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Blog
2 mins Read | 3 Years Ago

Why you should get Health Insurance today if you don’t have one

why-you-should-get-health-insurance-today

Since the beginning of 2020, the entire world has been battling a healthcare crisis which has also culminated into a severe economic and social crisis. The number of positive Coronavirus cases has been soaring every day in India. The situation is scary, but there hasn’t been a better time to highlight the importance of Health Insurance.

Why Health Insurance policies are essential

In the absence of a vaccine or cure, the biggest defence we have against the Coronavirus is our immune system. The world has hence started prioritising the overall health and hygiene above everything else. People have started being cleaner, exercising more, staying hydrated, and eating healthier. And yet, the healthiest of people can be infected without a warning.

This trend only re-emphasises the necessity of Health Insurance policies. While a lot of people are already covered by some form of Life or Health Insurance, it’s time to re-evaluate your policy and check if it covers the Coronavirus and other fatal illnesses. It is also time for everyone to evaluate if their existing Health Insurance plans can provide enough financial support in the event of an emergency. If the answer is no, then you probably need to approach a Health Insurance company.

Since the importance of having a Family Health Insurance or Individual Health Insurance plan cannot be stressed enough, let us break it down into the key determining factors.

Why is it important to get the best Health Insurance, and get it today

Employer cover is often not adequate

You’re lucky if you have an Individual Health Insurance plan given by your employer. You are even luckier if they have provided you with a Family Health Insurance cover. However, remember that Group Employee Insurance is an agreement between your company and the Health Insurance company. It cannot give you customised benefits that a policy of your choice can. Plus, you also need to take into account the amount of money it will give you in case of hospitalisation, surgery, etc. in the long run.

We don’t live in very healthy times

Let’s face the facts. We are not a very healthy generation. As per a recent survey, about 62% of us are either high-risk or borderline cases on the health risk assessment spectrum.1 It is clear that Health Insurance policies are not something we should wait for till we turn 40. It would be in the best interest of your family’s health to get a Family Health Insurance plan which covers regular check-ups, screenings, hospitalisation and so on.

Hospitalisation isn’t the only big deal

Let’s say, your savings and your Life Insurance can cover hospitalisation charges. However, in case of serious illnesses, hospitalisation also comes with heavy OPD charges, diagnostic tests, medicinal expenses, ambulance charges, etc. It is necessary to buy a plan from a trusted Health Insurance company that provides protection from maximum potential costs.

Rising medical costs

In 2019, the rise of healthcare inflation rate was steeper than that of the overall inflation rate. The costs of hospitalisation and surgery are rising at an alarming rate. With your personal finances already under pressure due to a weak economy for the next few years, you wouldn’t want to break your savings for medical emergencies. Comprehensive Health Insurance plans don’t just provide financial protection, but also come with a sense of mental peace in the long run.

Tax benefits

Just like Life Insurance, Health Insurance plans also come with tax benefits. Even if your income isn’t taxable now, it will be someday. Now, here’s the trick. The best Health Insurance deal cannot be availed of when that happens, the time is now. That is because insurance is cheaper when you’re younger and carry a lower health risk.

As per Section 80D of the Indian Income Tax Act, Health Insurance policy premiums are tax-deductible. If you are under 60 years old, you can avail of a deduction up to Rs 25,000 on the premium paid for yourself, your spouse, or your children. An extra Rs 50,000 can also be claimed on Health Insurance for your parents above 60 years of age. This gives you a total deduction benefit of up to Rs 75,000.

Conclusion

Health Insurance is no more a luxury, it is a necessity. Nowadays, Health Insurance policies also offer coverage for AYUSH treatments. This is only one in a list of numerous additional benefits offered by some of the best Health Insurance companies in India. So, if your family does not have an adequate cover, it is time to get one. Remember to conduct thorough research before you select your policy. It is, after all, a matter of life and death.

T&C

 

DISCLAIMER

The contents of this document are meant merely for information purposes. The information contained herein is subject to updation, completion, revision, verification and amendment and the same may change materially. The information provided herein is not intended for distribution to, or use by, any person in any jurisdiction where such distribution or use would (by reason of that person‘s nationality, residence or otherwise) be contrary to law or regulation or would subject lClCl Bank or its affiliates to any licensing or registration requirements. This document is not an offer, invitation or solicitation of any kind to buy or sell any security and is not intended to create any rights or obligations. Nothing in this document is intended to constitute legal, tax, securities or investment advice, or opinion regarding the appropriateness of any investment, or a solicitation for any product or service. Please obtain professional legal, tax and other investment advice before making any investment. Any investment decisions that may be made by you shall be at your sole discretion, independent analysis and at your own evaluation of the risks involved. The use of any information set out in this document is entirely at the recipient's own risk. The information set out in this document has been prepared by ICICI Bank based upon projections which have been determined in good faith by lClCl Bank and from sources deemed reliable. There can be no assurance that such projections will prove to be accurate. lClCl Bank does not accept any responsibility for any errors whether caused by negligence or otherwise or for any loss or damage incurred by anyone in reliance on anything set out in this document. The information set out in this document has been prepared by ICICI Bank based upon projections which have been determined in good faith and sources considered reliable by lClCl Bank. In preparing this document we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources or which was provided to us or which was otherwise reviewed by us. Past performance cannot be a guide to future performance. 'lClCl ' and the 'I-man' logo are the trademarks and property of lCICl Bank. Misuse of any intellectual property, or any other content displayed herein is strictly prohibited.

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