In the era where medical inflation has driven exorbitantly high and pushed up the average cost of hospitalizations, procedures and tests, it has become necessary to acquire a medical policy for the family beforehand. Unforeseen events like medical emergencies can sometimes lead to serious financial problems for a family. This hints at the importance of choosing smart ways of financial savings so that you can use them when in a crisis related to illness. Investing in Family Health Insurance Plans is a sensible choice when it comes to safeguarding oneself from potential financial crises.
Why Do You Need a Health Insurance Policy for Family?
Health plans are more than merely money-saving tools that would come to your rescue when you need financial assistance. With such plans, you can avail the best medical treatment for any illness which otherwise would have exhausted your savings, as healthcare costs in India for istance are soaring steadily. Mediclaim policy for family could be your best present to your loved ones that would safeguard them even when you aren’t financially sound at the time of need.
Below mentioned are the top reasons why you must consider health insurance as an integral part of your budget so that you don’t have to spend out of your pocket when in need.
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Medical Emergencies
Most individuals are engrossed in their hectic work schedules that they tend to ignore their health. Rising pollution, unhealthy eating habits, sedentary lifestyle and genetic factors put us at risk of developing several lifestyle diseases. Recent studies show that millions of Indians are affected by diabetes and hypertension at quite a young age due to the prevalent lifestyle these days.
Therefore, buying family health plans will ensure that unplanned costs resulting from sudden hospitalization, do not affect the family budget. This way, focusing on fulfilling other financial objectives gets easier as you don’t end up shelling out your savings on a medical emergency.
Ageing and Illnesses
The risks of developing diseases or a worsening pre-existing health condition get higher as you age, and you become more vulnerable to falling sick. Furthermore, people may not have a steady income source as they reach retirement. Hence, medical insurance in place will become your most helpful companion if you need monetary assistance for your treatment.
Predicting one’s expenses in the future is extremely necessary as it is likely to be higher than current expenses, and being prepared beforehand is a bonus. Investing in pension schemes and Health Insurance for Senior Citizens guarantees a secure future. Senior Citizens Plans is highly recommended for those who have aging parents at home or the ones who want to safeguard themselves financially once they retire.
Tax Advantages
In order to save taxes, many Indians for instance who are salaried opt for money-saving options like fixed deposits and Public Provident Fund. In fact, tax savings are possible even with health care plans.
Health insurance policies offer dual advantages in the form of health coverage as well as tax benefits. They help you save your hard money as you are eligible for tax deductions under Section 80D of the Income Tax Act for the premium you pay towards your health policy.
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Takeaway
Though health insurance is not a new buzz, the ratio of awareness is considerably low, especially in rural area in India. Industry experts say that barely 27% of the people in the country are covered by medical insurance. The awareness and importance of buying health insurance should be spread out so that no one has to suffer due to limited monetary resources. Do not let lack of awareness deprive you of a good financial plan that can be designed by including health insurance as a critical component.
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Care Health Insurance ensures that you get comprehensive health insurance plans to keep you covered in times of need. Their customer care advisors can help you assess your needs and make the right decision. Select Family Health Insurance Plans from Care Health Insurance today and live a stress-free life.
Disclaimer: Plan features, benefits, coverage, and underwriting of claims may vary. Please carefully refer to the brochure, sales prospectus, and terms and conditions.
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