There is a tremendous increase in the cost of healthcare and the instances of health problems and critical illnesses in our country. Health insurance provides a financial backup during such times of medical emergencies. Health risks and uncertainties can’t be planned in advanced but one can at least be financially prepared against illnesses. One of the ways to be financially prepared against uncertain health risks is by opting for a health insurance plan.
Health insurance is a type of insurance coverage that compensates for the medical expenses incurred by the policyholder. There are different types of health insurance plans, such as individual health insurance, family health insurance, critical illness insurance plans, group health insurance plans. Purchasing health insurance has become imperative in today’s world. Almost all Indians are aware of the concept of health insurance, but the shocking news is that most Indians still don’t acknowledge the importance of having a health insurance cover. India still continues to have the lowest health insurance penetration in the world. Below mentioned are the top three reasons why you should buy a health insurance policy:
The major shift in our lifestyle has made us more prone to a wide range of health problems. The sedentary eating habits, increased level of stress, commuting in heavily polluted areas, hectic work schedules and constant pressure has increased the risk of developing not only lifestyle diseases like diabetes and high blood pressure but also major critical illnesses.
Recently, there has been a drastic increase in medical costs. Medical costs are rising on a regular basis making it difficult to manage healthcare expenses such as doctors consultation fees, hospitalization charges, expensive treatments, diagnostic tests, advanced medications and so on. So, in the case of a medical emergency, most individuals end up exhausting their savings, which takes a toll on their future financial plans. The absence of health insurance plans means that you will have to primarily depend on your own savings when it comes to tackling health emergencies. The average treatment for critical illnesses such as cancer or heart diseases in private hospitals can cost approximately anywhere between Rs 5 lakh to Rs 50 lakh. This makes it important for you to buy a critical illness plan along with your regular health insurance plan. While a health insurance plan will take care of your expensive medical bills within the permissible limitations of the policy, a critical illness insurance plan such as Edelweiss Tokio Life – Criticare+ will provide you with a financial cover you against 17 critical illnesses. This plan provides you with a lumpsum amount on diagnosis of any of the pre-listed critical illnesses such as cancer, heart disease, chronic kidney disorder and so on. Since the cost of treatment involved in critical illnesses is fairly high as compared to regular health problems, critical illness plans are specifically designed to provide financial aid during such difficult times. Such plans are cheaper than mediclaim or health insurance plans as they provide high sum assured at a lower premium cost.
This could not be a sole reason to buy a health insurance policy but definitely a benefit for most tax payers. Under section 80D of the Income Tax Act, 1961, you can avail tax benefits. Tax saving benefit for senior citizens above the age of 60 has been increased from Rs 30,000 to Rs 50,000. So, you can buy a health insurance policy for your parents as well. Why opt for both health insurance and critical illness insurance? It is recommended to be covered under both a health insurance plan and a critical illness insurance plan. A critical illness insurance plan pays you a fixed sum if you are diagnosed with a critical illness that is covered by the policy. You can opt to buy Edelweiss Tokio Life – Criticare+ which is a standalone insurance plan. Critical illness insurance acts as an addition to your basic health coverage in case you are diagnosed with a critical illness. While you can use your regular health insurance to cover your hospitalization bills, the lump sum amount that you receive from the critical illness cover can fund other essential treatment expenses and it can also act as an income replacement until you resume back to work. When to buy health insurance and a critical illness insurance plan? There's no right age to buy health insurance and a critical illness insurance plan. But, if you buy both at an early age, you can enjoy a lower premium. Premiums for health insurance increase with age; that's because health risk increases with age. To summarize, with effective health insurance and critical illness insurance, you can access the best healthcare without worrying about expenses.
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February 2022
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