Health insurance is no more a choice but a necessity

As we age, our stress-taking capacities reduce, but the responsibilities on our shoulders don't, rather, they get heavier with time. Stress itself can cause a slew of health issues in addition to major unexpected health problems. So, it is always wise to add a layer of protection by getting your health insured. Here are five reasons why you should get health insurance now.

When you are young, your chance of encountering a health problem is lower. Hence, insurance companies keep the cost of health insurance low. For instance, if you buy a health plan of Rs. 10 lakh at an age of 25, you might just have to pay a premium of Rs. 10,000, but the same policy will cost you higher at the age of 35.

Along with the advantages and cheaper premium, it helps in financial planning. Unfortunate events or medical costs would be covered by the health plan. So, you can invest your hard-earned money for a brighter future. A comprehensive health plan also offers additional benefits such as daycare procedures, ambulance service, and non-hospital services like dentistry, optical, physiotherapy, dietary counseling, etc.

Healthcare expenses are rising and will continue to do so. Medical research, science, and technology companies are continuing to make advances, but that also means treatment costs are becoming expensive and out of reach for the middle class. Without a health insurance policy, paying for such treatments would be unimaginable and put you at risk of availing debt with cut-throat interest rates.

In case you already have health insurance provided by your employer, check its specifics to see what it covers. Chances are it provides only the basic coverage. That means your existing health insurance might prove to be insufficient in times of need. A higher sum assured can ensure that your every medical need is financially covered. Start low and gradually increase the cover.

Even a little money saved on your income tax goes a long way in bettering your financial health. So, why not invest the money on your health that you would be saving from your taxes? You can save up to Rs. 25,000 per year or Rs. 50,000 for senior citizens, as per Section 80D of the Indian Income Tax Act, 1961.