Why You Need To Have Health Insurance
With the constant increasing prices of healthcare in our country, and with the ever-rising instances of diseases, health insurance is necessary for today’s era. Health insurance provides people with a much needed financial backup at the time when there is an urgent need for medical facilities. Health risks and uncertainties are an integral part of life. One cannot plan to get sick but it is not possible that someone is prepared for the same financially. One of the ways to be financially prepared against uncertain health risks is by buying health insurance.
It is a kind of insurance that covers all the expenses related to health by the insured person. All the expenses of an insured person will be reimbursed by the health insurance company whether it is a kind of injury or illness, no matter. Different types of health insurance plans are there from providers like Mymedicare such as individual health insurance, family health insurance, and critical illness insurance and so on. Health insurance is good for better financial planning. Most of the reasons are there to have a policy for health if you do have a family to support as well as to purchase the health insurance for the family also. The premium for health insurance will be different for various types of people and also depends on various factors. For obtaining health insurance, various valid reasons are there as follows:
- Changes in the way of life: Ample numbers of reasons are there to opt for a health insurance policy. Various disorders related to the health developed due to busy schedule of business and we are suffering from the number of health risks. Commuting, hectic work schedules, wrong eating habits, quality of food, and rising levels of pollution have increased the problems related to health.
- Rising medical costs: The medical costs have dramatically risen lately. So, in case of a medical emergency, consumers end up spending their savings, which takes a toll on their future plans. Reports highlight that Indians primarily depend on their own savings when it comes to tackling health emergencies.
- Income tax benefit: Payments made towards health insurance premiums are also eligible for tax deductions under section 80D. Individuals up to 60 years of age can claim a deduction of up to R25,000 for the health insurance premium paid for themselves, or for their spouse or children. One can also claim another Rs. 50,000 as a deduction if you buy health insurance for your parents aged 60 years and above.
This deduction will be available with respect of payments towards annual premium on health insurance policy, or preventive health check-up, of a senior citizen, or medical expenditure in respect of every senior citizen. So overall, if you are paying the health insurance premiums for your senior citizen parents, you can avail total deduction up to Rs.75,000 (Rs. 25,000 + Rs. 50,000), from the Rs. 55,000 (Rs. 25,000 + Rs. 30,000) earlier.
- Coverage of before and after hospitalization expenses: Not only mainstream medical costs but also the prices of OPD expenses, diagnostic tests have also risen in recent times which have made it even more vital for one to apply and buy an insurance policy for health. It is noteworthy that the medical policies not only cover the hospitalization costs but also the expenses incurred towards OPD and diagnostic tests before and after a stipulated time period as prescribed by the policy.
- Additional benefits: Does medicare cover hearing aids? One also gets benefits such as ambulance coverage, coverage for day-care surgeries, coverage for regular check related to health and vaccination expenses under the registered health insurance.
Just purchase a health insurance policy and stay healthy on financial basis.