There is a saying that Health is wealth. This is true as only a healthy person is able to achieve anything in his life. Therefore, people are becoming more and more health conscious. And health insurance policy helps you in not only maintaining good health but financial health too.
Health insurance provides risk coverage against expenditure caused by any unforeseen medical emergencies. In current times of high medical inflation, if you don’t have adequate health insurance, it can prove to be a major personal financial disaster.
We often forget to include health insurance in our financial planning. Hospital bills for very small or considerably large ailments are a pain. It can completely upset your financial planning and put a big dent in your pocket. It is difficult to meet such costs on your own without burning a hole in your savings. And sometimes even worse, it burdened people with huge debt.
In such a situation, people liquidate their savings or assets to meet any medical contingencies. This might affect your budgeting and financial plans that you hold for achieving your goals.
Even if you have enough savings to cover that expense, it will take you another few years to build back the savings and that even if there are no foreseen expenses in between. And on the other hand, if you have health insurance then you don’t have to pay from your savings. And that savings will grow further to achieve your future goals.
And also due to high medical costs, some even have to compromise on quality healthcare. Hence, health insurance provides you the ability to afford better healthcare facilities for yourself and your family.
Due to advancement in technology and medical science, many new procedures have been adopted in critical surgeries and treatment of severe illnesses, which come at extra cost. Also, a change in lifestyle is encouraging people to take treatment in super-luxury hospitals. If you can afford the premium, for such expenses you can opt for higher sum assured.
Along with a support of medical care that a policy provides, it can make a huge difference in the financial status of a family. A health insurance policy helps to save in two ways firstly you save on the cost of medical treatment and secondly in you can avail tax benefits on premium paid towards health insurance.
Emergencies are always unpredictable and hard to control. And medical emergencies can knock at anyone’s door. In such a situation, cashless hospitalization facility can be a big help. This clause allows you to get hospitalized without the hassle of cash.
Health insurance not only helps you in your difficult times but it also helps to save tax.
Health insurance premium for self, spouse, dependent children and parents of up to Rs 15,000 (Rs 20,000 for senior citizens) is eligible for deduction from gross taxable income under section 80D of the Income Tax Act, 1961. If you pay for health insurance of parents who are senior citizens, then you can claim an additional maximum deduction of Rs 20,000. However, if parents are not senior citizens, then a maximum of Rs 15,000 can be claimed as additional deduction. Hence, total amount of deduction that you can claim for health insurance is Rs 30,000, if parents are not senior citizens and Rs 35,000, if parents are senior citizens.
Health insurance helps to protect your family’s health and wealth in long term. It also helps you to provide your family with high quality medical treatment, without having to worry about the financial implications. If you have a good health insurance that meets a wide variety of medical needs, you will be free from health related financial concerns and focus on other important financial goals.
The only way to protect yourself from financial disaster after a medical emergency is adequate health insurance with PolicyMantra. With a health insurance policy you don’t have to worry about medical bills or be bothered about your and your family’s health.
No comments:
Post a Comment