Health Insurance
You may plan & save for everything in life-your dream home, dream destination for your next holiday, new car, recently launched gadgets but, honestly, have you spared a thought for your health? Have you planned anything to protect you & your loved ones from ailments? Have you saved up enough for this contingency? This is where health insurance steps in. A document that ensures you have peace of mind, helps you focus on the other important aspects that demands your attention while taking care of all your financial needs.
Why You Need:
  • With rising medical costs, expensive medicines and procedures, depending upon the illness, you will end up draining your savings to pay off these. If you have a policy, then these charges are taken care as per the terms of the document
  • Health insurance helps you and your family get the best services available. With many hospitals in a direct tie-up with insurance companies, you can avail cashless benefits of the policy wherein the amount is directly settled between the hospital & insurance provider
  • The premium that you pay towards the insurance policy, are eligible for tax deductions under section 80D of the Indian Income Tax
  • Also avail tax benefits under section 80DD for any premium paid of a dependent or disabled person
  • You and your family can get appropriate treatment in a timely manner
Points to Remember:
  • Don’t delay your coverage. Understand your needs for the long run and choose a suitable plan that covers everything for you and your family
  • Your health insurance is for covering your medical expenses that you may incur in the future. With health inflation around 20%, avoid investing for a smaller amount and ensure that you contribute at least 25% of your income towards it
  • Do not depend on your employer’s health insurance coverage. It is limited and subject terms & conditions like the benefits terminate once you leave your employment
  • opt for lifetime renewable policies
  • Consult your Financial Planner before finalizing on any health insurance policies
Why to Buy a Health Cover When Young?
There are manifold of advantages for investing in health insurance policy at a young age:
  • You get comprehensive coverage whilst your young. Hence you will secure and medically covered during your employment as well as retirement
  • A proper health insurance is a key to effective financial planning. So, when you buy a health policy at a younger age, it gives you a better control over the finances in an event of any unfortunate medical emergency
  • Enjoy tax benefits for a longer period when you invest in a health policy at a young age as one can claim deduction under section 80D for the premiums paid
  • You can avail the benefits of paying lower premium as in most cases, the premium amount charged by a health insurance provider depends on the current age of the applicant
  • Buying a health insurance policy at a later stage may become complicated as the service provider may exclude many pre-existing illnesses