People cannot do much if their health does not cooperate with them. You can do much to keep your health and your immunity strong. However, there are things beyond your control. The ongoing pandemic has been a great eye-opener to many where health is concerned. People who thought they were at the peak of their health fell victim to the virus and had to bear the brunt of the disease. Even though these situations are unavoidable, they can leave a person feeling helpless. And with these situations also comes the added burden of expensive healthcare.
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We all know healthcare in India is expensive, and with advancements in medicine, this expense is only growing. Thus, in many cases, healthcare is no longer affordable to many people, forcing them to go without the basic necessary care. Even people who can afford healthcare are burdened, especially if the care of a family is their responsibility. However, there is a way that the expenses of healthcare can be countered effectively. This is by purchasing health insurance. When you buy medical insurance, your premiums are broken up into affordable premiums that you can pay without much trouble and when you need to make a large payment. It helps you get the care you need while not worrying about finances.
However, you should not take medical insurance premiums for granted. You need to compare insurance plans to find out which provider will be the right for you while not stretching your budget. Some providers like Tata AIG provide comprehensive health insurance while remaining affordable and easy to deal with. A health insurance policy like this is usually the ideal health insurance policy.
Reasons You Should Make Medical Insurance Part Of Your Financial Planning
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With the rising hospital expenses, many people believe they are just a medical emergency away from bankruptcy. Therefore, to achieve financial freedom, one must include health insurance plans in their budget when thinking about financial planning.
In many cases, having a health insurance policy is the only way to counter significant expenses. However, that is not the only reason a health insurance plan is crucial. There are many reasons why having them should be a priority.
Below are a few reasons why a health insurance policy should be part of your financial planning.
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Life is unpredictable, and anything can occur at any time. The best demonstration of this is a health emergency. Injuries or medical crises can occur anywhere, at any moment, so it’s important to be ready for everything. It is usually preferable to obtain personal accident coverage due to the escalating prices of medical expenditures. If an emergency occurs, you would not have to be in a situation where you are out of your depth. The insurance provider will cover your costs and assist you in such trying circumstances. If you have medical insurance with the right coverage, all you will need to do is concentrate on your well-being and recovery or that of a loved one.
Having savings covering out-of-pocket healthcare bills is crucial because healthcare costs are constantly rising. The money you don’t spend can be set away to build on the savings you can use later as per your requirements. If you wish to be taken care of in the case of a medical emergency while not having to eat into your savings, you should opt for a health insurance plan. If you have an alternative, you should not have to spend the money you have worked so hard to save for unforeseen medical expenses. A health insurance policy is made to cover rising medical costs. The plan safeguards your money from being depleted in a health emergency by covering these costs.
The first step you take towards securing your retired life is when you put money aside to buy a health insurance plan. Everyone imagines retirement as a carefree and happy time. But you may face severe difficulties if you get sick unexpectedly and do not possess health insurance. In addition, after retiring, you will likely have little or no sources of income, making even a minor treatment or brief hospital stay expensive. As a result, a health insurance policy is essential.
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Taxes can be a huge burden on any individual, which is why most people try to find different ways in which they can become tax-exempt to the largest degree possible. Making some amount of investments ensures that the tax burden is reduced on the taxpayer. Your medical insurance can also be used as a tax-exemption investment. Under section 80D, you are liable to a tax exemption of ₹60,000. The money you save here can then be used to fund other aspects of your budget or be put into a savings fund for your future.
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Conclusion
By now, you must have clearly understood why health insurance should be part of your budgeting. You should consider buying insurance early in life if you want the best medical insurance deals. This is when you will get the best plans at the lowest price. You should also make health insurance comparisons to see which provider is the best choice for you. If you are looking for a health insurance provider with good reviews, is dependable, cost-efficient and not difficult to work with, you should purchase a plan from a provider like Tata AIG!
