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Should Health Insurance be a part of your Investment Plan?

Should Health Insurance be a part of your Investment Plan?

Don’t you think that the absence of a health cover would deplete your lifelong investments? Well, kudos to those who understand the importance of health insurance, because life and health insurance are often the most disregarded elements in one’s financial planning. In today’s 21st century, the major issues we face are the health issues due to our complex lifestyle, increase in the levels of pollution, contaminated food, etc. Sundry of diseases are affecting our younger generations and the medical expenditures associated with those diseases have experienced an upswing in the recent years. And this is where the health insurance emerges as a protagonist in the lives of people. Health Insurance protects our finances by providing a medical cover over all the medical expenses incurred.  This is the reason a health insurance is needed and one should buy it as early as possible.

Let us see how Health Insurance can prove to be a silver lining for you-

  • Complex lifestyle and critical malady

Diseases like hypertension, diabetes, obesity, lung disorder, etc. have started to strike from a younger age. The prime reason behind it is the high consumption of junk food, sedentary lifestyle and the increased levels of pollution. Critical maladies like cancer, heart attacks have also become a common one. Hence, both the lifestyle and serious maladies yearn for proper medical attention which results in huge medical costs. Thus, it becomes utmost important to get insured in time. 

  • Employer Cover- Is it sufficient?

May be your employer might have provided you a health insurance cover, but is that    enough? It is quite evident that in the current 21st century medical inflation is quite high, so the insurance cover provided by your employer might not be enough to meet all the medical expenses. Apart from it, at times of job switch or unemployment you might find yourself uninsured. Thus to be financially strong, buying a health insurance policy is of top notch priority.

  • Exemption from Taxes under Section 80D

Isn’t it worth to invest your money with a view to save your taxes? Well, your health insurance plan helps you in this regard too. The premium amount you pay for yourself or for your family is exempted from the income tax under the section 80D. Thus, you can claim almost Rs.60000 as the tax exemption if you pay your insurance premiums regularly.

  • Importance of Retirement Planning

Do you know that health plans under the health insurance comes with a lifelong renewability? The answer is yes, and you can renew your health plans for as long as you live without any bar on the maximum renewal age. In the old age, the income tends to become low and the probability of medical issues becomes high. So, in order to tackle all the medical contingencies, health insurance comes to the fore giving coverage on all your medical expenditures. Moreover, to enjoy the lifelong renewability, you must make sure that you get your policy renewed in time.

In the end, it can be concluded that the health insurance plays a vital role in safeguarding your savings and investments against any sort of medical contingencies.  Health insurance is also not a one-time deal; rather you need it to get renewed at regular intervals of time. Possessing a genuine health cover for the rest of your life would be very fruitful for you because you cannot rely on someone else for your medical expenses, be they your real ones.

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