With the rise of growing health care sector and the technology it has developed, the health care has become increasingly expensive. An average lower-middle-class man might just find himself in the midst of the most terrible crisis in case he faces a situation where he has to pay the hospital bills. A single visit to the doctor costs more than an average person’s income per day. While there are government hospitals that have the cutting edge medical technology, the large number of patients they look after and the endless queue to get the paperwork done is just not worth taking the risk for.
So, what is an average middle-class citizen left with?
Health Insurance! No second thoughts about it.
Health Insurance sector in India is booming with the growing demand for top-notch medical care. While it protects you from a financial crisis, it is beneficial in many more terms. Let’s have a look at some reasons as to why do you need Health Insurance.
Because the Insurance from your employer isn’t enough.
Your employer might be deducting some amount from your monthly salary for medical insurance. That makes you believe that you are well covered, and if there is a medical emergency, you will have something to rely on. You are wrong! Most of the times, the insurance from the employer is not enough. It does cover you from minor ailments; however, it falls short in case of major emergencies when you actually need an insurance plan. Not just that, as soon as you leave your current organization, your insurance stands invalid. So, you need a health insurance plan that helps you be prepared for any type of medical contingencies with adequate medical cover.
Because the earlier you get it, the better
Acquiring a medical insurance plan is easy and cost-efficient in your early years. As you grow, your medical problems surface and them you are at greater risk of not getting insurance from certain illnesses or getting an expensive one. Getting insurance in your early years also allows you a no claim bonus in case you renew your policy without making any claims. Check out some health insurance plans from HDFC Ergo to know more about enhanced no claim bonus offered.
Because it helps you save Taxes
If you can get tax benefit while saving for your sound health in future, can there be a better investment opportunity in the world? No, right? According to the section 80D of the Indian Income Tax Act, your insurance premiums are eligible to be counted for tax deductions. If you are less than 60 years old, you can claim a deduction of up to INR 25,000 against the health insurance premium you pay for yourself, your spouse, children or parents.
Because you do not want to run out of all your life’s savings
A medical emergency is an unanticipated crisis that can throw all your life’s savings down the drain. What gets left? Unrealized financial goals, oodles of debt, and unparalleled stress. That’s obviously not something you want to happen to you. Health Insurance is what saves you from such financial crisis. All you have to do is to pay a yearly premium which is only a small fraction of your annual income.
Geared up to get yourself medically covered? Please keep the above mentioned tips in mind!
