Why Health Insurance Shouldn’t Be Ignored: Importance & Benefits

In today’s world, even a simple trip to the doctor can leave you with a hole in your pocket. With the medical inflation rate in India reaching as much as 14%^[1], you should be prepared rather than feel sorry about the unforeseen expense burden of medical emergencies. 

If you have a health insurance policy, it is like having a safety net to protect you from financial distress. With financial protection from your insurance, you can focus on getting the best treatment without worrying about depleting your savings. 

Read through the article to understand the importance of health insurance, especially if you are young or have financial responsibilities.  

Do Not Ignore Health Insurance:

Modern life has got us juggling long hours, bad meals, and viewing screens for extended periods. No wonder health is taking a hit, even for youngsters. Illnesses can strike anyone, and unexpected bills can be brutal. 

For example, nobody could predict the catastrophic impact of COVID-19 before it happened. Millions of people, including the healthy and not-so-healthy, became victims of the Coronavirus. Not only Did COVID-19 bring health implications, but it also had financial implications. 

Financial stability can quickly crumble without comprehensive health insurance due to unexpected medical expenses like COVID-19 or other illnesses. Obtaining the right health plan can provide peace of mind and financial security in the long term. Insurance is not to predict the future but to be financially stronger against the odds:

• Rising Lifestyle Diseases – Diabetes, which was once considered a condition among the elderly, is now increasingly prevalent among the younger generation, too. Stress, pollution, fast food, and sleep deficits contribute to unhealthy lifestyles. Not only are the treatment costs covered by insurers but with regular checkups sponsored by an insurer, you can detect these diseases early, nipping lifestyle disease risks in the bud.
• Best Healthcare For Your Family – Your dependants deserve the world, and the least you can give them is worry-free healthcare when they need it without the friction of cost.
• Corporate Insurance Might Not Be Enough– Let’s face it: In most cases, employers do the bare minimum to protect you against medical emergencies. You can’t customise it to meet your or your family’s specific needs.
• Inflation Is Rising – Medical bills are rising by 14% as per 2023 reports and can mow down your life savings. 71%^[2] of working adults are left to deal with healthcare expenses alone! Don’t be one of those, and get your plan today & enjoy health insurance benefits like taking care of your medical expenses without draining your finances.
• Don’t Miss Out On Tax Benefits of Health Insurance – You can not only protect your savings while treatment but also claim tax benefits up to ₹ 25,000^[3] for those under Section 80D of the Income Tax Act with a health insurance plan.
• Start Early For Healthy Discounts – The sooner you begin your insurance journey, the better it will be. Young age translates to a healthy background leading to lower premiums. Lock in lower premium rates and finish those waiting periods for pre-existing conditions when you are young. If anything pops up later, you will be fully covered.

Key Takeaways

Health insurance is like investing in your future health, with guaranteed returns, peace of mind, and financial security. When you know you’re covered, no more sleepless nights will be spent fretting about bills or delaying care because of the cost. It is like a weight lifted off your shoulders, freeing you to prioritise your health. Additionally, with platforms such as PhonePe, managing your health insurance becomes even simpler. 

In conclusion, do not ignore health insurance at any cost!