Importance of Health Insurance

Due to the busy lifestyle of this age, the possibilities of falling sick is high though the death rates have decreased in a recognizable percentage. Everything contributes to a person’s health – his lifestyle, his eating habits, the level of body workout he undertakes, medical history etc. In recent days, People tend to spend most of their times in upbringing their standard of living and often forget to take care of their health issues seriously. 

Also, there are lot of developments happening in Health Care Industry and hence the life expectancy of a person has increased from an average age of 65 years to 95 years. Now we can see that an average person has a life of 75 to 90 years. 

Not only that, the implementation of Technology in Health Care Industry has also increased the cost of Medical Treatments.

On an average, a Person admitted to a hospital will have to bear a cost of minimum Rs.5000/- per day. This cost becomes heavy to the pockets of an average earning person as these expenses come with no prior notice. Unexpected Medical Expenses become a burden to an average earning person.

At this point, Health Insurance becomes a necessity in today’s world and also, it helps a person in need of medical help, to be tension free at the time of getting hospitalized.

Enrolling yourself to Health Insurance will help you to be worry free at the time of emergency. The earlier you enroll yourself the lower will be the premium payable for a reasonable coverage.

Most of the Health Insurance policies will have 30 to 90 days of waiting period for covering illness other than accidental coverage. It is therefore advantageous to start your Health Insurance coverage at the time when you are healthy and energetic. Also major ailments like kidney stones, Cancer, cardiac diseases have upto 2 years of waiting period in many insurance companies. Hence, it is advisable to enter into Health policy at an earlier stage of your life.

Also, it is always advisable to buy a health Insurance policy in addition to the Health Policy under Employer- Employee Relationship. This will keep you Health insured even when you retire or quit your job for any reasons.

Health insurance policies can be entered at any age, but there will be sub limits when age of entry is higher. Hence, it is beneficial for an individual who enters into Health Insurance Policy at a younger age.

You can also enjoy tax benefits under section 80D for Health Insurance Premium paid.

Hence it is advisable to take a Health Policy and insure yourself and your family at an earliest time possible. Also, even if you are covered by your company’s Helath Policy, it is advisable to take an additional Health Policy to make yourself secure at a lower premium than what you ought to pay if you want to enter into a health policy after retiring.