Why Do We Need Health Insurance?

Top Reasons to Have Health Insurance

Having a health insurance plan is no longer a luxury in the present times of medical inflation but has become a necessity. 
The following points feature some of the crucial points why you need to have a health insurance plan:

1. Financial Protection

There is no substitute for a health insurance plan when it comes to providing you with financial assistance during unforeseen medical emergencies. With adequate coverage from your healthcare plan, you can always stay prepared enough to pay for sudden medical expenses.

2. Increasing Medical Expenses

The ever-increasing cost of medical services has resulted in financial burdens for various people who are unable to avail themselves of medical services. With a suitable health insurance plan, you can afford treatments from enrolled hospitals whenever you require them, ensuring medical attention at the right time.

3. Changing Lifestyle

In the present times, most people are leading sedentary lifestyles, where unhealthy food habits and lack of exercise lead to unexpected health issues. It has also resulted in an increase in the demand for healthcare, which also affects people financially. Health insurance plans can cover such expenses, enabling you to take preventive care.

4. Safeguards Your Family

You can opt for a comprehensive family health insurance plan that will cover the medical expenses of all your insured family members. Such plans work best in financially protecting your dependents in case they face any medical emergencies or critical medical treatments. 

5. Secure Your Savings

Medical issues are unpredictable, and paying for such expenses unexpectedly can exhaust your savings in a short span of time. You can conveniently prevent these from happening to you by purchasing a suitable health insurance plan.

6. Additional Benefits

You can also get additional benefits by having health insurance, which includes bonus points for every non-claiming year. Along with that, you can get coverage for ambulance costs, periodic checkups, etc., whenever you opt for comprehensive coverage.

7. Early Preventive Care

Some health insurance plans also come with preventive services through which you can opt for checkups. Services like these enable you to detect diseases or illnesses early in life so that you can treat them properly before they turn into serious health issues.

8. Protection Against Emergencies

Health insurance is a crucial safety net that protects you financially during catastrophic health events like severe injuries, chronic illnesses, etc. During critical times like these, your health insurance plan stands as your biggest financial support.

9. Tax Benefits

All policyholders of health insurance plans are eligible to get tax deductions according to the Income Tax Act of 1961. Under Section 80D of the Income Tax Act, you can save a substantial amount from the premiums you pay for your health insurance plan.

10. Peace of Mind

Health issues, injuries, and accidents are some of the most unexpected events of life that not only affect you emotionally but financially as well. Thus, having a suitable health insurance plan can help you prevent such scenarios and stay calm, ensuring you are financially covered at every step.

Why health insurance is important?

Health insurance is important because it gives financial security against increasing medical or healthcare costs. Thus, it enables people to access essential healthcare, avoiding debt.  Health insurance also helps offer coverage for expenses such as doctor visits, medications,  hospitalizations, and treatments, thus permitting people to concentrate on recovery rather than financial strain. 

What does health insurance do?

Health reduces the financial burden of medical expenses:

• It protects against medical inflation.
• It helps manage debt.
• Health Insurance permits access to healthcare. 
• It promotes regular checkups and screenings. 
• It helps find out and address health issues early. 

The other benefits offered by health insurance include peace of mind, financial support for family health and well-being, giving access to specialized care, and helping to focus on recovery. 

Also read:-

→ Corporate Floater Health Insurance Explained

→ Do You Need to Notify Health Insurance When Someone Dies

→ Guide to Claiming Health Insurance for Hospital Visits

→ Health Insurance Card Renewal Process

→ Health Insurance Policy Cancellation Process