Reasons Why One Should Buy Individual Health Insurance?

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In recent times, the health care sector has witnessed technological innovations which have on one hand made it easy to treat a person but on the other hand made the same treatments much expensive, especially in private hospitals. It is becoming difficult for the common people to get their illness treated due to expensive medical care. With the upcoming of several insurance companies now people can get the best individual health insurance and thus, can relieve themselves from the burden of huge medical charges. By going through the below-given article you will come across the different reasons to buy an insurance plan

  • To get financial coverage:

    Many people nowadays due to increasing pollution and global warming are suffering from life-endangered diseases and illnesses such as cancer, diabetes, heart issues, breathing problems, etc the medical treatment of which can cost a fortune to them. Getting an individual health insurance plan acts as the shield for the people who can’t afford the huge medical cost. The health plan provides financial coverage for multiple medical expenses such as expenses incurred before and after a person is hospitalized, if an ambulance is booked then the same cost is also covered, expenses for testing and diagnosis, medicine bills, and daycare charges are also reimbursed by the insurance company.

  • To cope up with rising medical inflation:

    Since the last decade, you can witness innovation in the health care sector. On one hand, with increasing technological innovation it has become easy for doctors to identify the symptoms of the disease and thus, treat the people suffering from specific diseases. But on the other hand, these innovations in the medical field have caused a rise in the health care cost beyond the reach of the middle-class public. Even doctor consultation charges can cost you one or two thousand bucks. The increasing medical cost can put a huge burden on your budget if not planned properly. It is the health insurance plan that comes to the rescue. You just have to pay the reasonable amount as the insurance premium every year and you are all set to avail the benefits of an individual health insurance plan. Now you need not spend even a single penny on expensive medical treatments.

  • To get a policy at an affordable price:

    The most important reason that you should buy an individual health plan at the time when you are young (below the age of 30 years) is that it is the time when you are much healthier. And the fewer disease or illnesses you are suffering from the more affordable will be the health plan. With time as a person starts growing old, the rate of the insurance premium also rises accordingly. Therefore, it is always better to get an individual insurance policy at the time when you are young because the more you wait to buy it, the more costly the policy gets.

  • To protect your savings for the future:

    In case any medical emergency arises in your family, you don’t only get mentally stressed but you have to also think of the huge health care expenses you have to pay for. Both these mental and financial stress can be mentally draining. Insurance companies provided different insurance plans for different people according to their requirements. You just have to figure out your or your family member’s requirements and buy the individual plan accordingly. After you are insured it is now the responsibility of the insurer to reimburse all the medical bills to you. Now there is no need for you to disturb your valuable savings and can use them according to your future plans. Insurance policies also offer tax deduction which further increases your savings.

  • To get the benefit of tax exemption:

    Now you can not only protect yourself from the medical charges to be incurred in the future but also can relieve yourself from the higher tax rates in the present. Yes, you heard it right. Now with the advent of different health insurance plans, the government of India is trying to attract the public to buy the same by offering tax exemptions on the money paid as the insurance premium. Citizens now can apply for the tax deduction for the minimum amount of Rs. 25000 paid as the yearly insurance premium under Section 80D of the Income Tax Act, 1961. People can claim the tax deduction for the insurance policies taken for themselves as well as their family which further reduces your tax liability.

Wrapping up it all!

Insurance policies have come as a life-saving resource for the common public. Now they can also get their hands on the best medical facilities without worrying about the huge medical bills. Care Insurance is a company that provides different health care plans involving different terms and conditions. The insurer here after knowing the requirements of the people guides them to buy effective insurance policies at a reasonable price.

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