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. There are several reasons that help us know why we need health insurance, ranging from financial security to access to quality healthcare.

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, you are better prepared to handle sudden and unforeseen 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 afford necessary medical treatment. With a suitable health insurance plan, you can afford treatment at network hospitals whenever required, ensuring medical attention at the right time.

3. Changing Lifestyle

In the present times, many people today lead sedentary lifestyles, with unhealthy eating habits and lack of exercise leading to various 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. These plans offer strong financial protection for your dependents during medical emergencies or critical treatments.

5. Secure Your Savings

Medical issues are unpredictable, and paying for such expenses unexpectedly can quickly drain your savings. 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 a no‑claim bonus for every claims free 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. These services help detect illnesses early, enabling timely treatment 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 acts as your strongest 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 significant amount on the premiums you pay for your health insurance plan.

10. Peace of Mind

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

We have discussed why health insurance is required. Now, let’s discuss its importance
 

Why is health insurance important?

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

What does health insurance do?

Health insurance reduces the financial burden of medical expenses by

●It protects against medical inflation.
●It helps manage debt.
●Health Insurance permits access to healthcare.
●It promotes regular checkups and screenings.
●It helps identify and treat 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 specialised care, and allowing individuals to focus fully 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