Buying a health insurance? Here is everything you should know
What's the story
With the ever-rising instances of diseases across the world, the importance of health insurance is something that should not be overlooked.
The development of excellent medical infrastructure ensures that almost every ailment is now treatable. But this has parallelly led to a huge increase in the cost of treatment as well.
Here are reasons why you should consider buying a mediclaim health insurance policy.
Benefits #1
Buying medical insurance financially secures you during unfortunate health crisis
1) Diseases and medical emergencies come unannounced, and buying a mediclaim policy will ensure that you're financially prepared for worst-case scenarios.
2) If you have elderly parents or young children, a family health policy will ensure that you're in a better position to handle unforeseen circumstances.
3) Health insurances are flexible plans. This means that you can customize the plan to suit your requirements.
Benefits #2
Medical insurance makes you eligible for tax deductions
4) Section 80D of the IT Act makes you eligible for tax deductions on premiums made for medical insurance for yourself or your family members.
5) Last but not least, our current lifestyle is one of the major reasons to buy health insurance. A fast-paced life means that most of us are exposed to unhealthy habits that increase our risk of falling ill.
When to buy
The right time to buy a health insurance
How soon is too soon to secure your health? The answer is simple. There is no right age to buy a mediclaim policy.
However, at a younger age, you are at a lesser risk of diseases and this also accounts for lesser premiums.
With an increase in age, the risk of illnesses increases, and hence premiums become more expensive as well.
Tips
Few tips to buy the right policy
Individual plans are suitable for those who do not have a family to support.
However, if you have elderly parents or kids, it is advisable to choose a family health policy that insures the entire family.
For maximum security, choose policies that cover pre- and post-hospitalization charges and illnesses that you may be at risk of due to your family's medical history, among others.