Why you need a health insurance policy

Never in your life can you be certain of what's coming next. So while you think there's nothing at all that can bother your life plans, it would only take a split second to turn your plans upside down. It is when you are expecting the least, is when life throws you into the most complex and tricky situations. All can be managed, but nothing can be tackled at the cost of your or your loved ones health. In a jiffy, a reoccurring or prolonged treatment of a sudden ailment can burn a hole in your pocket. A sudden accident can get your dreams plans to shatter and cost you all that you've been saving. A contingency like this is tough to avoid, but how you can plan it better is by putting aside some fund to insure your health.

In current times, medical expenses have sky rocketed, which in turn can cost you a bomb and in case you don't have sufficient amount of health insurance, get ready to run out of your savings or personal finances. Soon high bill of medical expenses will claim all your earnings that you would have set apart and in case you don't have enough you'd end up borrowing or end up having a poor health hitting you time and again.

In all such times of unpredictable unease, having a good health insurance can take care of your medical expenses. Cost of a basic general illness can still be borne and managed, but when the ailment is major- the cost attached is often devastating. With medical health insurance, you stay prepared for such vagaries to handle neatly.

Nowadays, largely those who have health insurance have them sponsored by their companies. Under these health insurance covers offered via corporates, employees only end up just countering their health contingencies. Being ignorant they realize not how health insurance needs proper assessment, so they can benefit the most when in dire need. Personal health insurance is a must for all professionals to cover them as well for the many other significances of personal health insurance, such as the following:


- Basic cover included in insurance plan by your organization

Insurance policies provided by organizations to the employees only offer basic health insurance cover. These generally cover minor ailments and offer only a certain minimum amount of cover, which might be inadequate if the illness is major. Thus there should always be a plan to cover such unseen and big contingencies that provide you a larger cover for major ailments.



- It lasts only till your last day at job

As long as you are with the organization your health is insured. The day it is your last working one at your company is when it expires. The riskiest duration in such coverage is the span between the two job switches, where you might not be covered for your or your loved one health in either of the organizations. In such times, personal health insurance can guard you against the big danger of unknown medical disaster.



- Get your health insured when you are young

It is when you need it the least, should you insure your health. So when the tough times roll, you are not in a fix. Also, when you start early premium is lower and with no existing ailments it is cost effective. As you age the cost of cover also grows and incase of some illness the health insurance companies would simply exclude it as a pre-existing condition.



- Tax benefit

Last but not the least is the tax saving benefit under section 80D of Indian Income Tax Act. This also ensures that an insured individual of over 65 years of age can claim a deduction of up to Rs. 15000 of the premium paid for themselves, spouse, children or parents.

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About the Author

Kiara Madhok

Kiara Madhok has immense knowledge in various areas of insurance. She writes articles for motor, home and health insurance etc.