MuthootBlog

Health Insurance Benefits No One Told You About

  • October 26, 2017
  • rootroot

Healthcare costs have been spiraling with each passing day, and with no idea about what the future may hold for you, Health Insurance must take immediate precedence in your financial planning efforts, to save you from an unexpected financial crunch. You can very well achieve your financial goals, but you need good health to get there, not to mention, any health related emergency can seriously undermine your savings as well.
That is why it is a good idea to invest in a health insurance policy early in life – to mitigate any financial obligations that arise out of health risks. That being said, here’s why investing in Health Insurance makes a lot of sense: –

Safeguard Your Savings and be Financially Prepared

Saving enough to complete your financial objectives takes years of hardships and work, and a single medical emergency can deplete what you have diligently accumulated over the course of many years. In fact, in those times, you cannot even predict when a medical emergency might hit you, which makes it very difficult to arrange for all the required funds all of a sudden.

Nothing is more important than your health and life, and tackling such situations and financial setbacks is possible with the right health insurance policy. With adequate coverage, a health insurance policy should protect you from a lot many medical exigencies.

The tax benefits

Though this should not be a deciding factor in you buying a health insurance, it certainly adds incentive to it. In many ways, Health Insurance is a tax management tool. The premium that you are paying for the insurance (for you or your family, including your parents) offers you the benefits of tax deductions under section 80D of the Income Tax Act, 1961.

Medical costs after retirement

Just because you have been able to save enough for your retirement, doesn’t mean that you can forego Health Insurance. After retirement, it becomes rather difficult for people to pay their medical bills, owing to their limited income. In these situations, Health Insurance can play a crucial role by providing you with financial support in terms of medical treatment and even hospitalization.

There is no denying the fact that having a Health Insurance policy is rather important. However, finding and buying the right policy requires a fair amount of research. The size of your policy should be based on the health profile and history of medical ailments of your family. Consider your needs, income, and your budget, and keep updating your cover based on the prevailing healthcare costs. A word to the wise – always compare your options at the time of buying or renewal, and make sure that you read the fine print before you put your name on the dotted line.

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