For every individual in India, health insurance has become a necessity. It provides risk coverage against expenditure which is caused by unforeseen medical emergencies. Today, when the medical inflation rates are so high, failing to hold an adequate health cover can prove costly financially.
With the constant increasing prices of healthcare in our country, and with the ever rising instances of diseases, health insurance today is a necessity. Health insurance provides people with a much needed financial backup at times of medical emergencies. Health risks and uncertainties are a part of life.
Health Insurance is necessary for every individual, keeping in mind the rising medical costs and spurt of lifestyle diseases amongst Indians. ... Financial advisors therefore suggest that it is prudent if you to buy a health plan early in life.
Need for Insurance
Insurance plans will help you pay for medical emergencies, hospitalisation, contraction of any illnesses and treatment, and medical care required in the future. The financial loss to the family due to the unfortunate death of the sole earner can be covered by insurance plans.
2. Importance of Health Insurance. Buying a health insurance policy for yourself and your family is important because medical care is expensive, especially in the private sector. Hospitalisation can burn a hole in your pocket and derail your finances.
Health insurance is not only effective in covering future costs but also offers financial relief in the present. You can claim tax deduction* for up to ₹ 25,000 under Section 80D on the premium paid towards a policy. You can claim deductions for your own policy or that of your spouse or children.
The risks of going uninsured are primarily cost related. Some of the main risks that you could face by going uninsured are: Steep healthcare costs – Without health insurance you may get charged much more for care that would otherwise be covered by your plan.
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Unforeseen tragedies such as illness, injury or permanent disability, even death – can leave you and your family facing tremendous emotional stress, and even grief. With insurance in place, you or your family's financial stress will be reduced, and you can focus on recovery and rebuilding your lives.
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