Why Health Insurance is a MUST?

Health Insurance

One of the sad realities in our country is the lack of universal health insurance coverage. It is often left to individuals to procure health insurance coverage for self and dependents. Often, we view buying Health insurance as an unnecessary expenditure. After all, what’s going to happen to me (or us). Unfortunately, once that something does happen, you are faced with a huge bill in a typically short span of time. You cannot choose to posptone expenditure during medical emergencies. So you are forced to borrow and pay back over a long period of time. It is a serious setback to your finances. And this could happen to anyone, anytime.

SO HEALTH INSURANCE is A MUST and it is a safeguard against any medical emergency that may befall us. There are a variety of decisions to be made when buying a health insurance policy- these will determine the coverage type and amount, and the policy premium. These include factors like:

  • Co-pay
  • Restrictions on room rent or daily expense
  • sub-limits (disease-wise)
  • waiting periods
  • pre and post hospitalization expense coverage
  • restoration benefits
  • no-claim bonus
  • free health checkups
  • maternity benefits
  • cover for alternative treatments
  • exceptions

The higher/ wider the coverage, more will be the premium. One must go through the fine-print and choose the right policy with terms. Take your time and make the right choice, but definitely create a health insurance cover for the entire family.

Note: Health insurance premiums are eligible for Tax Deductions under section 80(D). So this is an additional incentive to buy health insurance.

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