The adage, health is wealth, is indeed the ultimate truth. The pandemic situation worldwide has made everyone realize that good health cannot be compromised with anything else. That being said, the importance of health insurance has gained more prominence than ever before.
Planning your finances can have many investment options, but one option to not ignore is a health insurance plan. Although not a direct form of investment, it is an investment that safeguards all your other investments. Thus, it is of critical importance to invest in a policy that suits you. Here are some reasons why you should not miss on adding a health insurance policy as a part of your financial plan –
Uncertainty of life makes you prepare for it in advance. One such uncertainty is a medical emergency. These emergencies can happen at any time and any place. No amount of planning can help other than opting for a health insurance cover. Considering the rising of treatment facilities, it is prudent to opt for financial cover in a health insurance policy. Moreover, medical emergencies can stress you mentally, but you need not worry about the finances at these times using a health insurance cover.
Having an investment that has coverage for your medical needs and offers tax benefits is handy. Health insurance plans for family, an individual, senior citizens, critical illness cover, or group insurance plans have tax benefits under Section 80D of the Income Tax Act, 1961. Premiums paid are reduced from your total income, thereby providing tax benefits along with health coverage.
Support in golden years
You have a sense of security when it comes to health issues. It is easier to manage your finances and save when you are working. But as you enter the retirement stage, there is limited income, and all you have a backup is your lifelong savings. Spending this hard-earned money on medical expenses can have an impact on your future. Thus, a health insurance policy helps safeguard your savings in your golden years while addressing necessary medical needs.
Financial support against life-threatening diseases
As you grow older, there is an increased risk of health ailments. Moreover, the present-day lifestyle has exposed us to illnesses that can be fatal. Thus, it is necessary to include critical illness insurance in your portfolio. Further increasing treatment costs can burn a hole in your pocket, and thus to ensure financial safety, adding a health insurance cover to your financial portfolio makes it necessary.
Health insurance plans can now be purchased with a lifelong renewability option. This determines your premium at the start, and you can ensure coverage at the same amount of premium for the rest of your life. But note that not all plans have this option. Make sure you select one that offers lifetime renewability. So do not wait for a medical emergency and ensure your financial security for medical contingencies today! These are some of the reasons that make it crucial to have health insurance coverage as part of your financial plan.