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Importance of Health Insurance in Present Times: 5 Key Reasons

Importance of Health Insurance in Present Times: 5 Key Reasons

B
Bajaj Finserv Health
September 7th, 2021
5 mins read

Key Takeaways

  • The pandemic has made people realize the importance of health insurance
  • Get a health insurance policy to gain a holistic and comprehensive coverage
  • Health insurance has a tax benefit under section 80D of the Income Tax Act

Inflating medical costs and the growing number of diseases make health insurance no longer an option but a necessity. Insurance provides you with financial protection and relief in times of need, whether for planned treatments or unforeseen events. For instance, the ongoing coronavirus pandemic has made people realize the importance of health insurance like never before [1].

Having the right health insurance in place helps you in uncertain situations and protects your family too. You can opt for different types of health insurance policies such as an individual cover or a family floater plan based on your needs. If you’re looking for the right reason to have health insurance and find out how to get a health insurance policy with ease, read on.

Additional Read: 7 Common Myths About Health Policies and Important Facts

Needs and Importance of health insurance in India

  • To address rising medical costs 

Reports state that medical treatment expenses are increasing rapidly by 10-15% every year [2]. Evolving medical technology and the increasing number of deadly diseases have made medical costs shoot up. Indians usually depend on their savings when a medical emergency arises. However, many people cannot meet the ever-increasing treatment expenses.

Also, healthcare expenses are not just limited to hospitalization. Doctors’ fees, diagnosis tests, ambulance charges, room rent, and medicines can put a hole in your savings. In such a case, the only sensible decision you can take is to get a health insurance policy for yourself and your family. This helps you cope with medical inflation by paying affordable health insurance premiums every year. This way you can get quality medical treatment without settling for less.

  • To fight against increasing lifestyle diseases 

In times when the world is becoming more fast-paced, people tend to neglect their health and become victims of a sedentary lifestyle. According to the WHO, around 60-85% of people from developing and developed nations lead a sedentary lifestyle [3]. Such a lifestyle is a cause of many diseases including obesity, heart diseases, hypertension, diabetes, and stroke [4]. Unhealthy diets, long working hours, addiction to gadgets, and pollution are some factors that can cause serious health problems. Thus, investing in a health policy is a wise option considering the importance of health insurance in meeting medical expenses.

  • To gain financial security and protect your savings 

Many people want to be financially secure and save up to meet their goals. However, you may face emergencies that can wipe out your savings. This can put a crutch in your financial plans. A better option to fulfil your financial objectives is to invest in health insurance. Some insurance providers offer cashless claim settlement, so you don’t have to worry about paying out of pocket and can get the best medical care. You can focus on other plans such as buying a home without compromising on your health. Unforeseen events usually make people realize why health insurance is necessary. However, don’t wait until then to protect your savings.

how to choose the right health insurance
  • To benefit from holistic and comprehensive cover 

Apart from hospitalization expenses, health insurance covers pre-hospitalization, post-hospitalization expenses, and daycare expenses too. Costs related to consultation with a specialist, diagnosis, and medications can add up to cause a financial strain. To avoid this, go for comprehensive coverage. This makes it the perfect reason to have health insurance!

  • To get tax benefits and make an investment in your health

Did you know that health insurance is both a financial and health investment? Along with protecting you against high medical expenses, it helps you save tax too. The premium you pay against health insurance has tax benefits under section 80D of the Income Tax Act [5]. Claim a tax deduction benefit of up to Rs. 25,000 on health insurance premium paid for yourself, your spouse, or your children. Get extra benefits on senior citizens’ health policy premiums paid for your dependent parents aged above 60 years.

Additional Read: 7 Important Factors to Consider Before Choosing Health Insurance Planshow to choose thwe right health insurance

How to get a health insurance 

You can get a health insurance policy either online or by getting in touch with a representative of a health insurance company. However, there are certain things you need to consider before buying a health insurance policy. Compare the companies, their inclusions, network hospitals, and claim settlement ratio. Consider the sum assured, the premium to be paid and your financial ability. Checking all these factors helps you get the right health policy.

Now that you understand the importance of health insurance, buying a health insurance policy should be an essential part of your financial planning. If you are looking to get a health insurance policy for yourself and your family, check the Aarogya Care plans on Bajaj Finserv Health. These plans offer value for money with a range of inclusions as well as cashless claim settlement and personalized packages to suit your unique needs.

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