5 Important Reasons Why Health Insurance is a Basic Need today

Today, you can buy a medical insurance plan right from home using just your smartphone at pocket-friendly premiums. One reason for this transformation is that the view toward health care and medical treatments has changed radically in the past half-decade.

These days, you are more informed about common lifestyle choices and how they can prevent or lead to diseases. The pandemic has also played a role in underscoring the importance of health. However, health insurance penetration in India is just 4%, and many are forced to pay medical bills out of pocket.

With medical inflation rising in India and with regular health tests becoming key to better health, it is important to realise that medical insurance is not a luxury but a necessity. Read on to know why you must get health insurance for yourself and your family at the earliest.

Way of life has undergone a big transformation

With work-from-home policies becoming the mainstay, people are more vulnerable to health and medical complications. There has been a subsequent rise in lifestyle-related disorders due to the complications resulting from COVID, working from home and isolation.

In fact[EWW2] , medical emergencies resulting from lifestyle or non-communicable diseases (NCDs) aren’t new to the Indian population. Environmental and genetic factors contribute to these NCDs, which are further encouraged or promoted as an outcome of lifestyle choices.

Medical insurance offers coverage for many such issues, making it easier to prevent and treat. Here, choosing a medical cover with the right add-ons is key to tackling issues arising from lifestyle risks.

Healthcare expenses are getting costlier

While reports suggest that health insurance premiums are on the rise, the rising cost[EWW3]  of medical care is a lot more alarming. Data suggests that the medical inflation rate in India stands at 14%, which is very high amount considering that it affects all aspects of care.

To offer perspective, another report[EWW4]  found that:

•         Hospital room rent rose by 3%-4%
•         Prices for consumables shot up by nearly 18%
•         Costs for routine surgeries went up by nearly 10%
•         Costs for major, specialty surgeries increased by nearly 15%

For the uninsured, these costs can quickly lead to medical bills amounting to several lakhs of rupees. This can inflict a great deal of pressure on your savings, and is easily avoidable with proper medical coverage.

Tax benefits give an added advantage

When you pay your health insurance premiums, you can enjoy tax deductions. This is a perk as per section 80D of the Indian Income Tax Act. Mediclaim deductions depend on the insured individual’s age. For policyholders under 60 years, the limit is ₹25,000, and for over 60 years, the limit rises to ₹50,000.

This provides you with an added incentive to purchase comprehensive health insurance. Not only does it work to safeguard your savings, but can help you save on tax too.

Wide range of choices make customisation easier

Health insurance plans offer financial security to you and your family in case of all or specific medical emergencies. Best of all, with modern customisation options, all of these can be clubbed under one plan.

Broader coverage for policyholders from OPDs, diagnostic tests, timely checkups, ambulance cover, surgeries and more are just the surface-level benefits included in all insurance plans. With an add-on coverage on your existing health insurance plan, you can also expand to cover critical illnesses, pre- and post-natal care and AYUSH treatments.

This customisability of health insurance makes it an easily accessible, all-encompassing solution for all your medical needs.

Health checks are included in comprehensive plans

Health insurance benefits focused around hospitalisation expenses are common knowledge. But you can also use your insurance plan for regular health checkups. With the right plan, you can save out-of-pocket expenditures on health tests and daycare procedures.

Therefore, health insurance is an outstanding tool for preventive care.  

Now that you know all these reasons to get health insurance, sign up for the ideal plan today. Choose from individual or family plans and select a comprehensive policy that includes all the add-ons you require. This way, you can tailor your health plan to your unique needs.

To make this process easier on yourself, download the Bajaj Markets App from Google Play or the App Store. This one-stop financial marketplace gives you access to the top health insurers, so you can compare plans in an instant and apply online in minutes! Get started now and protect your health and your finances.