The COVID-19 pandemic has awakened the global community to the fact that medical emergencies can be unpredictable and can result in difficult-to-manage financial disruptions. As a result of a high infection incidence and the lack of a viable vaccine, people have begun to recognise the significance of a solid health insurance policy.
Moreover, as health care costs rise, access to quality medical facilities and hospitalisation can become a huge financial burden. In addition to the obvious benefit of having the financial security to care for your family, a health insurance plan can be effective for combating medical inflation.
Here are six important reasons why you should consider purchasing health insurance today:
1. To combat lifestyle-related disorders.
Lifestyle diseases have been on the rise, particularly among individuals under 45, says a report by GOQii titled India Fit Report 2019. A sedentary lifestyle, work stress, pollution, poor eating habits, gadget addiction, and undisciplined lives contribute to chronic diseases rising among the youth.
Opting to invest in a plan that has various health insurance benefits, like coverage for routine medical tests, can help in the early detection of certain diseases and make it easier to pay for medical bills, relieving you of one concern. *
2. To protect your family
When searching for a good health insurance plan, you can choose to cover your family under a single policy instead of purchasing individual coverage for each family member. Consider your elderly parents, who may be susceptible to disease. If you are planning to start a family, look for health insurance with maternity benefits. *
If you had adequate health insurance, you would not have to worry about ensuring that they receive good medical care in the event of an accident or illness.
3. To counter insufficient insurance coverage.
If you already have a health insurance policy (e.g., an employer-provided policy), verify what it protects you from and how much coverage it provides. It may give basic coverage. *
If your existing policy does not include coverage for potential dangers, such as hereditary disorders or illnesses, it may be inadequate in times of need. And with medical treatments developing rapidly, a more significant sum assured can ensure that all your medical expenses get covered. *
4. To address medical cost inflation.
As medical technology advances and disease prevalence rises, so do treatment costs. By paying an annual health insurance premium that can be reasonably inexpensive, you can avoid the burden of medical inflation and choose superior treatment.
5. To safeguard one’s savings
While an unexpected sickness can cause mental pain and stress, the monetary expenses can also take a huge toll on your health and can be very exhausting. By purchasing the correct health insurance policy, you can better manage your medical expenses without using your hard-earned savings. You can quickly calculate the premium of most health policies online, by using a health insurance premium calculator.
You can put your funds to their intended use, such as buying real estate, paying for education or retirement. In addition, tax benefits* on health insurance can also help increase your savings. (*Tax benefit is subject to change in prevalent tax laws.)
6. Insure early to remain safe
Early enrollment in a health insurance plan provides various advantages. Since you are young and in good health, you may be eligible for lower premiums. In addition, you may have access to more comprehensive coverage alternatives. *
* Standard T&C Apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.