Corporate Health Cover is Insufficient
With rising medical costs, the importance of health insurance policy cannot be overstated. Check the cost of a two day's hospitalization for a regular ailment and then compare it with your company's insurance coverage. When you will retire or change a job, your corporate health plan will cease to exist. So it is worthwhile to buy an individual health plan.
Increase in Incidence of Life Threatening Diseases
Sadly, India is grappling with life threatening diseases. The effect of these diseases is felt on the productive workforce from 35-65 years. Also, heart diseases among Indians occur five to ten years earlier than in any other population around the world. Sedentary lifestyles lead to life-threatening diseases like cancer and heart diseases which are critical and impose heavy expenditure burden on families. It is therefore imperative to insure oneself timely. Moreover, health insurance policies offer annual health checks ups to encourage health awareness.
Tax Benefits
You can get exemption for paying the premium under Section 80D of the Insurance Act. Government of India has increased the limit of deduction in health insurance premium to Rs 25,000 from Rs 15,000. For senior citizens, the new limit is Rs 30,000.
Better Financial Planning
We often set goals and save regularly to meet those goals but a medical emergency may play havoc in an individual's financial planning. With Health Insurance policy, you may be rest assured of attaining your financial goals.
Value for Money
New health plan cover you for day care procedures and OPD, not just serious hospitalization. Depending on your level of cover, a health policy helps you pay for services such as ambulance, day-care procedures in addition to a number of non-hospital related services such as chiropractic, dental, physiotherapy, optical, dietary advice and some alternative therapies like Ayurveda and Homeopathy as well.
Young buyers get a more comprehensive deal
Buying health insurance at a young age ensures there is no scope for pre-existing diseases as you will be covered early, and any diseases diagnosed later will be covered automatically.