Health insurance can sometimes feel like an unnecessary expense, especially if you have been diligently getting health insurance but haven’t ended up needing it. In these uncertain times, you may be tempted to skip it altogether because you don’t want to shell out thousands of rupees on getting a health ID or health insurance.
However, here are five good reasons to continue — or begin — your health insurance journey.
Uncertainty combined with rising medical costs:
Medical costs are constantly on the upswing, and the worst part is that they increase rather dramatically even over short periods. You’re paying twice as much as you did four years ago for simple things like consultation, hospitalization and minor procedures. The uncertain times we live in compound the situation; we just experienced our first pandemic, and many people lost their jobs or experienced pay cuts.
Forget the pandemic for a second; we also experienced two recessions over the last 10 to 15 years. Given that we have no idea when illness can strike, it is important to prepare for the financial implications of potential illnesses. Preparedness is thus one of the biggest benefits of health insurance.
Increased likelihood of poor health:
We have high-stress working environments, a lack of work-life balance and insufficient time for exercise. Add to that high pollution levels and increasingly low quality of food due to chemicals, pesticides and general messing around (so as to increase profitability) between the farm and the table. We’re not in the optimum position to maintain good health.
There is also a burgeoning demand for and dependence on processed foods, frozen ready-to-eat products and junk food. Many of us also have unhealthy habits like smoking and drinking. How many of us sleep enough? Did you know that insufficient sleep makes you more prone to heart-attack even in your 30s? Very few of us have the option or ability to live healthy and as a result, it makes sense to safeguard your health at least financially. You owe at least this much to yourself.
Avoidance of additional stress when illness strikes:
This is probably the most talked-about benefit of health insurance and for a good reason. Picture this for a second: you or a loved one is struck with a sudden illness. Let’s imagine something that’s low on the expenditure meter and low the seriousness scale, such as tonsillitis that demands hospitalization.
Do you want to be scrambling about going to the bank to withdraw money for the deposit required to admit yourself or your loved one? Wouldn’t you rather be entirely focused on care and recovery while someone else — namely the insurance company — takes care of the money-related bit? Wouldn’t you rather just present your health ID card at the desk and have the insurance company and hospital worry about the rest?
Personally, we’d call this the most significant benefit of health insurance. Whether it is the bed cost, room cost, consultation, OPD or ambulance costs, or the diagnostic tests cost, all of it is covered when you present your health insurance card at the hospital.
All the expenses you incur on health insurance premiums can get you deductions under section 80D of the Income Tax Act. This is certainly an exciting benefit of health insurance. If you are less than 60 years of age, then you can get a deduction of up to Rs. 25,000 against health insurance paid by you.
If you’re buying health insurance for your parents aged 60+, then too you can claim up to Rs. 50,000 against your health insurance premium payment. Getting your health insurance and health ID is a quick and hassle-free online process today. Prices for insurance plans escalate as you age, so now is technically the cheapest it will ever be.
With your Bajaj Finserv Digital Health EMI Network Card, you can alternatively pay for your hospitalization expenses in small instalments that are light on your pocket. You can also use it to pay for your family’s hospitalization expenses. That’s not all; you can also avail free accident insurance with the Digital Health EMI Network Card for a year, and the card also comes with a pre-approved limit of up to Rs. 4 lakh.