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Is Investment in Health Insurance Worth It?

By Finserv MARKETS - Mar 16,2019
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Why Is Investment In Health Insurance Worth It

We live in a time and age where healthcare costs are rapidly increasing. And to make things worse, diseases and ailments are also on the rise. A trip to the hospital not only impacts your savings but also causes undue stress. Getting Health Insurance offers the much needed financial back-up during medical emergencies and allows you to seek treatment and recover in a stress-free manner. By paying a reasonable premium, you can get a considerably high health care coverage for the treatment of numerous health conditions. If you are still not convinced, here are some reasons why investing in Health Insurance plans is worth it:-

Coverage for hospitalization

If you buy a Health Insurance policy that offers the cashless facility, you don’t have to arrange any cash for seeking treatment at a network hospital. Your insurance provider will directly settle the hospital bills on your behalf.

Get funds at short notice

One of the most important health insurance benefit is the quick availability of funds for medical treatments. The costs of certain emergency procedures can be extremely high and arranging funds at a short notice can be difficult and stressful. However, if you have health insurance, you don’t need to worry about arranging funds.

Tax benefits

The premiums paid towards the policy are eligible for tax deductions under section 80D of the Indian Income Tax Act. Individuals up to 60 years of age can claim a deduction of up to Rs. 25,000 every year. Moreover, if you are paying the premium for your parent’s Health Insurance who are aged 60 years and above, you can claim additional deductions up to Rs 50,000.

Coverage of pre and post hospitalization expenses

While hospitalization constitutes the bulk of medical expenses, OPD (out-patient department) consultations and diagnostic tests have also become quite expensive. Hence, it’s important to note that a Health Insurance policy also covers pre and post hospitalization expenses such as diagnostic tests, day care procedures, follow up check-ups, cost of medicines etc.

Focus on recovery

When you don’t have a policy, paying hospital bills will always be an additional cause of worry. This, in turn, can affect your recovery or even make your condition worse. A Health Insurance policy assures you of complete financial support for seeking medical treatment. Hence, you can focus on recovery rather than worrying about paying bills.

So is Health Insurance worth it? Yes, absolutely. Purchasing a policy is an integral part of financial planning. Don’t let unexpected illness make a dent in your finances. Get a Health Insurance policy with Finserv MARKETS today!

“Finserv MARKETS, from the house of Bajaj Finserv is an exclusive online supermarket for all your personal and financial needs. Loans, Insurance, Investment and an exclusive EMI store, all under one roof – anytime, anywhere!”

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522