Why Health Insurance Should Be Given Priority In Your Financial Planning Of 2020

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Health Insurance is perhaps the only insurance plan that has been severely misunderstood. While the level of uncertainty is increasing day by day, the cost of health care has increased a lot.

Health insurance is possibly the only insurance product that hasn’t taken as seriously as it should be. The insurance decisions you make should be according to your family, age and economic situation. There are many forms of insurance and unluckily not every size fits all the policies. Therefore, health insurance should be one of the top concerns and it should be availed during the beginning of the year.

Here are some benefits that will definitely give you the importance of health insurance:

BenefitPost-Retirement

Health insurance plans can be renewed throughout the lifetime and this benefit is very essential in post-retirement when you don’t get coverage benefits by the corporate insurance provided by an employer. After retirement, your income reduces but the chances of medical contingencies still remain high. Pay premium regularly on time and before buying look after the clauses like Co-pay, critical illness cover, OPD payment and so on.

BenefitOf Buying Health Insurance At Young Age

While one is young and free from all the medical complications, the premium is lower and the policy delivers sufficient coverage in comparison to the policy accomplished at an older age. Most of the health insurance is bought at an older age to exclude the already existing disease and you need not pay for the treatment. One can enjoy the benefits if they renew the policy without any claims.

Medical Costs Consume Your Savings Very Fast

Everyone knows that medical costs are increasing day-by-day. Looking at the increment, do you think you can handle it alone without a cover? Additionally, the cost of hospitalization and surgical procedures are getting out of reach. Your earned money can disappear overnight. Here comes the need to buy health insurance online which can act as a savior when it comes to a medical emergency.

Health Insurance Assist To Save Tax Under Section 80(D)

Don’t you always think of saving your tax as much as you can? Well then, health insurance takes complete care of your health as well as taxes. According to section 80(D), a person can claim deductions for the premium that they have to give for a health insurance plan.

Under 80(C), this deduction is beyond the limit of Rs. 1,50,000. During the financial year 2017-2018, under section 80(D), you can request or claim for deduction of Rs 25,000 for a premium paid for a health insurance plan, spouse and children can have an additional deduction of 24,000 per annum from the premiums paid to give coverage to their parents. For individual people who are above the age of 60, this limit is Rs. 30,000.

Above all the reasons for buying a health insurance plan, the primary reason to invest in such plans should be giving yourself a comfortable cushion for any kind of medical emergencies to you and your family.