chosen health insurance plan is essential for managing these unforeseen events and rising medical costs. Health insurance acts as a protective barrier, ensuring access to necessary medical treatment without the weight of high expenses. With coverage, individuals can receive quality healthcare without exhausting their savings. The significance of health insurance plans is highlighted by its numerous benefits. Let’s delve into these advantages that underscore the necessity of having insurance.
Reasons Why Health Insurance is Important
Here is a list of the top reasons to buy health insurance:
Financial Coverage
A health insurance plan is a robust financial safety net during medical emergencies. The expenses linked to critical illnesses such as cancer and heart disease can significantly impact your financial stability. Health insurance can provide substantial coverage addressing treatment costs in India and abroad. Additionally, it covers hospitalisation fees, diagnostic expenses, ambulance services, and medication costs, offering the convenience of instant payouts for enhanced financial flexibility.
Rising Inflation
Inflation is unavoidable, and while savings instruments may offer appealing interest rates, they often fall short of covering the rising costs of medical procedures. Health insurance serves as a valuable resource to help manage potential medical expenses. It covers a broad spectrum of costs, including equipment, treatment, medications, and diagnostics, effectively shielding you from the impact of inflation.
Abundance of Choices
You can find a variety of health insurance plans available for purchase online. In India, all insurance companies offer the option to buy health plans through their websites. These plans can vary significantly regarding benefits, coverage, and premiums. Shopping for a policy online allows you to explore multiple options effortlessly and choose the plan that best fits your health requirements and budget.
Lower Premiums
Insurance providers offer health insurance for individuals as young as 91 days old. You can obtain an individual health insurance policy once you reach the age of 18. Purchasing insurance early can provide several advantages, including more comprehensive coverage, the absence of pre-existing conditions, lifetime renewability, and a smoother experience during the waiting period. If you want to secure these benefits, health insurance can give you enhanced coverage at lower premiums and various riders and customisation options.
Tax Benefit
Another compelling reason to invest in health insurance is the tax benefit. Under Section 80D of the Income Tax Act, you can claim deductions for the premiums paid on health insurance. While senior citizens also qualify for these tax benefits, investing early allows you to enjoy this advantage for longer. The great news is that the dual benefit of reduced taxes and health insurance extends beyond just yourself.
Under Section 80D, you can claim tax deductions of up to ₹25,000 for health insurance policies purchased for yourself, your spouse, and dependent children. Additionally, you can claim an extra ₹25,000 for health insurance purchased for your parents. If your parents are over 60, this limit increases to ₹50,000. This means you could potentially reduce your taxable income by ₹75,000 while ensuring your loved ones have the protection they need.
Summing It Up
Purchasing health insurance online after comparing premium rates and benefits is increasingly popular in India. This method lets individuals quickly find the best policies and complete all transactions through secure payment gateways. Additionally, the lack of intermediaries and associated complications when buying online from platforms like ACKO has resulted in a higher claim settlement ratio for the insurance company. Therefore, opting for online health insurance ensures a fast and hassle-free experience.
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