Why do we need health insurance Top 5 Reasons?

Why do we need health insurance Top 5 Reasons?

Health insurance means health insurance has become the most significant need of people today. After the Corona outbreak, there has been a substantial change in the mindset of the people regarding this. 


In fact, after witnessing a frightening phase of life, the importance of health insurance has increased among people. Because through this, the cost of treatment of people’s diseases is reduced. Also, the person who buys it gets some income tax exemption. 


Are you one of those people who think health insurance is only for the old and sick? Have you ever thought that insurance coverage for multiple diseases can be a boon and take away all your stress amid unforeseen hospital expenses? Consider this scenario, in which God forbid you to shell out five lakh rupees to treat heart disease. 


Wouldn’t you like the same amount to be covered at a nominal monthly premium of Rs.300. Isn’t this a much better deal than paying the medical bills out of pocket? If you consider some things, you will know why health insurance should not be ignored.


-How Does It Work?


Health insurance is the type of insurance you can claim for your medical and surgical expenses from the respective insurance company. If you have health insurance, the cost of hospitalization and medicines during illness will be taken from the insurance company. 


In any case, this will not cost from your pocket. The insurance company will bear this entire cost according to your policy. It is a guarantee from the insurance company’s side to pay the heavy expenses that occur if the policyholder falls ill or is hospitalized due to an accident.


-Changing lifestyle can become a significant cause of disease


Working late nights, bad eating habits, no exercise and excessive stress are enough to make even a healthy person fall ill within a few moments. To be safe from these situations, investing in a health insurance plan is beneficial.


  1. It is also essential to give importance to oneself.


Unsurprisingly, we spend more money on collecting things than on protecting ourselves. We decide to put ourselves last, whereas we need to put ourselves first. 


We certainly know that home and car repairs can be costly, but have you ever considered how you would get your repairs done in case of an unfortunate accident? Health insurance is critical to protect yourself. 


  1. Prevention and precaution are better than cure


Buy a health insurance policy to help with medical expenses in case of critical illness. Also, after getting information about serious diseases, get annual health check-ups and other tests done to treat them in time. It is essential to be careful from the beginning and take the help of health insurance in case of a mistake.


  1. Health insurance is essential in case of emergency


Health insurance is essential in today’s time, especially in case of a medical emergency. Health insurance can cover hospitalization expenses, doctor’s fees and medicine costs. 


Human beings are very optimistic. We always believe that our tomorrow will be happier, more prosperous and better but who has seen tomorrow? Indians need to buy health insurance as we are highly vulnerable to risk diseases like obesity and heart disease due to our diet, unhealthy lifestyle, increasing stress and urbanization.


India’s healthcare expenditure has skyrocketed in the last few years. A World Health Organization (WHO) report says that Indians pay about 70 percent of their health expenditure out of pocket. Unexpected medical emergencies can strain a family’s budget, so buying health insurance early is essential.


  1. Cashless claim benefit will also be available with insurance


By buying a health care plan, you will not only get coverage for critical illnesses, but people also get cashless claim benefits under it, and not only this, but you also get tax benefits under it. 


  1. Comprehensive cover will be available at a low premium

Generally, young people feel that they are very healthy, like to exercise, eat well and have no bad habits and do little things like smoking and drinking, so they need health insurance Not there. 


But the truth is unless you have a medical problem, it’s better to have health insurance sooner rather than later. This helps the individual get a comprehensive cover at a lower premium than buying the policy later in life.


  1. Health insurance costs increase with age


Along with this, let us tell you that the cost of buying health insurance increases with age because, with growing age, the possibility of various diseases complicates the policy and can increase the premium. 


Another reason to purchase health insurance early in life is to take advantage of cumulative bonuses. A young person is less likely to file a claim than an older person. 


The cumulative bonus may exceed 50% of the Sum Assured, which means your Sum Assured will be 150% of the Basic Sum Assured. Whereas you pay a premium for only 100% of the sum assured. These are just some of the reasons why health insurance should be purchased earlier in life rather than later.


  1. Health insurance ensures financial security 


In this context, Sanjay Dutta of ICICI Lombard General Insurance Co. Ltd. says that people need to start looking at health insurance as a sound long-term investment that gives good returns for their mental and financial health.


 An adequate health insurance policy provides peace of mind, includes strength during emergencies, and ensures financial security. 


However, many people buy health insurance coverage when they start experiencing health problems; by then, it is too late. With the ever-increasing cost of healthcare in our country and the rising incidence of diseases, health insurance is a necessity today.

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