We all wish to watch our savings grow. The money we save helps us achieve our goals in life and sail through tough times. In the era we are living in, saving money and making the right investment choices is crucial as it will help us be free from financial worries in the future. The high cost of living, medical inflation, and growing risk of diseases are factors that can perturb our mind and burn a hole in the pocket, resulting in gradual loss of savings. Health insurance plans work as a safety cushion for us as they cover our medical bills and protect our finances.
The awareness about the benefits of health insurance plans in India is quite low, given that a majority of people still believe that their employee health insurance policy would be enough. This fact is not very encouraging. Numerous families in the country bear their medical expenses through the funds they have built over the years. Not having the support of medical insurance can make you face the possibility of financial hardships.
In this article, we tell you why having a health insurance policy is the best investment to make in life.
Protection from Burden of Medical Expenses
Medical emergencies or health problems can occur unexpectedly. It is always a good idea to invest in the best health insurance policy in India. This way, you would get comprehensive medical coverage. That is, apart from covering hospital bills, the policy will cover additional expenses such as pre and post hospitalisation medical expenses, ambulance cover, daycare treatment, alternative treatment, etc. Besides, there are benefits such as annual health check-ups and no claim bonus that will keep you financially healthy.
Moreover, there is a facility of cashless treatment, available in a network hospital, which saves you from paying a direct payment of medical bills to the hospital. It also keeps you relaxed about the fact there will be no inconvenience in accessing the best medical care when there is a need.
You Can Save Tax Every Year
As a smart investor, we often choose investment options that are reliable in the long run and provide the advantage of saving tax. If tax-saving is your goal, and you have invested in a health insurance plan, you can save a significant amount and grow your savings.
If you have a policy that covers you, your spouse, and dependent children, then the premium you pay qualifies for a tax deduction of up to Rs 25,000 under Section 80D of the Income Tax Act. In case you include your senior citizen parents in a health plan, then you are eligible for an additional deduction of Rs 50,000.
>>Read: Health Insurance Tax Benefits
A Vital Support for Retirement
Having a vision for the future and retirement planning helps an individual live a blissful life in old age. Healthcare costs are sky-rocketing, and the cost of medical treatment may rise in the coming years. Moreover, as a person reaches a certain age, he or she starts to face an increased risk of illnesses. Apart from growing one’s retirement savings, investing in a health insurance plan will eliminate the stress related to finances owing to rising medical expenses. Health insurance plans have the feature of lifelong renewability that will help you get continued coverage at an age when you need it the most, in case of medical contingencies.
The Bottom Line
Health risks increase as a person ages, and so does the premium costs. Hence, opting for a health cover at the right time is crucial as it will save you from many hassles. While you follow the many investment tips, and focus on meeting your life goals, remember to make health insurance an integral part of your financial planning.
Opt for a health insurance policy that will protect your family members from unforeseen medical expenses. Visit the official website of Care Health Insurance (Formerly Religare Health Insurance) and opt for ‘Care’, which is a comprehensive family floater policy. You can access the facility of paying premium digitally and tracking the status of claims online.