It is very true that ‘Health is Wealth’, bad health not only creates problem for your day-to-day works but also has an impact on your financials as the cost of treatment is too high and diseases are unpredictable. To take care of financial imbalance due to health issues, it is very significant to own a Health insurance for yourself as well as for your family. A good Family Health insurance cover will always take care of risks of shooting up of medical treatment related expenses. Therefore, a health insurance policy should always be a part of your financial planning.
A health insurance cover must be taken in such a way that not only all basic treatments are covered under it but also premiums should be kept according to your pockets. In order to check premium payable on the insurance cover , you may use medical insurance premium calculator online.
An optimum Health insurance must take care of mainly, Cover for family Members, Cashless treatment, Cover of pre-existing diseases after certain period, Hospitalisation expenses, Pre and post treatment expenses cover and critical illness riders. No claim bonus by reducing future premiums or return of part of premiums at the end of policy is also a feature which one should look for.
We have listed Top Five reasons to Buy Health insurance:
1. Increase in epidemic diseases: Since the last five years in India, pollution in major cities has increased to a never before level and more and more public has been affected from pollution. All of this leads to respiratory related problems in older, young as well as kids. Swine flu and dengue are now common names and outbreaks every year in major cities all over the country. Heart related problems, Sugar are no more unknown names. Treatment for all such diseases is too costly to bear, therefore having a health insurance helps in meeting these expenses.
2. Emergencies and contingencies: Emergencies and accidents never alert you beforehand and one cannot calculate the amount required for such contingencies. As a thumb rule, a financial planner always says that at least 3-month salary should remain in highly liquid assets for emergencies but whether that will be enough, time will tell. So, it is better to insure your family for medical related expenses to avoid sudden shocks to your financial planning.
3. Tax benefit under Income Tax: As per Section 80D of the Income Tax Act premium paid for health insurance for self, spouse and dependent children (family) is Rs 25000/-. Similar amount is available for parents’ health insurance. If any persons of family/parents are senior citizen then deduction amount will be increased.
4. High medical cost: The cost of medical treatment is very much expensive and out of range for most of the people specially for middle- and lower-income groups. In the recent years, various companies have invested in research and development (R&D) to find treatment for many incurable diseases. Significant part of total budget is allocated to R & D department by each pharma company which makes treatments very expensive.
5.Cover given by Employer is not enough: Generally, all the salaried persons have a facility in their salary package for reimbursement of medical expenses. Due to this facility, they are reluctant to buy health insurance policy but this is does not help as the facility provided by the employer has bottlenecks like lower limit of amount, tie-ups with limited hospital, no cashless treatment , no post or pretreatment expense reimbursement