WHAT IS HEALTH INSURANCE?
Health insurance provides a much needed financial backup to people at times of medical emergencies. It is an observed fact that to date, medical care in our country still remains highly expensive. According to numerous reports, India still continues to have the lowest health insurance holders in the world. Health insurance pays for medical expenses incurred by the insured. Health insurance can compensate the insured for expenses incurred from any illness or injury, or pay the health service provider directly. There are many different plans, such as individual health insurance, family health insurance, critical illness insurance, etc. Having health insurance is an integral part of financial planning.
WHY DO YOU NEED HEALTH INSURANCE?
- There are countless reasons to have a health insurance policy in place. The long-term shift in our lifestyle has made us more prone to a wide range of health disorders.
- Travelling, tiring work schedules, unplanned eating habits, food quality, and rising levels of pollution have increased the risk of developing health ailments.
- The medical costs have dramatically risen lately. So, a medical emergency results in spending the savings of the individuals, which takes a toll on their future plans.
- If you are a youngster and have a good fitness level, then you get a health policy at a very nominal premium.
- With the increase in age, the risk of health worsens, accordingly, the health policy premium continues to grow.
- On repaying the premium of health policy, you can save income tax on the premium of Rs. 25000 under Section 80D of the Income Tax Act.
WHY WE AS A COMPANY PROMOTE HEALTH INSURANCE?
Capital Tree is directed towards educating and helping our clients. We help them with their financial goals. In today’s world expenditure on health and medicals have become multifold which directly affects the finances of a person.
Capital Tree aims to help and support these people who might end up losing their savings on their goals or their dreams. This is because of not having the right knowledge or exposure. We understand that no person at any given point would ever compromise on the health of their loved ones.
They wouldn’t hesitate in spending their savings for the betterment and safety of the same. Our ultimate aim is to provide financial safety to our clients and their loved ones. We do so by spreading and providing knowledge and the required literacy.
If you need any kind of assistance regarding health insurance, the Captial Tree expert team is always ready to help you. Please contact us, if you have any kind of query regarding investment and portfolio management.
6 Reasons Why You Need To Get A Health Insurance
1. To fight lifestyle diseases
Lifestyle diseases are on the rise, especially among people under the age of 45. Illnesses like diabetes, obesity, respiratory problems, heart disease, all of which are prevalent among the older generation, are now rampant in younger people too. Some contributing factors that lead to these diseases include a sedentary lifestyle, stress, pollution, unhealthy eating habits, gadget addiction and undisciplined lives.
While following precautionary measures can help combat and manage these diseases, an unfortunate incident can be challenging to cope with, financially. Opting for Investing in a health plan that covers regular medical tests can help catch these illnesses early and make it easier to take care of medical expenses, leaving you with one less thing to worry about.
2. To safeguard your family
When scouting for an ideal health insurance plan, you can choose to secure your entire family under the same policy rather than buying separate policies. Consider your ageing parents, who are likely to be vulnerable to illnesses, as well as dependent children. Ensuring they get the best medical treatment, should anything happen to them, is something you would not have to stress about if you have a suitable health cover. Research thoroughly, talk to experts for an unbiased opinion and make sure you get a plan that provides all-round coverage.
3. To counter inadequate insurance cover
If you already have health insurance (for example, a policy provided by your employer) check exactly what it protects you against and how much coverage it offers. Chances are it will provide basic coverage. If your current policy does not provide cover against possible threats – such as diseases or illnesses that run in the family – it could prove insufficient in times of need. And with medical treatments advancing considerably, having a higher sum assured can ensure your every medical need is taken care of financially. But don’t worry if you cannot afford a higher coverage plan right away. You can start low and gradually increase the cover.
4. To deal with medical inflation
As medical technology improves and diseases increase, the cost for treatment rises as well. And it is important to understand that medical expenses are not limited to only hospitals. The costs for doctor’s consultation, diagnosis tests, ambulance charges, operation theatre costs, medicines, room rent, etc. are also continually increasing. All of these could put a considerable strain on your finances if you are not adequately prepared. By paying a relatively affordable health insurance premium each year, you can beat the burden of medical inflation while opting for quality treatment, without worrying about how much it will cost you.
5. To protect your savings
While an unforeseen illness can lead to mental anguish and stress, there is another side to dealing with health conditions that can leave you drained – the expenses. By buying a suitable health insurance policy, you can better manage your medical expenditure without dipping into your savings. In fact, some insurance providers offer cashless treatment, so you don’t have to worry about reimbursements either. Your savings can be used for their intended plans, such as buying a home, your child’s education and retirement. Additionally, health insurance lets you avail tax benefits, which further increases your savings.
6. Insure early to stay secured
Opting for a health insurance early in life has numerous benefits. Since you are young and healthier, you can avail plans at lower rates and the advantage will continue even as you grow older. Additionally, you will be offered more extensive coverage options. Most policies have a pre-existing waiting period which excludes coverage of pre-existing illnesses. This period will end while you are still young and healthy, thus giving you the advantage of exhaustive coverage that will prove useful if you fall ill later in life.
A health insurance policy is an essential requirement in today’s fast-paced lifestyle. Protecting yourself and your loved ones from any eventuality that could leave you financially handicapped is a must. For instance, the HDFC ERGO my:health Suraksha and my:health Medisure Super Top Up offer comprehensive coverage and various benefits that can ensure your financial security. This is because these products cover day-care procedures, treatment at a wide network of hospitals, pre and post hospitalisation costs and even insure your mental illness treatment, among other things. With inclusions like these, you would not have to worry about a medical condition putting a strain on your finances. So, do your due research and choose a health insurance plan that suits your needs.