COVID-19 pandemic has opened our eyes to some harsh realities; but if it has taught us anything on the health and financial end, it’s this; all that wealth you amass would amount to nothing if your health state is far from optimal. Constant illness of the body does to your bank balance what running tap water does to the tank; it just empties it. Faltering health can do that to you unless you take precautions and fortify your financial strategy with health insurance.
One of the common problems that a lot of patients faced during the pandemic was their inability to pay the medical bills, owing to a lack of financial planning and zero health insurance coverage. In this new normal, as we cope with the remnants of the pandemic, insuring your health should be a foremost priority. If you have nary an idea where to start or what to get, then there are health and life insurance advisors, who can help in understanding the crests and troughs. On that note, here are the ten benefits of getting health insurance for you and your family.
- Financial Security: That’s the biggest advantage of getting health insurance. With comprehensive medical coverage, you do not need to drain out your life’s savings, liquidate your assets or get a loan, leaving your financial status in shambles. Considering that quality healthcare these days come with a hefty bill attached to it, getting insurance should be your top priority.
- Income Tax Benefits: Did you know that the premium you pay towards your insurance can earn you tax benefits? As per the Income Tax Act 1961, Section 80D, you can get tax deductions on insurance claims covering self, spouse, dependent children and parents. For more details on the exact rebates, you can consult with health insurance advisors.
- Expenses Incurred on Hospitalization: Health insurance offered in India covers hospital expenses. If you are admitted to any of the healthcare centres registered under your insurance provider, then you can enjoy cashless hospitalization too. It covers:
- Hospitalization due to accidents.
- Hospitalization to treat an illness (there would be a list of illnesses covered under your insurance policy).
- ICU rooms.
- Long-term treatments like Cancer;
- Experimental drug treatments (conditions apply).
- Convalescent Cost Coverage: This covers any cost incurred before or after the hospitalization, such as diagnostic tests, medicines, recuperation treatments, etc.
- Alternative treatment expenses: Under some health insurance companies alternative treatment expenses are also covered. You would have to consult with your agent to see if they offer certain coverage.
- Instant Medical Bill Coverage: Once the waiting period is over and your policy commences, you can avail instant coverage on your medical bills for any healthcare services with zero delays on claims.
- Protection for a Lifetime: These days the health insurance plans come with the advantage of lifetime renewability, allowing you to extend the tenure of the policy till retirement. It stands as security from health emergencies in old age.
- Coverage on Pre-existing Diseases: Pre-existing diseases or asymptomatic ailments can manifest over time and cause a major health crisis later on. Health insurance offers coverage against such cases as well, giving you a financial buffer for check-ups and recurring treatments.
- Lifesaving: Since you save so much on the usual medical bills and expenses, not to mention owing to the offers and discounts often presented by insurance policymakers, that it substantiate your life savings by a lot.
- Opportunity for Investment: Some insurance policies come with an inbuilt ULIP (unit-linked investment policy), which also enables the policy buyer to invest in market products as per the risk profile with a guaranteed cash flow for a certain duration.
Many people don’t fall sick that often, which gives them the impression and the confidence that they are completely fine; they do not get health insurance. Nevertheless one should remember that not all illnesses of the body come with prior notice or warning signals. Take COVID-19 for instance; it enters a healthy body and ravages it raking medical bills as high as a mountain. If you don’t have health insurance then it can lead to a financial catastrophe, disrupting your life.