Every single person is aware of the growing rate of inflation. With the changing trends and upcoming medical innovations, the cost of application of these benefits is also increasing. The one area which can significantly cause a dent in your bank account is of hospitalization. Imagine becoming the victim to a serious illness wherein the medication itself cost you a hefty sum or an accident that happens out of nowhere and leaves you fumbling with your bank accounts, trying to get out of the large sum of hospital bills.
. They are an absolute must for every individual and family. The reasons why they are so essential are:
1- The hospitalization costs are increasing
With the enhancement of technology, now the cure for all the dreadful diseases is easily available. However, due to their high operating cost, they are available to only a selected few individuals. During the time of medical needs, the situation becomes so adverse for some people that they have to sell their assets to pay the hospital bills. In order to prevent this additional stress and financial hassle, health insurances have come to the rescue.
2- Health is important
One of the most obvious reasons why you need a health insurance is because your health and well being is important. Diseases and accidents can occur out of nowhere. To make sure that you are family and so is your family, health insurances are a must. In the modern world we have everything insured ranging from our vehicles to our houses, who why should we ignore our health which is the sole reason for our existence? A health insurance can help you lead a stressful life, without any reasons to worry about the additional costs you might have to pay due to a sudden incident.
3- Changes in the lifestyle
Our ways of living have also changed with time. We have become more reliant on machines to do our work for us and as a result, we have become rather lazy. With laziness paired up with obesity has doubled the chances of heart diseases among the Indian population. Apart from this, nowadays there is a wide range of stressful situations that have been the main factors leading to anxiety, depression and poor mental performance. With these changes occurring in our everyday life, we need an extra protective cover to help avoid stressful situations to an extent and a good health insurance serves just that purpose.
4- Many indirect costs occur
Often we fail to acknowledge the expenses apart from the hospital fees and costs of drugs. During these times of medical emergencies, several indirect costs such as that of boarding, traveling and the temporary loss of income also occur. These expenses, when topped up with the hospitalization costs, become extremely lethal for the financial situation of a person.
5- Tax benefit
If all the above-mentioned reasons don’t make you feel like buying a health insurance, then this one will definitely do it for you. Payments that are made towards the insurance premiums are eligible for tax deductions as mentioned in section 80D of the Indian Income Tax Act. The elderly people less than the age of 65 years can make claims for deduction up to INR 15,000/- for the health insurance premium. Even though this is a major benefit of getting a health insurance, it should not be the driving force behind it. Other factors such as your health and well being, the risk factor and costs should also be taken into consideration.
As people of the modern society, we are inclined towards purchasing several luxurious goods such as a car, an expensive house etc, the inclusion of health insurance in this list will be beneficial not only to us but to the people around us. Our well-being lies in our own hands and we need to take steps to ensure that we lead a stable and fit life. With the advancement of technology, buying a health insurance has become easier than what it used to be.