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Why Do You Need Health Insurance?
Lifestyle habits, increasing pollution levels, aggravating stress levels, and augmenting pervasiveness of diseases have enhanced the risk of suffering from unforeseen health problems. A sudden need for treatment may leave the patient’s family financially distressed as they have to dig deep into their savings to pay for the costs of treatment. Some families also have had to liquidate their investments to ensure that the loved ones get the best possible treatment. Health plans, on the other hand, keep the policyholders and their loved ones protected by paying off the medical bills and, thus, relieving the families from an unwarranted financial crisis.
Listed following are some factors that shed light on why buying health insurance is important, but must be included as an essential financial instrument. These may include:
- Financial security is the ultimate aim of every individual or family belonging to any income group. However, the extent of financial security not only depends on how much you invest but to the extent you can save on your income levels. Ignoring the need to invest in a health insurance plan results in many people having to pay their medical bills by withdrawing from their savings account. Hefty bills may also cause them to postpone investing in important financial instruments that provide security in the long run. Health insurance plans not only defray rising costs of medical expenses but ensure added tax benefits too as the insured can claim a deduction on the premiums under Section 80D of the Income Tax Act.
- A shift in lifestyle may have many medical complications. As opposed to earlier days when people used to walk for long hours or indulged in manual labor, most of them live a sedentary lifestyle, thus, resulting in continued health problems. Having a health insurance policy in place ensures that the policyholder avails medical checkups regularly, and gets the much-needed treatment at the best available medical treatment facilities.
