As Independence Day 2024 approaches, it makes us realise the importance of freedom and its significant role in our lives. For personal freedom, we do several things; however, one of the significant things we keep missing out on is health insurance for financial stability. This is a major goal one should focus on fulfilling, as a health insurance policy tops the list when it comes to securing our future as well as that of our loved ones
Health Insurance for Financial Stability
You must choose adequate health insurance that covers the medical expenses of the whole family. Rising medical inflation and a health scare can exhaust your financial savings in a jiffy. Hence, you must invest in a comprehensive health insurance policy. Here’s how health insurance can provide you with financial stability —
Reduces Medical Expenses: A health insurance policy will help you cover the financial expenses that occur due to any medical emergency. A comprehensive healthcare policy takes care of expenses covering hospitalisation, pre- and post-hospitalisation, daycare treatments, ambulance charges, domiciliary care, and more. With health insurance, you will be able to cover healthcare expenditures, avail yourself of quality treatment, and focus on recovery without constantly worrying about exorbitant medical bills.
Retirement Planning: A health insurance plan can cover your medical expenses lifelong. All you need to do is ensure the plan is renewed on time.
Tax Benefits: If you have purchased a health insurance plan, the premiums paid are tax-deductible. You can avail of a tax rebate under Section 80D of the Income Tax Act. You can get a tax rebate of INR 25,000 (if you are aged below 60) and INR 50,000 (for senior citizens aged 60 and above).
Insurance for All Family Members: Make sure to purchase a health insurance policy that covers the medical costs for all family members. No one can predict what will happen in the future, and you may lose your loved ones due to improper financial planning. You can opt for a family floater to cover your household members under one plan. If your parents are senior citizens, you can consider a senior citizen healthcare plan that caters to health issues pertaining to people aged 60 and above,
Freedom from Financial Losses: Health insurance for financial stability is a must as it provides the freedom to manage your finances effectively. When you do not have to bear the burden of financial losses due to medical emergencies, you can structure your financial planning and invest your hard-earned money as per your choice.
Conclusion
A health insurance policy will save you from unexpected expenses due to a medical exigency. So this year, as India prepares to celebrate its 78th Independence Day, start planning for more financial stability to ensure a healthy and happy future for yourself and your near and dear ones.