Know Why Health Insurance Is Vital Part Of Financial Planning

Health is wealth they say and indeed so it is. Today health is a big issue as the pollution levels as well as the stress levels are increasing day by day. Health insurance has thus become a primary concern and we should plan our finances considering the health insurance policy in which we invest. Health insurance is a very crucial component of financial planning. 

Health Insurance Is Important For Financial Planning

Let us have a look at what all things will be affected due to the health insurance and how you can tactfully deal with it to manage your finances.

• Medical Emergencies

Life is uncertain and anything can happen at any given point of time. Medical emergencies are the perfect example of this. Medical emergencies or accidents can happen anywhere, anytime and thus one needs to be prepared for any situation. With the rising cost of medical expenses, it is always better to have a personal accident policy. This would not put a hole in your pocket in case any such emergency arises. The insurance company will take care of your expenses and will help you in such tough situations.

• Tax Benefits

Having mediclaim insurance also has certain tax benefits. Having health insurance for your family as well as for yourself is beneficial as it has some attractive benefits as per the income tax law under section 80D. You can get a maximum deduction of rupees sixty thousand under this section.

• After Retirement Life

Life is always easy while a person is working. Once the income stops then the real struggle begins. Well if you have a health insurance policy life becomes much easier as you have security when it comes to your health issues. We all have some post retirement goals like travelling the world or settling in a big house or something similar to that. A health insurance policy will also help you in achieving these goals as the main concern in the after retirement is that your health care costs will be taken care of by the policy.

• Recurring Medical Costs

Old age is difficult and one may never know what kind of diseases they will encounter. The lifestyle which we have today surely invites all kinds of diseases. Recurring medical costs are something which you may have to encounter in your old age. And one must be prepared for such types of expenses. With the skyrocketing prices in the medical sector, your finances may take a great toll if you are not well equipped with a health insurance policy. Critical illness or long term care health problems require money and after retirement, it is very hard to bear these costs along with maintaining your standard of living.

Conclusion

Looking after your health should be your primary concern and thus opting for a health insurance policy, which would support you in times of need, is very important for every person. Thus one must go for a health insurance policy after making a thorough market research and looking at all the benefits which the policy has to offer. In this age of digitization buying a health insurance policy has become all the more easy as the option of availing health insurance online has also become available.

Also read- Which Is Better For Me: Short-Term Or Long-Term Health Insurance

Health insurance covers variety of illnesses.