The medical expenses in our country have increased as the risk of getting ill has risen too. One cannot simply bear the medical expenses out of the pocket or savings without a Health Insurance.
In India, depending upon government hospitals can get individual good facilities at cheaper rates but the queue is long. And in case of a medical emergency waiting can cost you your life. This is why most of us depend upon private hospitals that are needless to say, twice more expensive than the government ones but they definitely provide quality infrastructure and treatment. To bear the expenses of medical treatment at private hospitals one will definitely need Health Insurance plans.
Health Insurance offer people the much needed strength financially during medical emergencies. But unfortunately India is still lagging behind when it comes to health insurance policy secured population according to many reports. If you are among the ones who do not yet have a health insurance policy then here are few good reasons to buy one soon:
The evolving lifestyle has made us more exposed to a wide range of health issues. Besides pollution our work schedules and eating habits have also taken a toll on our health. The habit of eating fast food has also resulted in obesity, diabetes and other heart related problems. The lack of time devoted in exercise can also lead to a plethora of life risking diseases. It will be foolish to believe that a person will never get ill so a health insurance policy is not needed.
Rising medical expenses:
As discussed earlier the medical expenses at private hospitals are almost touching the sky with time. Many people in India still bear the medical costs entirely from their savings. Some even go as far as to mortgage their land and property due to the high treatment expenditures. However this can be avoided if a person has a Health insurance.
The health insurance premiums that you pay are eligible for tax deduction under the section 80D of Indian Income Tax Act. A person up to 60 years of age is eligible to claim a deduction of Rs. 25000 maximum. Individuals above 60 years of age can claim up to 50000 deduction on the premiums paid against health insurance for senior citizens.
Miscellaneous medical expenses:
The medical expenses apart from hospitalization charges are also covered health insurance policies. Medical cost also includes outpatient department expenses, Diagnostic tests, chemotherapies, dialysis etc. The day care expenses are similarly covered under the same health insurance policy. Dialysis and chemotherapy are comparatively expensive medical procedures that will definitely need to be covered by an insurance. These procedures are mostly for longer periods of time thus the expense keeps burdening day by day.
Less premium cost at younger age:
Buying a health insurance policy at a young age can give you the best deals on premiums. As a person grows old and nears senior citizenship, the premiums for health insurance policies also get higher. So if you have just started working this is the right time to get an insurance policy on your name. Also health insurance policies offer you the assured amount depending upon your medical history and have a list of pre-existing illnesses exclusions. So if you are young, the chances of you already having any kind of excluded medical conditions in the insurance clauses are less. You can get a higher assured amount later when you need it the most.
Having a medical insurance is mandatory for you and for your family.