India is one of the world’s fastest-growing economies. Not only that, but it also serves as a home for the second largest populous country in the world. Having such immense growth potential, it has shown the development of medical facilities too.
When such a large population exists, diseases are bound to arise and affect people at large. Anyone can get affected by medical emergencies without any prior intimation. One cannot plan their medical ailments but can be prepared to have a financial back-up in such times. This is when buying a medical insurance cover helps you in protecting your future by taking away the financial stress that comes bundled with any medical condition.
Medical insurance is often synonymously used with terms like health insurance or a mediclaim. You can buy health insurance plans from the myriad options to protect yourself and your family at such times. Critical illness insurance or a family floater might also work depending on your healthcare needs.
The following are some reasons why health insurance becomes a necessity in a country like India –
● Rising Cost Of Medical Facilities
With the increasing costs of medical treatments, it is almost draining your life-savings to fund medical expenditure. This eventually takes a hit on their retirement corpus of an individual.
● Change in Lifestyle
Change in lifestyle has brought about many lifestyle-related diseases like heart disease, stroke, atherosclerosis, obesity and diabetes. The drastic change in our lifestyles has seen many disorders being contracted in today’s day and age. Pollution, commuting, rigorous working hours have a cumulative effect in introducing such lifestyle diseases.
● Treatment Facilities
A health insurance cover ensures there is no compromise on the medical treatment that you might need to get recovered. Health insurance plans ensure that you have access to the best treatment facilities around you without worrying about finances.
● Wider Coverage
Health insurance plans include not only the hospitalization costs but also the pre and post hospitalization expenses depending on your insurer. Some insurance plans even extend further to cover daycare and domiciliary treatments too.
● Tax Benefits
Apart from other advantages, one can also accrue tax benefits on payment of the premiums made. Chapter VI A of the Income Tax Act, 1961 specifies the deduction available in respect of health insurance premiums paid for self and family members. You can avail such deduction in your return of income subject to the ceiling under section 80D.
It is never late in buying a health cover; in fact, the earlier you start, the better it is! The premiums are cheaper while you’re young and get dearer as your age increases. Thus starting soon definitely has its advantages. Not only regular health insurance, but you are also advised to avail critical illness insurance too. Critical illness insurance not only helps cover hospitalization expenses but also includes other ancillary treatment costs. Make sure you stay protected and take good care of your health.