We step into the New Year with lots of hopes and dreams.
Whether it is buying a new car, getting that much-awaited promotion or moving
into a new home, we have numerous hopes when starting a fresh new year. We make
elaborate financial plans to either create a financial portfolio or to review
one. Does buying a health insurance plan feature anywhere in such planning?
For most of us, the answer is, sadly, ‘No’. While we plan to
buy a new car, a new home, the trendy mobile phone, etc. we usually ignore
investing in a health insurance plan. Is it wise? Of course, it isn’t.
A health insurance plan is an important
part of our financial portfolio and should not be given a miss. If the
importance of a health insurance plan is lost on you, here are some reasons why
you should invest in a good health insurance plan this year:
·
Diseases
and ailments have become very common
As per the 2016 World Health Statistics Report published by
the World Health Organization, the burden of diseases in India has increased by
astonishing marginsin the last decade. While 12.4% of total deaths resulted
from heart-related ailments, 10.8% were from lung diseases. Even road accidents
took 3400 lives every day. The numbers are dismal, aren’t they? With such a
high burden of diseases, doesn’t a health plan make sense?
·
The cost
of medicine is increasing by leaps and bounds
If the increasing incidence of ailments is not enough, there
is another bad news for you. The cost of medicine is on an upward trend.
Prescription drugs, surgical treatments and procedures have become very
expensive. For a common man, affording these high medical costs is a strain on
finances. A health insurance plan is relevant in this context. By providing
compensation for medical expenses, a health insurance plan helps in
safeguarding our finances.
·
Your investment
goals should be secured
When we save, we save with various intentions. We save for
our children’s future, for creating assets, for creating an emergency fund and
for our life post retirement. When a medical emergency strikes, we need funds
to pay for the various medical treatments and procedures. As mentioned earlier,
these procedures are expensive. In the absence of a health insurance plan, our
savings face the brunt of our medical expenses. The life goals for which we had
created such savings go unfulfilled. Thus, we should have a health plan which
would take care of such emergent medical costs and not hamper our investment
goals.
·
There are
different types of health plans
Apart from your basic mediclaim policy which pays your
hospital bills, there are other health insurance policies types which are
specially designed to serve different purposes. For instance, critical illness
plans pay a lump sum if you are diagnosed with any illness covered by the
policy. There are diabetes-specific plans which cover you even if you are a
diabetic. Senior citizen plans are available to cover you in your golden years.
So, whatever your requirement, a health plan provides you the solution easily.
·
Health
plans save taxes too
If the above reasons are falling short in convincing you on
the importance of a health insurance plan, here’s the tax angle to sweeten the
deal. The premiums you pay for a health insurance policy are exempt from tax
under Section 80D. If you pay the premium for yourself, your spouse and
dependent kids, you can avail a maximum exemption of Rs.25, 000 annually. If
you are a senior citizen (above 60 years of age) the exemption limit increases
to Rs.30, 000. If you pay the premiums for your dependent parents, you can
claim an additional exemption of Rs.25, 000 every year. Moreover, if your
parents are senior citizens, this limit also increases to Rs.30, 000.
Therefore, a total exemption of Rs.60, 000 annually can be claimed by buying
and paying the premiums of a health plan.
So, what do you think? Shouldn’t you invest in a health
insurance plan this year? Besides saving your finances, a health plan also
helps in saving your taxes. So, go search for the best and cheapest health
insurance policy and buy one today.
