Is It Necessary To Buy Health Insurance In India?

India is a country with one of the lowest health insurance penetration in the world, with only 18% of people in urban areas and 14% in rural areas covered covered under any kind of health insurance scheme. People still fail to understand why a Health Insurance policy is a must-have in India, despite the fact that these policies no longer serve just as investment products. 

In case you too are not sure about getting a health insurance policy for yourself, here are some reasons why you should:

We work hard to maintain financial stability in life. From our investments to savings, we manage our finances as carefully as possible to meet our financial goals at different milestones of our lives. However, an unforeseen illness or injury can easily ruin your finances. Health Insurance can protect you from such financial emergencies without dipping into your savings.

# Protecting your financial well-being
Each one of us seeks financial security for ourselves as well as our families by planning savings and investments but if you wish to protect your financial well-being you can't ignore the importance of Health Insurance. In case of a medical emergency, you may end up giving up on your savings or investment hence your Health Insurance plan will protect you from such contingencies. In other words, you can receive good quality healthcare without worrying about your finances.

# Healthcare costs are on the rise
Inflation has been on an all-time rise and hasn’t spared even the healthcare sector. With rising hospital and overall healthcare costs, purchasing a health insurance policy has become a necessity. One can never be too safe or predict serious illnesses and accidents in the near future. In such cases, critical illness insurance, personal accident insurance, and other specialised policies come in handy.

# Life in the modern world
Our lifestyles have changed over time, we work in high-pressure environments, often overlook our health, travel a lot, live a sedentary lifestyle and even ignore small signs of health problems that eventually lead to bigger problems. Life in the modern world has given rise to medical conditions like diabetes, cholesterol, blood pressure, and other stress-related disorders which is the reason why the need for comprehensive Health Insurance is a must.

Regular health check-ups, cashless coverage, and the best medical facilities at the best hospitals are all benefits of having health insurance, which will keep you and your family assured in each other. Furthermore, critical illness insurance and personal accident insurance may be more appropriate for people who face higher occupational risks or have pre-existing health conditions.

# Assessment of tax benefits
A Health Insurance plan provides significant benefits under section 80D of the IT Act where you can claim a tax deduction of up to Rs. 25,000 for the premiums you paid for yourself and up to Rs. 50,000 for senior parents.

# A number of policies are now available
Today, a wide range of Health Insurance policies are readily available at affordable premiums. Individual plans, family floater plans, plans for people with pre-existing conditions, child plans, and even exclusive policies for seniors are now available. You can select an affordable plan that meets your requirements.

# A health insurance policy offers special benefits
○    Pre- and post-hospitalisation expenses are also covered. It also includes your hospital stay
○    You can avail of cashless treatments if you choose to be treated at one of the hospitals within the network
○    Transportation charges like ambulance are also covered
○    You claim tax benefits on premiums paid.

Financial advisors and experts believe in the importance of investing in a Health Insurance plan to protect not only yourself and your family but also your finances. Begin early, compare all plans, and invest in health insurance and family health insurance plans that are flexible to your and your family's needs.