Importance of Health Insurance: 4 Reasons to Have Health Insurance in India

Importance of Health Insurance: 4 Reasons to Have Health Insurance in India

Bajaj Finserv Health
August 24, 20214 mins read

Key Takeaways

  • Safeguarding your savings is an important reason to have health insurance
  • You can also protect your family by investing in a health insurance policy
  • Managing medical inflation better is another reason to have health insurance

Considering the current pandemic and rising medical pressures, investing in health insurance has become the need of the hour. Even non-communicable diseases like diabetes and hypertension are continually on the rise. The number of people with Type 2 diabetes in India are expected to increase to 98 million by the year 2030. This highlights the importance of health insurance that covers both planned and unexpected medical expenses.

Be it critical illness, medical procedures, hospitalization, or even doctor consultation charges, you name it, and these can be covered under health insurance! While this is a critical reason to have health insurance, make sure you check the features and conditions prior to finalizing a health plan so you don’t miss out on the benefits.

Read on to know the importance of health insurance in India and its innumerable benefits.

why take health insurance when young

Keeps medical expenses from draining your savings 

The importance of having health insurance is best understood when you consider that these days hospitalization, surgeries, and other treatments can drain your savings. By availing a health insurance plan, you not only avoid a lump sum payment, but can also tackle unexpected illness or injury without stress or compromise.

A comprehensive health insurance policy provides you with a financial umbrella by covering your pre- and post-hospitalization costs, hospitalization expenses, ambulance charges and doctor consultation fees. Policies may also cover daycare medical costs and domiciliary hospitalization expenses. All this is at the cost of monthly or annual premiums that don’t weigh on your pockets.

Further, when you choose cashless settlement, you do not have to pay at the hospital upfront as the insurance provider settles the bill with the hospital directly. However, ensure that the hospital you are seeking treatment at is included in the insurer’s network hospital list. Another way to consider the importance of health care insurance is to keep in mind that you can avail tax benefits for the premiums paid as per Section 80D of the Income Tax Act.

Additional readHealth Insurance Benefits: 6 Advantages of Availing a Health Insurance Plan

Helps tackle medical inflation without worry about treatment costs 

With advancements in science and technology, medical equipment and medicines have improved. This comes at a cost and treatment costs are higher than ever before. These expenses aren’t just limited to hospitalization and include diagnostic tests and doctor consultations too. Such medical inflation can be faced by you with relative ease when you have a health plan at the cost of affordable monthly premiums. You can also enjoy a higher cover by making the most of the No Claims Bonus every financial year.

health insurance benefits

Protects your family with affordable family floater plans 

While there are different types of health insurance plans, a family floater plan is a preferred option. In this plan, you can cover all your immediate family members under one policy and premium. For example, if you avail a family floater plan of Rs.10 lakh, this amount can be shared by all the members covered in the policy.

In case of an unexpected medical emergency related to any one family member, the entire amount or a part of the amount can be utilized. This way you can ensure your aging parents and dependent children get quality medical treatment when needed.

Additional read7 Important Health Insurance Parameters to Select the Right Plan for Yourself

Helps you combat lifestyle diseases 

Sedentary lifestyle has led to a higher incidence of conditions like heart disease, obesity and respiratory illness. What used to be common among the geriatric population has become common in the younger generation. Several factors like excessive use of gadgets, unhealthy eating habits, pollution and stress have led to an increase in such conditions. The ideal way for you to address this is to take precautionary measures by undergoing regular medical checkups. Investing in a health insurance is a big relief as such diagnostic costs are also covered by certain health plans. In addition, your medical expenses for treating these conditions are taken care of.

These pointers are sure to help you understand the importance of healthcare plans in your life today and tomorrow. Weigh the needs and importance of health insurance with your budget and pick a plan that suits your pocket and your requirements. Check out the Aarogya Care plans on Bajaj Finserv Health that offer a wide range of features like cashless claims, free doctor consultations and a claims ratio that far exceeds all competitors! Avail a holistic health package today and take proactive steps towards yours and your family’s health.

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Please note that this article is solely meant for informational purposes and Bajaj Finserv Health Limited (“BFHL”) does not shoulder any responsibility of the views/advice/information expressed/given by the writer/reviewer/originator. This article should not be considered as a substitute for any medical advice, diagnosis or treatment. Always consult with your trusted physician/qualified healthcare professional to evaluate your medical condition. The above article has been reviewed by a qualified doctor and BFHL is not responsible for any damages for any information or services provided by any third party.

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