Even if you’re following a healthy lifestyle, the risk of diseases and common illnesses can never be eliminated. No one knows when one might fall sick or have an accident, creating the need for expensive treatments or medications. This is the reason why taking health insurance is considered one of the most important measures one can take towards ensuring financial security. Read on to learn why you need health insurance and how it benefits you.

Why is Health Insurance Essential?

The importance of health insurance includes:

1. Changing Lifestyle

In recent years, people have become prone to a variety of health problems due to lifestyle changes. Everything from long commutes and hectic work hours to unhealthy eating habits and rising air pollution levels, all these factors have been increasing our risk for several health conditions.

2. Growing Medical Costs

The rising healthcare costs are a matter of sheer concern. For this reason, in case of medical emergencies, these costs can lead to a huge financial burden, making health insurance all the more important.

3. Safeguarding Loved Ones

Today, most health insurance plans allow you to secure your entire family together rather than buying separate policies for every member. This feature enables you to safeguard your parents, who might be getting more prone to developing health problems with increasing age. Moreover, you can add your partner and kids to the plan to make sure their treatment is covered if ever the need arises.

4. Protecting Your Savings

In addition to causing stress, an unforeseen injury or illness can also lead to huge expenses, which can put quite a dent in your savings. Purchasing a health insurance policy helps in managing any medical expenditure without you having to worry about your savings.

Benefits of a Health Insurance Plan

The above-mentioned reasons are enough to emphasise the importance of having a health insurance plan for every individual. As a bonus, these plans also provide policyholders with a plethora of benefits. These include:

1. Broad Coverage

Health insurance doesn't only cover hospitalisation costs but also covers pre- and post-hospitalisation charges like outpatient expenses and the costs of diagnostic tests. You can also get additional benefits like coverage of daycare surgeries, ambulance rides, vaccination expenses, and health check-ups.

2. High cover at affordable premiums

Most health insurance policies offer a high coverage amount at comparatively lower premiums. This helps you save lots of money and stay worry-free even in case of expensive treatment.

3. No-claims Bonus

In addition to serving as a cost-effective way of managing medical expenses, health insurance also offers bonuses to policyholders every year if they go without filing any claims. So, you don't have to worry about wasting premium money in case there are no claims.

4. Tax Benefits

Health insurance plans also offer tax benefits. Policyholders can claim deductions of up to Rs 25,000 every year on their taxable income on the premiums paid. They can also avail these tax benefits if they pay the premium for a health insurance plan for their parents.

5. Rider Options

There are lots of rider options available that you can attach to your health insurance plan for additional benefits. Some of the commonly offered riders include a critical illness rider and an accidental death benefit. So, you can get a suitable rider to expand your coverage in a way that caters to your needs.

 

A health insurance policy is vital in today’s fast-paced lifestyle. It is a great way of protecting yourself and your family from any foreseen or unforeseen medical expenses that can affect your financial stability.