Medical inflation levels are sky-high in today’s day and age, making a safety net for your health nothing but essential. In a post-pandemic age, it is critical to make health your priority, and it reinforces the adage that health is the only true wealth. Any planning goes waste if you ignore health in the long run. While lifestyle-related ailments are on the rise and increasing pollution levels, it has become even more challenging to maintain a healthy lifestyle. Thus, medical insurance is the safety net that you can rely upon.
Planning your finances can either be done on your own accord or using the expertise of a financial advisor. In all cases, ignoring health insurance policy in your financial plan is like taking the bull by its horns. That’s something you must know, especially when it concerns you and your family’s health. This article lists down some of the ways how health insurance features aid your financial planning process.
1. Coverage for medical exigencies
The foremost advantage of buying a health insurance policy is to ensure medical coverage for exigencies. Emergencies come at most unexpected times, and dealing with them cannot just be mentally stressful but also financially. That’s when a health insurance plan can come to the rescue to alleviate the financial stress. Keeping in mind this benefit, it is advised you buy a program that not only is sufficient at present but also accounts for the increasing cost of medical expenditure. *
2. Adequate healthcare facilities
When you choose a health insurance plan in your financial planning, you can avail the proper treatment at the right time. Further, preventive health check-up facilities are also available that help have an early diagnosis ensuring the proper treatment is done from its start. In addition, family health insurance policies and individual health covers provide facilities like the pre-and post-hospitalization cover. These additional coverages ensure that you do not need to disrupt your financial plan to fund medical emergencies. *
3. Shield in golden days
After retirement, when income sources are limited or even none, an unexpected medical emergency can wipe out your entire savings. That’s when health insurance shields these savings, helping you not worry about seeking treatment when needed. Moreover, with comprehensive insurance coverage, you can ensure comprehensive coverage without spending much. Further, your savings can be used to fulfill the dreams that you have planned all your life. *
4. Tackle medical inflation
Medical inflation in the country is on the rise, and treatment can put a dent in your bank account. To tackle the skyrocketing treatment costs, your health insurance policy helps. Not being prepared exposes you to financial risk, and it isn’t a smart move. Thus, to manage the growing rise of treatment costs, it is essential to ensure health insurance coverage. Further, just selecting a policy isn’t enough. It would be best if you bought a policy that fits in the long run. While the prices keep on going northward, buying a plan that can ensure protection in the future is also essential. *
5. Tax benefits
Besides the financial benefits listed above, a health insurance plan also provides tax benefits. These benefits are available under Section 80D of the Income Tax Act. Here, any premiums paid are available as a deduction in the income tax calculation. Besides offering medical coverage, a health insurance policy also provides tax benefits. You must note that tax benefit is subject to change in tax laws. *
* Standard T&C Apply
When selecting the different insurance plans, comparing them is essential to pick the best one. For that, you can use a health insurance premium calculator that helps compare based on premium and other policy features. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
