“Good times don’t last forever, but neither do the bad” is a famous quote that points to the uncertainty of time, and so our lives. So while we are healthy, we find ourselves basking in the misconception that we are in no need of an individual health insurance cover. Lack of foresight refrains us from having a plan to meet future emergencies that our families might find themselves in. This causes many of us to refute the importance of investing in family health insurance.
Health insurance plans are important in today’s life, keeping in mind the deteriorating health condition of people due to increasing pollution, consumption of adulterated food items, and a sedentary lifestyle that we live in, thanks to growing technological innovations. Unanticipated diseases can not only disrupt our normal living but also take a heavy toll on people’s financial conditions. Buying a health insurance plan helps offset financial expenses stemming from rising hospitalization charges and expensive medical bills. Whether the person must choose to pay for individual health insurance or avail of a family health insurance plan depends on the kind of cover he is looking for, in addition to the extent to which he can bear financial liabilities during an emergency.
While most people consider buying health insurance plans only to reduce the tax liability to the extent of Rs. 25,000 under Section 80D of the Income Tax Act, they do not realize that they are also safeguarding themselves against any kind of financial crunch resulting from payment of bills of treatment and medicines. This is because the concept of health insurance was originally designed to offer financial assistance in the form of insurance cover in case of diagnosis and subsequent treatment of some disorder. Those with no sign of ailments must remember that not all disorders exhibit physiological symptoms early. Health insurance – Safeguards Against Financial Crunch
protects and shields against any such unanticipated or unprecedented medical or health conditions.
It is a common myth that the utility of health insurance plans is limited to those aged or susceptible to disease or disability. Though provisions of the Union Budget 2018 allow an additional deduction of Rs 30,000 on premiums paid for senior citizens’ health insurance plans, this does not limit the importance of buying a plan only for them. In many instances, many young family members remain bereft of the need to have insurance to meet any future medical contingencies. It is always recommended to opt for a family health insurance plan to ensure insurance covers every family member. To ensure that each member partakes of equal benefits available under the insurance cover, people must make informed buying decisions before paying for them.
In today’s day of high-speed internet made possible by technological advancements, it is not difficult to find details of various health insurance plans on the web. Browse websites of various insurers to know more about the kinds of offerings they have made, or log on to portals run by online insurance aggregators like Paybima and a score of other similar companies that publish on their websites details of all insurance plans, their benefits, tenure and the amount of premium required to be paid.
