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Importance of Health Insurance in India

Published On Mar 24, 2021, Updated On May 03, 2021

Health insurance has become a necessity for each and every individual in India. The insurance cover offers a financial safety net against expenses, which are caused because of any unplanned medical emergencies. Nowadays, when the medical inflation rates are sky-rocketing, failing to get a sufficient health insurance plan can prove to be extremely costly and financially draining. While health insurance plans are gaining immense popularity, still there are many individuals who consider it as an expense and fail to understand its importance. In case, you are also not able to decide whether you wish to invest in a health insurance plan or not, then given below are a few important points that you should consider.

Importance of Health Insurance in India

Importance of Purchasing Health Insurance Plan in India

Highlighted below are some of the points explaining the importance of purchasing a health insurance plan:

  • Change in Lifestyle

    There has been an immense change in the lifestyle of people today, we are required to travel a lot, cannot find enough time to look after our health, less physical activities and also we often overlook small signs of an emerging health ailment, which can become severe in future. Therefore, health insurance plans are a major necessity today as it involves frequent medical tests, offers best health care facilities at renowned hospitals/ treatment centers and also covers other wide range of healthcare treatments.
  • Rising Healthcare Expenses

Healthcare expenses are today extremely costly, and it is evaluated that the cost would rise further in future because of rise in medical inflation. Therefore, in order to protect yourself from rising healthcare expenses and to stay protected financially, it is important to have a health insurance plan.

  • Financial Safety Net

Each and every individual wants to lead a life which is financially secured. Although, achieving financial security is associated majorly with saving sufficiently for your future, however, getting yourself insured under a right health insurance plan is equally important. During the time of medical emergencies, in the absence of a health insurance policy, you will be required to pay from your savings, which would ultimately leave a bad impact on your financial condition. Health insurance plans help you in effectively managing your emergency medical requirements so that you can use your savings in a more efficient manner.

  • Tax Benefit

As per the section 80D of the Income Tax Act, a policyholder for their health insurance premium paid for themselves can claim a tax deduction of up to Rs. 50,000 for premium of health plan bought for their parents (senior citizens).

  • Availability of various Health Insurance Plans

There are a variety of health insurance plans available ranging from family floater plans, individual plans, plans with pre-existing diseases, child health health to special health plans for senior citizens. As per your requirements and budgets, you can buy the policy that best fits your needs. The premiums for various health insurance plans have also fallen considerably in recent years and the process of claim settlement has also become easier in order to provide enhanced convenience to the policy buyers.

  • Early Incidence of Health Disorder

Changes in the lifestyle, poor eating habits and pollution are some of the primary factors that have resulted in the early incidence of a variety of severe health conditions. Getting yourself insured under a proper health insurance plan helps you in availing free annual health check-ups frequently, henceforth, safeguarding you from developing severe health ailments.

At the End

Having health insurance today is not a luxury but a necessity for each one of us. To understand the importance of having a health insurance plan, you can carefully go through the afore-mentioned points that depicts the importance of having a health insurance plan in India. Henceforth, it will get easier for you to understand the significance of investing in an appropriate health insurance plan early in life.

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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