4 key reasons to consider health insurance as a part of your financial planning

Mr. Ajay Shah, Director & Head- Retail, Care Health Insurance said “Getting a comprehensive health insurance plan for your family with a trustworthy insurer is a great way of expressing care for our loved ones! The ever-increasing cost of medical expenses and the availability of comprehensive coverage for the family’s security against the unforeseen medical emergencies of the future make it all the more critical and conducive to getting Health Insurance. Furthermore, health coverage also gets you the benefit of saving tax under Section 80D of the Income Tax Act, 1961.”

Nitin Rao, Head Products and Proposition, Epsilon Money Mart said “In the last two years the need for having health insurance has become very vital. With the rising hospital expenses, many people believe they are just a medical emergency away from bankruptcy. Therefore, to achieve financial freedom, one must include health insurance plans in their budget when thinking about financial planning.”

Here are the 4 key reasons to buy health insurance as per Nitin Rao

1. Dealing With Emergencies – Life is unpredictable, and anything can occur at any time. It is usually preferable to obtain personal accident coverage due to the escalating prices of medical expenditures. The insurance provider will cover your costs and assist you in such trying circumstances. If you have medical insurance with the right coverage, all you will need to do is concentrate on your well-being and recovery or that of a loved one.

2. Finances – Having savings covering out-of-pocket healthcare bills is crucial because healthcare costs are constantly rising. The money you don’t spend can be set away to build on the savings you can use later as per your requirements. If you wish to be taken care of in the case of a medical emergency while not having to eat into your savings, you should opt for a health insurance plan. If you have an alternative, you should not have to spend the money you have worked so hard to save for unforeseen medical expenses. A health insurance policy is made to cover rising medical costs. The plan safeguards your money from being depleted in a health emergency by covering these costs.

3. Old Age Planning – The first step you take towards securing your retirement life is when you put money aside to buy a health insurance plan. Everyone imagines retirement as a carefree and happy time. But you may face severe difficulties if you get sick unexpectedly and do not possess health insurance. In addition, after retiring, you will likely have little or no sources of income, making even a minor treatment or brief hospital stay expensive. As a result, a health insurance policy is essential.

4. Tax saving – By buying health insurance, customers get tax deductions under section 80D.

The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.