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Importance Of A Health Insurance Plan

A health insurance plan is an agreement between you and your insurer. It covers the medical and surgical expenses of you, the policyholder. There are a lot of insurers in India that offer varied kinds of insurance policies. As someone ready to invest in one of these, do your research properly to figure what’s available in the market and which policy would fit you the best. Once a policy is purchased, you can get your medical expenses that have been caused due to illness or injury reimbursed. The importance of buying a health insurance policy is quite obvious - to avoid burning a large hole in your pocket during medical emergencies. But that’s not just it! There are several long term benefits of buying a health insurance plan. Here are a few and we hope this motivates you to get yourself one -

  1. Financial planning - Undoubtedly, you will end up planning your finances wisely if you get yourself a health insurance policy. Medical costs are rising each and every day and it’s advisable to protect yourself from heavy financial burden so that medical costs don’t erode your future savings or wealth. This is one of the most important reasons to invest in a health insurance policy.
  2. Wide range - there are n number of policies out there in the market for you to choose from. You can often customise it according to your preferences. There are individual floater plans, family floater plans, maternity plans, and a lot more. For instance, if you have dependent family members, buying a family floater is extremely helpful as it provides cover for the entire family.
  3. Maintaining a balance between personal and professional life and managing to keep yourself healthy can sometimes seem like quite a task. With our fast-paced lifestyle, it makes a lot of sense to invest in your health to derisk against future cost of lifestyle related illnesses. This can help one remain financially independent if and when misfortune strikes our health. 
  4. A health insurance plan can help you avail cashless benefits in hospitals during times of emergencies. This can help reduce the burden or stress on the family in times of need.
  5. In addition to health related reasons, the tax benefits that come along with health insurance plans are absolutely helpful. The premiums you pay as a part of your health insurance plan is tax-deductible according to section 80D of the Income Tax Act
  6. Another reason why health insurance plans are important is the benefit of availing free medical check-ups. Based on your previous claims made and as a part of your plan, you will be eligible for free medical check-ups allowing you to have a continued record of your health year on year.
  7. To protect your savings. After toiling hard for years and saving your hard-earned money in the bank, you definitely do not want to use it for unforeseen medical situations. Hence if you are the breadwinner of the family, then it’s highly recommended that you make the fullest use of health insurance policies and plan your finances wisely.

These are some of the reasons why a health insurance policy is important for each of us. The more you plan your finances, the better life you’d lead and the higher chances of accumulating wealth. Investing in health insurance policies is one of the foolproof ways to ensure financial stability and avoid stress, anxiety and uncertainty related to money matters.

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