Why Having Health Insurance is Important for Financial Planning?

MEDICAL INSURANCE



“Planning is bringing the future into the present so that you can do something about it now.”

-Alan Lakein

In today’s time, healthcare has become unmanageably expensive. Getting health insurance is of utmost importance and one should plan finances considering the health insurance plan in which one should invest. Therefore, it is important to opt for affordable health insurance for planning your finances. Having health insurance safeguards an individual’s finances facilitating planning. It also helps in balancing emergency costs.

>> Check: How Having Health Insurance can protect you against financial risks?

Let’s know the importance of health insurance in financial planning.

  1. Medical exigencies: Any difficult situation does not come knocking at the door. Medical exigencies are one of them. Hence, it is advised to opt for health insurance that suits your requirements. This would not affect your savings. Having a health insurance policy takes care of your medical expenses and helps you to sail through difficult times.
  2. Health care: It is important to visit a doctor for maintaining good health. These visits are important for both your children and your parents. Health insurance plans offer health care such as pre and post hospitalization, in-patient care and annual health check-up. In this way, you need to think about money in your regular budget. You only need to pay your monthly healthcare premium that facilitates your financial planning.
  3. Tax benefits: Having a health insurance plan comes with certain tax benefits. Under section 80D of the Income Tax Act, premium paid for for health insurance plan for yourself and your family is exempted from tax subject to Income Tax Law terms and conditions.
  4. Post-retirement life: After retirement when there will be no fixed income, your health insurance plan acts as a savior during medcial emergency or for on-going treatment. All medical expenses will be covered under your health insurance plan. You do not need to spend from your pocket for your treatment after retirement. Moreover, you can even keep your savings to cherish your dreams that you have kept for your post-retirement life. 
  5. Increasing medical cost: The sedentary lifestyle that you have today will surely leads to many ailments in future. Medical inflation is rising rapidly and treatment costs are skyrocketing that can take a toll on your finance, if you are not prepared with a health insurance plan. Hence, opting for health insurance is always a wiser move. Taking care of your health requires money and post-retirement it gets difficult to bear these expenses along with managing your standard of living.

Over to You!

Planning monthly expenses is a smart move as it helps in tracking where the money is going. Unknown expenses can disturb your finances. Having health insurance helps in financial planning as it reduces recurring costs for preventive care. Health insurance and financial planning both are crucial components for living a balanced and happy life.

Religare Health Insurance offers various health insurance plans to individuals and corporate employees. They provide a range of health insurance plans such as family floater plans, critical illness cover and diabetes cover along with the hassle free-claims procedures.

So, what are you thinking? Go and opt for a health insurance plan today.