When it comes to health insurance, there is a certain lack of awareness as many people out there continue to view it merely as a tax-saving instrument. It can adversely affect your financial wellbeing if you end up getting a health insurance plan without fully understanding your needs and knowing how to protect your family either.
Instead of just looking at health insurance as a tax-saving tool, consider it as an instrument that helps manage one’s risk-management capacity, especially during medical emergencies. Here are some of the important reasons why you need to consider health insurance as a necessity in today’s day and age:
- Growing incidence of lifestyle disease and critical illnesses
- Ever-rising stress, that is being seen more and more in the younger generation
- Inflation and sky-rocketed costs of medicare and healthcare
Not only do you get a medical cover with health insurance but also an opportunity to lead a healthier life. You should try and have health insurance in place early in life, because the younger you are, the more discounts you can claim on your insurance premiums. This is because younger people are generally healthier and do not have any critical illnesses at that point in life.
How to Pick Health Insurance Policy for Yourself and Your Family?
There are many benefits of buying health insurance at an early age, as you not only make provision for the hefty hospitalisation bills in advance but also have a secure future financially. However, there are many options available today when it comes to a comprehensive health insurance plan, and it is important to know a few things before you proceed to buy one.
1. Age Of the Applicant
There are many health insurance benefits that are lucrative for earning individuals but buying in at an early age just offers you every possible scenario you can imagine. At an early age, you are likely to be healthier and less prone to disease and illness, and hence, insurance providers offer you the insurance cover of your choice and every rider that you can wish for.
2. Coverage Amount
Make sure you opt for the appropriate coverage amount and benefits with your health insurance policy. Research online health insurance plans provided by various insurance providers and opt for the one that can be customized to suit your family’s needs as well. Today, you will find myriads of online health insurance plans that you can explore, and choose one that aligns with your needs the best.
3. COVID-19 Specific Insurance
The current coronavirus pandemic has left every individual worried about rising medical expenses and hospitalization. If you are looking for a specific cover that offers these benefits, then there are many types of COVID-19 insurance schemes that you can look into.
Besides, unlike other types of COVID-19 insurance, Max Life COVID-19 Rider provides financial protection in the event of a diagnosis and death from COVID-19 disease, and you can consider this for your loved ones’ benefit even in your absence.
4. The Type of Health Insurance
While there are many types of health insurance plans you can select from, it is important to know who you wish to cover under the policy. An individual health plan, for example, benefits only the policyholder and can be an ideal plan for people who are young and single.
However, if you wish to cover your family then one of the best plans would be a family floater policy. These types of policies offer coverage to kids, adults, and older people alike. One of the biggest benefits of this plan is that the policyholder can take care of their family members in a single policy instead of having a different policy and premium payment plan for all members.
5. Tax Benefits
Another benefit that a health insurance plan could offer besides medical cover and financial protection is tax saving. Under section 80D of the Income Tax Act, deduction of Mediclaim premium applies to senior citizens, HUF and earning individuals at large.
The premiums paid towards the health insurance of individuals who are less than 65 years of age, will qualify for a tax deduction. You can also claim a tax deduction on the premium being paid towards the health insurance policy of a dependent parent.
Once you find the right online health insurance plan, you can rest assured that your family’s health and well-being will be in the right hands.