It is crucial to evaluate our life as we start a new year and make sure we are adequately equipped for all contingencies. Health insurance is one crucial area that needs addressing. Health insurance is a form of insurance that pays for a policyholder’s medical and surgical expenditures. To protect their health and financial security, everyone must make this significant investment.In 2023, having health insurance will be necessary for the following reasons:
Shields you from unforeseen medical costs
The expense of healthcare is steadily increasing, and medical expenditures sometimes exceed lakhs of rupees. Such costs might deplete your resources and leave you exposed financially if you don’t have health insurance. When you have health insurance, you are protected against unforeseen medical bills and may get the best treatment available without having to worry about the cost.
Covers everything in detail
Hospitalization costs, pre- and post-hospitalization costs, childcare treatments, ambulance fees, and other expenses are all fully covered by health insurance policies. You could also have coverage for maternity costs, catastrophic diseases, and organ transplants, depending on the insurance. A comprehensive health insurance plan gives you peace of mind by guaranteeing that all of your medical requirements are covered.
Provides protection from lifestyle disorders
The prevalence of lifestyle illnesses including diabetes, hypertension, and heart disease is increasing as a result of changing lifestyles and improper eating habits. Some illnesses can be expensive to treat and need for ongoing care. Your health insurance policy should protect you from such illnesses, enabling you to get the greatest medical care without concern about the expense.
Provides tax advantages
Under Section 80D of the Income Tax Act, health insurance plans are eligible for tax advantages. The premiums for health insurance coverage for you, your spouse, and any dependent children may be deducted up to a maximum of Rs. 25,000. Senior citizens are only allowed to spend up to Rs. 50,000. In addition, you are eligible for a further deduction of up to Rs. 25,000 for the cost of your parent’s health insurance premiums. If your parents are elderly, the cap is set at Rs. 50,000.
Guaranteeing prompt access to medical treatment
You won’t have to worry about the expense of medical care when you have health insurance. This is crucial in emergency situations because receiving prompt medical care might mean the difference between life and death. You have the best chance of recovering if you can quickly access the necessary medical care thanks to health insurance.
Brings about financial security
In the event of a medical emergency, health insurance offers you & your family financial protection. Being diagnosed with a serious disease might deplete your finances due to the escalating expense of healthcare. By obtaining health insurance, you may avoid using all your money or asking friends and family for loans to pay for medical bills.
To protect their health and financial security, everyone must make the significant investment that is health insurance. Having health insurance is becoming a need due to rising healthcare expenses and the prevalence of lifestyle disorders. Health insurance plans provide thorough protection, tax advantages, and financial security to ensure that you may receive the greatest medical treatment without concern about the expense. Be sure you and your family have adequate coverage for health insurance as we start a new year.