5 Reasons Why Health Insurance is a Must

While a few years ago, people were not as bothered to invest in a health insurance policy, today the demand for it has increased rapidly. This is mainly due to the stressful lifestyles and a highly polluted environment, which we live in, thereby resulting in an increase of illnesses like never before.

Studies have shown that people who are not insured are not just putting themselves, but also their families at financial risk. We have listed top five reasons that will convince you why it is so important to buy health insurance:

  1. Life is uncertain

No one knows what life brings in its wake. Given the hectic, fast-paced and stressful environments we live in, diseases can pop their ugly heads up unexpectedly. Therefore, investing in a health insurance policy ensures that you are well prepared in case a medical emergency strikes.

  1. Cheaper than rising costs of treatments

If we compare, a health insurance with the exorbitant costs of medical expenses today, the cost of the former is truly negligible. In other words, it is better and wiser to invest today in medical insurance than pay a lot more money when of medical emergency strikes.

  1. To help protect your finances

Dealing with a critical illness can be an expensive affair. Mediclaim policies like a critical illness insurance ensure that you are paid a lump sum amount upon diagnosis of a pre-specified illness, thereby ensuring that your finances and savings do not get affected. This lump sum amount also ensures that the needs of your family are being well taken care of.

  1. To enjoy cashless hospitalization

Most medical insurance policies allow the insured to enjoy cashless hospitalization, where most medical and hospitalization bills are cleared directly by the insurance provider. This kind of a cashless mediclaim policy ensures that you do not have to bother about the due payments, thus leaving you with financial peace of mind especially when during the time of a medical emergency.

  1. Tax benefit

Another great reason to invest in health insurance is that according to Section 80D of The Income Tax Act, premiums paid towards health insurance can be availed for income tax exemption.

It is said that preparation is the key. Hence, being well-organized for an unexpected medical emergency by investing in a medical insurance policy beforehand is of utmost importance in today’s day and age!

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