There seems to be no end to the rising cost of health care and medicines in our country on account of various reasons. One of the reasons is the disparity between demand and supply linked to inflation and consequent spiralling prices of commodities and goods in every sphere. No matter how hard the government tries, there is nothing in its capacity to reign in the prices and costs. But you have to be prepared for the ugly surprises down the line in the form of diseases and accidents that call for immediate medical attention or hospitalization.
Once any member of a family falls sick or hurts himself or herself in an accident, immediate hospitalization and its ensuing costs will follow. Everybody is neither prepared nor endowed with immediate finances to pay the bills of the hospital and the fees of the specialists, let alone the cost of medication, room charges, nursing, diagnostics and physiotherapy. You may add to it the cost of ambulances and fees for the outside consultants, OT charges and so on.
Keeping the above aspect in perspective, what comes to mind is medical insurance that is the only silver lining that comes as timely support for making these payments. Health risks and uncertainties have become commoner for many people in today’s times. In order to brace yourself to meet these exigencies, you should consider buying medical insurance. There are many health insurance companies in the market. You have to choose one with a great deal of prudence so that you get all health insurance benefits.
There are a number of reasons to have yourself and your family medically insured and some of them have already been discussed above. You should be prepared to pay the premium for medical insurance as well. You can calculate the premium payable by using online calculators as well.
5 reasons for buying health insurance
Commuting to and from the workplace, backbreaking work schedules, sedentary lives, unsound eating habits and pollution are some of the fallouts of the kind of lifestyle we lead these days. Sometimes, there is a shocking change in the way we live. All these together take a toll on our health, making us susceptible to medical emergencies at any time.
The spiralling cost of medicine and hospitalization is yet another reason for buying health insurance. During medical emergencies, you’ll end up being broke without insurance and exhaust your savings. We often depend too much on our savings which are tested badly during emergencies.
For income tax benefits too, one should welcome health insurance as well. Under section 80D of the Income Tax act, there are deductions for the premium that you pay for the insurance plan. In all, you can claim up to 1 lakh rupees in deductions if you include your parents in your coverage plan and if your spouse has an independent taxable income.
For pre- and post-hospitalization expenses too, health insurance is a must. There is a cost involved before and after hospitalization. There is the cost of diagnostic tests too. Good insurance plans will cover all these expenses.
You will also get some additional benefits such as ambulance cost coverage, outpatient consultation, health check-ups and vaccination expenses.