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Make Health Insurance a Crucial Part of Your Financial Planning

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Published on August 23, 2021. EST READ TIME: 2.5 minutes

Your financial planning for the future should start from the very day you receive your first pay cheque. After all, you surely want to save a chunk of your hard-earned money and let it grow, so that you can use it later to make all your dreams come true. That dream might be to buy a grand house, a luxury car, go on a world tour, or host a fairy tale wedding! But if your health goes haywire, so can your other plans. Which is why, having the right health insurance for yourself and your loved ones is so important. Luckily, there is a variety of health insurance plans in India for family, from which you can pick. It is the best way to safeguard your wealth and get the top treatment possible in case of a medical emergency.

Why is Having Health Insurance Important for Financial Planning?

There are several reasons why health insurance should feature in your financial planning. Here are the top ones:

1. Medical Emergency:

   Medical emergency is a term that can send chills down your spine,no matter how fit and healthy you are at this point. Moreover, having elderly family members can make you more apprehensive about unexpected situations. So, make sure that your financial planning includes the best option from the many health insurance plans in India for family. This way, your savings won’t take a hit if something goes wrong.All the hospital expenses will be taken care of by your insurance provider.

2. Cost of Healthcare:

   Even if a major medical emergency doesn’t strike, regular doctor visits or basic and minor surgeries can rack up huge bills and stress out your monthly budget. Medical tests, doctor consultations, outpatient health procedures etc. are some of the health concerns that you might not consider as a medical emergency, but they can be quote expensive. In other words, having a reliable health insurance plan can give you the peace of mind you need.

3. Secure Post Retirement Life:

   When you include health insurance in your financial planning, you can start investing in your in your post retirement life. Everyone dreams about a relaxed and enjoyable phase after they retire. But it can all come crashing down if you fall ill suddenly and don’t have health insurance. Since you will have few or no source of income after retirement, even a small procedure or short hospitalisation can leave you cash strapped. Hence, having insurance is a must.

4. Rising Medical Cost:

   Even if you are earning well now, are healthy, and don’t have to deal with medical bills at present, including health insurance in your financial planning is essential. That’s because medical costs are shooting up every single day, and in future, no one knows what illnesses you need to cope with. Plus, job security is a thing of the past. In fact, the pandemic has surely made you realise how uncertain life is. So, to stay prepared, look for the best  health insurance plans in India for family and choose the one that suits you perfectly.

Does having health insurance save you money?

Are you still wondering if taking health insurance is a wise move? Worried about how paying premiums regularly can help you save money? Well, apart from safeguarding your health, your health insurance plan will help you save money in the long run. First, by getting insurance, you are transferring a huge financial risk to your insurer in exchange for a comparatively small premium, which means you are saving money. Secondly, Under Section 80D of the Income Tax Act of 1961, you are eligible to claim the premium paid towards individual or family health insurance. Third, by investing in medical insurance at a young age, you are making sure that no matter how much medical costs skyrocket tomorrow, you have insured your and your family’s health at a pre-decided premium and medical inflation cannot hurt your finances.

Conclusion

So, wake up to look at the big picture. By paying a small premium (especially if you are young and healthy), you are buying your and your family’s lifelong safety and peace of mind. When you know that your health insurance plan can help you overcome challenges in case of an adversity, you can plan your future better.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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