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Investing in a health insurance policy is important .pdf


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Why investing in a health insurance policy is as important as staying healthy
“Health is Wealth”, this is perhaps the most common saying which we have grown up with. Right
from childhood, most of us have heard this, either from parents, grandparents, school teachers or
friends. While we may be in a position to ignore other sayings, this is one which cannot be ignored,
or taken lightly, for staying healthy is imperative to our survival, with the laws of our world testing
the survival of the fittest.
Modern life and health
There is no denying the fact that our lifestyle has taken a beating over the years, with most of us
having no time to focus on our health. The pursuit to make money and create a name for ourselves
has left our health in poor shape. Extended working hours, long commutes, pollution, unpredictable
eating schedules, lack of exercise, etc. have had a toll on our overall well-being, pushing us towards
an uneasy future. In addition to these basic factors, the use of modern technology has all but
reduced the use of conventional methods, with most of us finding no time to exercise or even move
around.
It is for these reasons that our dependence on healthcare systems has increased exponentially, with
the healthcare industry booming across the globe. Modern lifestyle has made it impossible for us to
stay healthy, which makes a health insurance policy a necessity rather than a luxury today. Surviving
in this world without a health insurance policy could reduce all our efforts to dust, practically
pushing us to the edge of our life.
Reasons to invest in a health insurance policy
Listed below are some of the reasons to invest in a health insurance policy.








Safeguarding the interest of yourself and your family – Almost every individual works to
ensure their family and loved ones are safe and secure, aiming to provide for them. Investing
in a health insurance policy ensures that the interests of your loved ones are secured, giving
us peace of mind. Knowing that the health of your family is protected can help us carry on
with our work, without taking undue stress and tension.
Avail financial security – Investing in a good healthcare plan ensures that your financial
commitments are reduced in the event of a healthcare situation. Availing medical treatment
for certain illnesses can have a deep impact on your wallet, offsetting your plans. A
healthcare plan ensures that your liability is reduced in the event of a health situation.
Growing number of ailments – Changes in our lifestyle have led to us experiencing more
health problems than ever before. Lack of rest and adequate nutrition, coupled with long
working hours and a sedentary lifestyle have not only brought down life expectancy, but
have also exposed us to a number of ailments. A good healthcare plan will offer protection
against a number of such illnesses, with specialised treatment plans available. Individuals
can customise a plan to cater to their requirements, choosing to add certain
predictable/foreseeable illnesses to a program. A majority of deaths in the world are related
to lifestyle ailments, with India contributing a certain percentage to this number. Given the
fact that most people have health issues even in their younger days, a health insurance
policy makes great sense.
Poor lifestyle choices – Our lifestyle can have a tremendous impact on our health, with the
choices we make responsible for a number of ailments. Exposure to pollution and increase in
stress levels have reduced our immunity, with even minor changes in weather capable of
making us ill. Dietary modifications and over dependence on certain items have had an













adverse effect on most people, which is why a health insurance policy becomes a great
investment against changing lifestyle issues.
Increasing healthcare costs – The stark reality of our modern world is that everything is
getting expensive by the day, including healthcare. Treatment of an ailment can push us
back by lakhs of rupees, with serious illnesses having the capacity to push us into debt and
even bankrupt us. The average cost of healthcare has increased steadily, making certain
treatments unaffordable to the common man. A good health insurance policy can ensure
that one gets the best treatment without bankrupting him/her. An extensive network of
hospitals combined with cost effective premiums make health insurance a practical and
affordable option to treat a number of diseases which might otherwise be too expensive to
treat.
Inclusive planning – Financial planning is something we all strive for, aiming to segregate
sufficient finances for specific purposes. Investing in a health insurance plan ensures that
you can plan the future around this policy, knowing the amount of money which needs to be
invested every year for a defined time period. This planning ensures that your other
investments are not hit in the case of any health problem, letting you concentrate on what
you love doing.
Emergencies – A health emergency can derail normal life, quite literally, throwing everything
out of gear. A health insurance plan ensures that emergencies can be handled seamlessly,
reducing the burden on us. Most policies provide protection against a host of ailments,
ensuring that both our finances and health are protected at all times. One needn’t worry
about which hospital to go to or the kind of costs associated with an emergency, with most
policies offering exhaustive cover.
Quality treatment – Individuals can avail quality healthcare under a health insurance plan,
with most companies providing seamless hospitalisation across multiple cities. One can get
treatment at a hospital of his/her choice (provided the hospital is partnered with the
insurance provider), thereby assuring himself/herself about the quality of treatment. A vast
number of hospital networks and exhaustive ailment cover enable one has access to
standardised healthcare, irrespective of where they are. Also, one can avail systematic
treatment, right from diagnosis to cure. This enables one to get on with normal life quicker,
in addition to making them informed about future implications (if any).
Tax benefits – Policyholders can avail tax benefits on the premiums paid towards a health
insurance policy. Section 80D of the Income Tax act provides certain deductions which can
be claimed, thereby reducing the overall tax liability of an individual. While there is a cap on
the limit which can be claimed, one can save a considerable amount in the way of tax every
year.
Peace of mind – This is perhaps the biggest advantage of a health insurance policy.
Individuals who invest in it can continue with their life without having to worry about future
health implications. A person without additional stress can reduce the risk of falling ill or
being affected by an ailment, thereby aiming to lead a healthy, eventful life.


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