Why is health insurance important?

Because of the hectic nature of our lives, there is always a chance that we will become unexpectedly ill and require expensive medical treatment. Aside from that, in this day and age, having health insurance is obligatory. This is due to the unabated rise in the costs of medical treatment in our country and the ever-increasing prevalence of various ailments.

The requirement to have health insurance

• Because of the seismic upheaval in how we live, we are now more likely to suffer from a diverse array of health conditions. The expense of receiving treatment at a reputable medical center might be high. When a family member is diagnosed with severe disease, it is difficult for people to maintain control of their financial situation. The likelihood of acquiring health problems has grown due to factors such as commuting to and from work, having a stressful work schedule, having poor eating habits, having poor quality food, and rising pollution levels.
• Recently, there has been a significant increase in the cost of medical care, making it imperative to obtain health insurance. In the event of a severe medical crisis, then, customers are forced to use their money. A poll indicates that India's medical trend rate is anticipated to be 10%, while inflation would be around 5%. You can effectively combat severe illnesses such as cancer and problems related to the heart, which generally require a more significant amount of money if you have a health insurance policy with a fixed benefit.
• Various types of health insurance in India typically cover a variety of medical conditions and procedures. In addition, they address a variety of additional aspects of medical care. Plans with a fixed benefit provide financial assistance without first requesting an itemized breakdown of the expenses associated with receiving medical care in any detail. Because medical checkups, doctor fees, and medication can sometimes make up a more significant portion of the total cost of hospitalization than the stay itself. Separately, there are the costs associated with diagnostic testing and post-operative care, including having a medical attendant at home. The insured receives the payment upfront once the initial diagnosis report is submitted.
• A tax benefit is provided by the Indian Income Tax Act's section 80D, which states that payments made toward health insurance premiums are eligible for tax deductions. A tax deduction of up to 25,000 can be claimed by individuals who have not yet reached the age of 60. The premiums are paid for themselves, their spouse, or their children. If you purchase health insurance for your parents, who are 60 years old or older, you are eligible for an additional deduction in the amount of 50,000. This deduction will be applicable concerning payments made toward a yearly premium on a health insurance policy, a preventative health checkup of a senior citizen, or medical expenditures made regarding every senior citizen.
• Under health insurance in India, a person is entitled to additional benefits, including coverage for the cost of an ambulance ride, for day surgery, coverage for the price of a health checkup, and coverage for the cost of vaccinations. These days, health insurance companies now provide a range of Ayurvedic treatments as part of their offerings.

Wrapping Up

Additionally, it is recommended that you also get critical sickness insurance in addition to purchasing health insurance in India. Although you can use your regular individual or family health insurance to pay for the costs of your hospitalization, the lump sum amount that you receive from the critical illness coverage can be used to pay for other essential expenses associated with your critical illness.