Understanding The Necessity of Health Insurance

We work very hard to have a joyous life with minimum worries. We don’t want to leave any lapses in our arrangement and spare any space for falter. To ensure a smooth sailing of your household certain planning needs to be done. It is imperative to secure the health of your family among many other things. Thus, having health insurance is one such plan that you must have to deal with medical emergencies. Diseases, accidents and other such health hazards don’t give prior notice of their coming in our lives. Thus, we should always be financially ready to meet such unwanted disturbances of our lives and take timely treatment in a desired hospital.

Health is one thing on which you shouldn’t compromise. Thus, no matter what a health insurance policy should form part of your budget. A serious disease can even bankrupt a person and paying hospital bills out of pocket is unwise when you could have had a health cover to pay those bills. Such lapses in your budget planning can really disrupt your finances. Health complications are not something that one cannot perceive them coming. At any moment an accident can occur in the family or a common disease like typhoid or dengue case in the family can need hospitalization to get cured.

By having a good health insurance cover one gets to appreciate and encourage the great medical advances happening around. Without money in your pocket or financial backing in the form of health insurance you’ll be bereft of taking treatment in these state of the art hospitals that employs country’s best doctors. Getting treatment in such hospitals enhance treatment and chances of cure. By getting a good insurance policy you can look for treatments in better hospitals earlier thought as out of reach.

With its initiative to promote health and wellness in the country the government gives tax concession under section 80D of the Income Tax Act, 1961. Total deduction of up to INR 15000 is allowed for self, spouse or children. It can be up to INR 20000 if self or spouse is senior citizens. An additional deduction up to INR 15000 is allowed if one takes health insurance for one’s parents. The additional deduction can go up to INR20000 if parents are senior citizens. Thus, the premium paid by you is not all in all a waste if you don’t claim in the year. The government understands the value of having a health cover that is why it tries to bring the burden of premium down as far as possible by rewarding tax rebates.

It is important to compare health plans of the various insurance providers on merits such as premium, network and market reputation of the insurer. A good hospital network is important as you can take cashless treatment in network hospitals and thus, would be saved from waiting for reimbursements and paying out of pocket in the first place. Market reputation of the insurer is also very important to ensure that your claim would be settled with many hassles. You may consult an insurance professional or compare online to have a better plan selection.

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