Why Health Insurance Is Important?

The present COVID-19 pandemic has made the entire world sit up and recognise that medical exigencies are unpredictable and might generate a financial upheaval that is tough to control. Since there is currently no effective vaccination and a high infection incidence, individuals are beginning to realise how important having solid health insurance coverage is. 

In addition, access to high-quality medical facilities and hospitalisation fees can be difficult financially, given the escalating cost of medical expenses. Hence, obtaining health insurance for you and your family can give you the extra security you require in situations like these. Make sure you compare health insurance plans before buying one.

A health insurance premium calculator is a tool you may use online to determine the amount of coverage required based on your needs.

Here are six important reasons why you should think about purchasing health insurance right away: 

1. To combat lifestyle-related disorders 

The prevalence of lifestyle diseases is increasing, particularly among those under the age of 45. Diabetes, obesity, lung issues, heart disease, and other conditions that are common in older individuals are now also common in younger people. Sedentary lifestyles, stress, pollution, unhealthful eating patterns, gadget addiction, and irresponsible lifestyles are some contributing factors that result in these disorders. 

2. To keep your savings safe 

While dealing with a sudden sickness that can cause emotional pain and stress, there is another aspect of managing a physical condition that can drain you financially. You can better manage your medical expenses by purchasing good health insurance coverage without having to use all your money. ##

In fact, some insurance companies offer cashless care, so you won’t even need to be concerned about reimbursements. Your investments can be put to use for their intended purposes, such as retirement, property ownership, and raising a family. Also, having health insurance entitles you to tax advantages, which boosts your savings even more. ## ** 

3. To address healthcare inflation

The price of therapy grows as disease rates rise and medical technology advances. It’s also crucial to realise that medical expenses are not just related to hospitals. The price of doctor consultations, diagnostic tests, ambulance fees, operating room fees, medications, and other expenses are also steadily rising. If you are unprepared, all of them could place a significant burden on your budget. You can avoid the burden of medical inflation and choose high-quality care without worrying about the expense by paying an annual health insurance premium that is reasonably priced.

4. To combat insufficient insurance coverage 

Check exactly what it protects you from and how much coverage it provides if you already have health insurance (such as a plan supplied by your employer). It most likely will offer minimal protection. If your existing insurance does not give cover against probable hazards – such as diseases or illnesses that run in the family – it could prove insufficient in times of need. Also, with medical treatments progressing significantly, having a bigger sum assured helps guarantee that all of your medical needs are financially covered.

5. Get insurance early to avoid risk. 

Early adoption of health insurance offers many advantages. You can enrol in plans at reduced rates since you are young and healthy, and the benefit will last as you age. You will also have the choice of more comprehensive coverage packages. Pre-existing conditions are typically not covered by insurance during a waiting period. You will benefit from having comprehensive coverage that will be helpful.

6. To protect your loved ones 

Instead of purchasing separate plans for each member of your family, you can choose to cover everyone under the same policy when searching for the appropriate health insurance plan. Consider your ageing parents, who are likely to be prone to illnesses, as well as dependent children.

** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.

## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.