What is the importance of being Insurance Active?
Many people know how important it is to have health insurance, especially since the pandemic. Many young adults have thought about getting their own health insurance too, as it can help save on taxes. But with so many options out there, it’s easy to feel confused. That’s why it’s important to make a smart choice. There’s a saying that starting something is already halfway to finishing it, so it’s better to take action and get health insurance instead of putting it off forever.
Government health schemes help certain groups of people. But for everyone else, having your own health insurance is crucial. It can help pay for your hospital bills if you get sick or injured. Medical costs can’t be put off or ignored. So, it’s smart to plan ahead and get health insurance before something bad happens. That’s why health insurance is so important.
So, it’s important to activate your health insurance plan now. This way, you can handle medical emergencies without stressing about money.
Why it's Important to Start your Health Insurance Plan Now?
Here are some reasons to help you see why having an active health insurance plan is really important:
Many People are Getting Sick
A study done in 2020 found that India has a lot of people with diseases. The study said that in 2021, there would be 75.26 million cases of type 2 diabetes and 26,000 cases of endometrial cancer. They think these numbers will go up to 91.72 million and 32,000 cases by 2028.
More people are getting sick, and if they need help from a doctor, it's important to have health insurance to pay for the costs.
You can get Complete Coverage for your Entire Family
Health insurance plans give you a lot of coverage options that you can pick and choose from. They cover most of your medical bills, which helps you feel financially secure. Also, if you choose a family plan, it covers all your family members' medical needs too.
There are Tax Benefits too
Finally, having health insurance helps you save money on taxes. The money you pay for your insurance can be deducted from your taxes under Section 80D of the Income Tax Act, 1961. If you're younger than 60, you can deduct up to Rs.25,000. If you're 60 or older, you can deduct up to Rs.50,000.
Also, if you get insurance for your parents and pay for their premiums, you can save more money on taxes. You can deduct an extra Rs.25,000 if your parents are younger than 60, or Rs.50,000 if they're senior citizens.
If you're in the highest tax bracket of 30%, you can save up to Rs.30,000 on taxes with a maximum deduction of Rs.1 lakh.
The cost of Medical Care keeps going up
Medical expenses are increasing faster than the commonly mentioned rate of 8-10% and can be as high as 15%. (Source: Business Today).
This is because the prices of medicines, equipment, and treatments are going up. While living healthier can lower your chances of getting sick, it doesn't guarantee you won't. So, to deal with the increasing treatment costs, having health insurance is necessary.
Health insurance plans can be renewed for life. This means if you keep renewing your policy regularly, you can keep enjoying the coverage forever. Instead of trying to find the perfect health insurance plan for you and your family, it’s smart to choose a comprehensive one with benefits that matter to you right now. Later on, if your needs change or there are better plans available, you can switch your health plan without losing any benefits.
Now is the time to wake up and start your health insurance plan to protect your money from medical emergencies. Remember, if you act early, you’ll benefit more. So, get active with your health plan today!