Often people think they do not need health insurance as they are mostly healthy and are not in the requirement for a doctor or hospital visitations. However, investing in health insurance is still a sound strategy to make sure your health is secured not only at the moment but also at any time in the future. Read on to know the top reasons why you should invest in health insurance plans even though you find yourself in top health at the moment.
- Cumulative bonus and lifelong renewal
Having a health insurance policy in India mostly comes with the feature of cumulative bonuses and lifelong renewal. This means that for every year you do not make a claim off your health insurance policy, part of your premium payments gets transferred on as a bonus on to the next year. This is essentially beneficial for individuals who are at sound health at the moment as their premiums will add up yearly to create a huge reserve that can be used for sudden medical emergencies at any future point in their life. For young and healthy individuals this can be a great way to financially secure medical expenses for the future and old age.
- Medical checkup coverage
It is essential for all individuals to undergo comprehensive medical check-ups at least once every year or so. Some diseases have the tendency to creep up on you without many symptoms and cause major problems when surfaced. However, a comprehensive and quality medical checkup can be exhaustive on your bank balance. This is exactly where having a good medical health insurance can help. Most insurance policies in India provide coverage for annual medical check-ups, thus helping the policyholder to carry out this crucial task with ease without having to worry about the expenditure.
- Tax savings
In India, you are allowed by law to make deductions up to Rs. 25,000 every economic year in lieu of medical insurance premium payments. This law not only helps and promotes taxpaying individuals to invest in medical health insurance policies to secure their health but also does help save a lot of money on tax. When an individual finds himself free off the burden of constantly making sure they have enough money saved up for sudden medical emergencies while receiving tax deductions for doing so, he or she can then plan their finances and saving for other purposes like a new house, new car, further studies, etc.
- Emergency hospitalization coverage
One never really knows when there can be a medical emergency. Accidents happen daily in the country and there are several diseases that creep up unnoticed and cause havoc on one’s health at later stages. Treating for these unforeseen circumstances can be a massive burden on one’s finances. Having health insurance effectively kills this burden and worry. Most insurance plans in India provide coverage for hospitalization and emergency ambulance (even air ambulances in case of life-threatening situations).
Thus, even if you are a healthy and young individual it is never too early to start investing for future health concerns.
