5 reasons you should buy health insurance

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Do you have a health insurance policy? Do you know Employee health insurance or Retail Health insurance policy? 

Do you know the benefits of group health insurance? Well, here is an article explaining the benefits of having a group health insurance policy. 

Here are the 5 reasons to buy a health insurance policy: – 

  • Financial Security: Insurance provides financial protection to people in case of any uncertainties. Health insurance policy provides financial security in case of any mis happenings. Health insurance would be suggested by financial experts to make it a part of the financial planning. 

Having a health insurance policy can help you from breaking your savings or fixed deposits at the time of hospitalization. Ethika insurance advises to have a health insurance policy as one claim is enough to push people into poverty as the medical bills are quite unaffordable these days. 

  • Prevent debt traps: There are certain cases where people fell into debt to pay the hospital bills due to an accident or illness. It would be very difficult for normal people to afford such high hospital bills in a single shot. If you don’t have a health insurance policy, you would be forced to get into debt to settle the bill and then later repay the debt. For example, a person with ₹5 lac income per year might not be able to afford ₹10lacs claim on the spot. For this purpose people take money on debt and later repay it with high interest. 

Those who have fixed deposits and other assets would break them or sell them to afford the hospital bill.All these scenarios can be avoided by taking a health insurance policy. The coverage under the health insurance policy can be decided by the customer keeping in mind the rising health care costs. 

  • Income tax exemption: Health insurance premiums paid are eligible for income tax exemption under the section 80D. The maximum income tax exemption would be ₹1 lacs under the section 80D of the income tax. 

The income tax exemption is applicable to people who pay the health insurance premium only. Income tax exemption can be availed by taking health insurance policy from any insurance company. 

  • Free medical checkups: Wanna have a free medical checkup to know your health condition? Then the best way to get a free medical checkup is to purchase a health insurance policy. The benefits of group health insurance policy is the free medical check-ups which are offered every year to all the members of the policy. 

Free medical check-ups would help the members of the policy to understand their vitals and improve their health condition if necessary

  • Healthcare Inflation: The other reason to take a health insurance policy is to fight the healthcare inflation which is around 7% in India. Healthcare inflation can burn a hole in your pockets if you don’t have a health insurance policy. The healthcare inflation in India needs to be countered with an increase in the sum insured in the health insurance policy.