Financial portfolios constitute differently depending on the stage of your life. Older individuals are risk-averse whereas young individuals are more open to taking risks. While these portfolios may include different investment tools, one common avenue is a health insurance policy. Why you may ask. It is associated with providing financial support for availing necessary medical treatments but at the same time protecting your investment too. Having a health insurance policy will no longer require you to disinvest to pay for the treatment costs. Here are a few more reasons that make it a crucial part of your treatment –
Coverage for health-related concerns: Needless to say, the current global scenario has made it necessary to have health insurance coverage. Be it a small kid or an old person, everyone is prone to illnesses. It may either be as a result of lifestyle or genetic transmission, whatever be it, health insurance plans help create a financial buffer. Buying an insurance cover will help you prevent a sudden financial responsibility that you need to cater to. Moreover, different plans can be customised to provide the benefits that may be suitable for your healthcare needs. Cashless treatment, pre and post-hospitalisation cover, ambulance charges, cumulative benefits, preventive health checkup, coverage for daycare expenses, etc are some popular features that should be included in your plan.
Financial safety against soaring medical costs: Medical technology has seen tremendous development over the past decade. This has resulted in the treatments available for most ailments, but consequently has increased its cost too. To combat these expensive treatment costs, health insurance is the best solution. With a plethora of choices of insurance plans, a plan is available for almost any budget. Moreover, treatment of critical ailments like heart attack, cancers of varying intensity, and more can be included under critical illness insurance. Buying these insurance covers will help you save your financial resources that otherwise shall be paid out of your hard-earned savings.
It pays to start early: Insurance plans offer the advantage of lower premiums for young buyers. The primary reason for it is lower susceptibility to ailments and illnesses. Moreover, the earlier you start, you can get done with the waiting period by the time you actually require medical support. This way, any unexpected treatment later in your life can be covered without worrying about hefty premiums or waiting period.
Tax benefits: Health insurance plans not only provide financial assistance for medical coverage, but also provide tax benefits from your return of income. The premiums paid for availing coverage is deductible up to a specified amount from your total income. Thus, you enjoy the benefits of financial assistance for treatments along with the advantage of reducing your tax liabilities. The limits vary for senior citizens and other individuals which are specified in Section 80D of the Income Tax Act.
To conclude, take advantage of health insurance plans which are investments to save-your-investments so that you need not liquidate. When selecting the right policy for your family, using a health insurance premium calculator is recommended to facilitate comparison of the available plans and determine the coverage based on your requirements while keeping an eye on the premium.