Health

Health Insurance – Safeguards against Financial Crunch

“Good times don’t last forever, but neither do the bad” is a famous quote that points to the uncertainty of time and our lives. So while we are healthy, we find ourselves basking in the misconception that we do not need individual health insurance coverage. 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

Health insurance plans are important in today’s life, keeping in mind the deteriorating health condition of people due to increasing pollution, consumption of contaminated food items, and the sedentary lifestyle that we live, thanks to growing technological innovations. Unanticipated diseases can disrupt normal living and greatly affect 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 pay for individual health insurance or avail of a family health insurance plan depends on the kind of coverage he is looking for and how much he can bear financial liabilities during an emergency.

health-insurance

 

While most people consider buying health insurance plans only to reduce the tax liability to Rs. 25,000 under Section 80D of the Income Tax Act, they do not realize that they are also safeguarding themselves against any financial crunch resulting from the payment of bills of treatment and medicines. This is because health insurance was originally designed to offer financial assistance in insurance coverage in case of diagnosis and subsequent treatment of some disorder. Those with no sign of ailments must remember that not all diseases 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 the Union Budget 2018 provisions 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 project only for them. Many young family members often remain bereft of the need for insurance to meet future medical contingencies. Opting for a family health insurance plan is always recommended to ensure insurance covers every family member. To ensure that each member has equal benefits under the insurance coverage, 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 online. Browse websites of multiple 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.

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