10 Reasons: Why Health Insurance is Important

Why You Should Have Health Insurance

What Is Health Insurance?

Cost of getting good quality healthcare have always been high in India. The ongoing Covid-19 pandemic has further increased the demand of medical services, which is making the prices to climb even higher. In this situation, one doesn’t have to wait for a medical emergency, even simple medical issues can create a dent in our budget. Moreover, our sedentary lifestyles full of hectic work schedules, wrong eating habits, deteriorating quality of food, and rising levels of pollution have increased the risk of developing health problems. Henceforth, health insurance has become a necessity of our times.

Health insurance provides the essential financial cover which will keep your hard-earned savings intact.  Health insurance is a specific type of insurance that covers one’s medical expenses incurred by the insured. It can reimburse insured person’s medical bills or directly pay the healthcare provider. There are a wide range of medical insurance plans available in the market. They range from individual health insurance, family health insurance, critical insurance, Indemnity plans, lump-sum benefit policies etc, depending on the requirements.

Related Blog: Health Insurance: Types, Benefits, Eligibility – A Complete Guide For You

10 Reasons Why You Must Have Health Insurance

Health insurance is now considered an essential part of financial planning. In order to safeguard your health and finances, investing in health insurance has become a necessity.

Here are the 10 benefits to have health insurance in India:

1. Wide Cover At Affordable Cost:

There are some fixed benefit health insurance policies which insure a high coverage amount for a comparatively low coverage. This will save you tremendous amount of money if you end up getting diagnosed with a severe ailment in future.

2. Evolving Lifestyle:

In the modern times, we have adopted an extremely fast paced and exhaustive lifestyle. Our working and eating habits will certainly land us in trouble one way or another.

3. Hospitalisation Comes With Various Costs:

Surgical procedures are not the only costs one has to pay at the hospital. A treatment at a hospital includes medical check-ups, consultation fees, and medicines. Additionally, there is post-operative care which requires having a medical assistant at home.  If you add all these expenses, then you will see why investing in a health insurance is essential.

4. Income Tax Benefits:

Your investment in a health insurance policy is liable for tax deductions under section 80D of the Indian Income Tax Act. Under the age of 60 years, you can claim a deduction of up to ₹ 25,000 for the health insurance premium paid for themselves, or for their spouse or children.

5. You Can Choose A Hospital Of Your Choice:

A good insurance plan gives you the freedom to get treatment anywhere in India and even the world. With the right amount of health cover, you will never have to compromise with your medical facilities.

6. Defend Your Entire Family:

While choosing the right insurance, you can opt to provide cover for your entire family under one policy. It will save you the hassle of choosing separate insurance policies for every family member.

7. To Counteract The Rising Health Prices:

With rapid advancements in modern healthcare technology cost of adequate health services are rising every year. An unpredicted health problem can drain your savings very quickly.  It is in your best interest to get a health insurance.

8. Insurance Premium Increases With Age:

Amount of insurance premium increases with your age because the associated health risks also increase. The earlier you buy health insurance the less amount of premium you will have to pay.

9. Customizable Plans As Per Your Needs:

Health Insurance industry in India has evolved rapidly to meet your needs. Consequently, now you can find specific insurance policies which will meet you health and insurance requirements.

10. Additional Benefits

Health insurance can also cover cost of ambulance, diagnosis tests, day-care surgeries, regular health check-ups and vaccination expenses. Nowadays, some health insurance plans also cover Ayush treatment.

Your health is your true wealth, if your health is not right, you won’t be able to savour your wealth. If you haven’t gotten yourself insured yet, then you must act because it is always the right time to get yourself secured.

Choosing the right health insurance can be tricky because there are wide range of health insurance plans to select from. L&G Insurance Broker Solutions can guide you to find the right policy based on your specific requirements. L&G commenced its operations in 2001 and became one of the first insurance brokers to be licensed and regulated by the Insurance Regulatory & Development Authority of India (IRDAI). Reach out L&G insurance broker solutions on [email protected] to get consultation.


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