The Role of Health Insurance in your Financial Plan
The increase in onion prices in India has impacted the monthly budget of many Indian families. Not everyone is lucky enough to get hefty pay-checks each month. Many middle-class families struggle to make ends meet to fulfill their household needs.
This is one example to explain how some unexpected things can burn a hole in the pocket. In fact, unforeseen events like medical emergencies can sometimes lead to serious financial problems for a family. This just hints at the importance of choosing smart ways of financial savings. Investing in Family Health Insurance Plans is a sensible choice when it comes to safeguarding oneself from potential financial crises.
Health plans are more than merely money-saving tools. With such plans, you can avail the best medical treatment for any illness which otherwise would have been expensive. This is quite true as healthcare costs in India are soaring steadily.
We explain, below, the top reasons why you must consider health insurance as an integral part of your budget.
Most of us are engrossed in the hectic work schedules that we tend to ignore our health. Rising pollution, unhealthy eating habits, and various lifestyle and genetic factors put us more at risk of developing diseases. Studies show that millions of Indians are affected by diabetes and hypertension at quite a young age.
Buying family health plans will ensure that unplanned costs say, as a result of sudden hospitalization, do not affect the family budget.
This way focusing on fulfilling other financial objectives, like purchasing a car or a house, becomes easier.
Aging and Illnesses
The risks of developing diseases or a worsening pre-existing health condition is higher in old-age. Moreover, people may not have a steady income source as they reach their retirement years.
Predicting one’s expenses in the future is extremely necessary as it is likely to be higher than current expenses. Investing in pension schemes and Health Insurance for Senior Citizens guarantees a comfortable future. Senior Citizens Plans is highly recommended for those who have aging parents at home.
In order to save taxes, many salaried Indians opt for money-saving options like fixed deposits and Public Provident Fund. In fact, tax savings are possible even with health plans.
Health insurance policies offer dual advantages in the form of health coverage as well as tax benefits. They help you save your hard money as you are eligible for tax deductions under Section 80D of the Income Tax Act for the premium you pay towards your health policy.
The percentage of people who are aware of health insurance and its importance in India is quite low compared to the population in India. Industry experts say that barely 27% of the people in the country are covered by medical insurance.
Setting a financial plan by keeping your liabilities in mind is vital for reaching your life goals without hurdles. Do not let lack of awareness deprive you of a good financial plan that can be designed by including health insurance as a critical component.
Approach a professional who may help you assess your needs and make the right decisions. Select Family Health Insurance Plans from Religare Health Insurance.