5 reasons millennials should buy health insurance

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Published: July 20, 2020 2:20 PM

One of the main reasons behind why one should invest in health insurance is that it helps you to get the best clinical treatment by taking care of the financial expenditure that incurs during the process.

Coronavirus lockdown, Covid-19 pandemic, health insurance, Covid-19 insurance cover, IRDAI, Corona Kavach planIt is vital for you to understand that an investment in a health cover is definitely not a one-time bargain.

Health Insurance has become a necessity for everyone, not only due to the COVID-19 pandemic but also considering the rising expenses related to healthcare and medical facilities in India.

Jashan Arora, Director Master Capital Services says, “A health-related crisis can arise for anybody, at any time and impact an individual mentally, emotionally and financially.” Having health insurance helps during such emergencies. Therefore, it is always advised by experts to buy medical coverage early in life.

Here is why you should invest in health insurance;

1. Compensate for rising medical costs

One of the main reasons behind why one should invest in health insurance is that it helps you to get the best clinical treatment by taking care of the financial expenditure that incurs during the process. It not only covers the incurred cost during hospitalization but pre and post-hospitalization period also.

Arora says, “An insurance cover also takes care of the expenses that incur during the daycare treatments and even the ambulance charges. As a result, you will be able to concentrate on a speedy recovery rather than thinking of the expense meter.”

2. To safeguard your savings

Health insurance takes away all the worries associated with an unsure financial burden that may occur due to a medical contingency. It helps you to focus on other basic monetary-based objectives throughout your life like your child’s education, retirement, and so forth.

3. Extended Protection over and above your employer cover

Most times, people abstain from investing in health coverage separately, thinking that they are as of now covered under their respective employers. Arora says, “We neglect to consider the scenario where we might change our job and may lose out on such benefits. Having health insurance is a post-retirement necessity, and so it is always advisable to have separate health insurance for yourself and your family.” The younger you invest in a health insurance policy, the better it would be for you.

4. Retirement Planning

In your post-retirement days, income inflow is usually on the lower side as compared to the cost of wellbeing on the higher side. Presently when you realize that the cost of the wellbeing is secured, you can spend on different things that you desire for. There are limited options in health cover in which lifelong renewability is available which ultimately depletes the weight of your medical expenses on your child’s pocket.

5. Tax Benefit

Having a health insurance cover reduces the weight of additional expenses in your pocket, such as income tax. The premium paid for buying health insurance qualifies for a deduction under section 80D of income tax act 1961.

Conclusion

It is vital for you to understand that an investment in a health cover is definitely not a one-time bargain. Timely renewals are additionally required to proceed with the benefits. Arora says, “Having a legitimate health cover helps you throughout your life, even after your retirement.” Keep in mind, that your age plays a vital role in determining the cost of the plan that you opt for. Therefore, start to invest in a health insurance plan as early as you can.

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