Even though Health insurance is not a new concept for
the world, I must admit that it's a relatively new thing in India and many
people including those who are living in cities and earning well are not aware
of benefits of taking health insurance. Many people just focus on life
insurance to buy a cover to help their family with money when they are not
around, but they don't think about the medical emergency and cost of
hospitalization for themselves and family, especially during old age.
In my
opinion, health insurance is more important than life insurance because the
probability of you getting sick is more realistic. In last 10 years, the cost
of hospitalization and medicines has gone through the roof and it's simply not
affordable for many people. Some critical illness like Cancer or Heart diseases
can cost from anywhere 5 lakhs to 50 lakhs. This makes it imperative for
everybody to have health insurance in India. In this article, I am going to
share my 10 reasons to buy health insurance reviews for yourself, your family
including wife and children and your parents.
3 Reasons for Buying Health Insurance
Well, it's not difficult to explain a family guy to
explain why he should buy health insurance. Most of them already have some
health cover from their employer, so they know the important of medical cover.
It becomes even more important if you are working overseas. The cost of
medication and hospitalization is very high on abroad, especially in Europe and
America. You simply cannot pay hospital bills by your own; it's simply too much
for anyone.
Thankfully most of the IT and Software companies provides decent health insurance to
their employees. So, it's not a problem for them. This health insurance not
only cover them but also their family members like spouse and children, what is
left behind is the health cover of parents, which often stay behind in India.
To be honest, many highly educated and good working
people also don't pay attention until it’s too late. Since our earlier
generation was not so used to health insurance, parents of many of us don't
have any solid health cover. They need
medical insurance more than us because of their old age.
Thankfully, there are many health insurance companies
in India which provide health insurance plans to elders e.g. people with more
than 60 years of old. One of the popular ones is complete health plan. So, if you don't have any health insurance for your parents,
it's about time you buy one.
Anyway, here are my 3 key reasons to buy health
insurance in India for parents:
Expensive Medical Cost
This is the single most important reason why I
suggest many NRIs to buy health insurance for their parents and family members
living in India. Medical costs are rising on a regular basis; it has become
difficult for people to manage expenses such as doctors visiting fees,
hospitalization charges, expensive medicines, diagnostic tests etc.
People's thinking has also changed, nobody now likes
to go government hospital and try to provide the best healthcare. Buying a health or medical insurance policy
will take care of your expensive health care bills within the permissible
limitations of the policy.
Focus on Treatment
The second most important reason is not worrying
about money when your parents are going through treatment. Don't take it wrong,
but if you don't have insurance the cost of treatment will always haunting
you’re back of mind.
A health emergency needs complete rest, relaxation,
and highest levels of care. Worrying about paying bills and can deteriorate
your health further. With an insurance plan taking care of your bills, you just
need to focus on getting the best treatment for yourself or parents.
Tax benefits
This is not the main reasons to buy health insurance
policy but this definitely serves as icing on the cake. Under the section 80D
of the Income Tax Act, 1961, you can avail tax deduction up to Rs 25,000 per
annum on purchasing health policy for self, spouse, and dependent children.
Senior Citizens (60 years and above) can avail
deduction up to Rs 30,000. Additionally, you can also avail deduction of Rs
25,000 if you buy a health insurance for your parents. For senior citizens (60
years and above), the deduction is available up to Rs. 30,000. See here for
more tax saving options for salaried people in India.
That's all about why you should buy health insurance
for your family members and parents living in India. In short, with an insurance plan in hand, you
can have the best of health treatment without worrying about expenses. Buying a
good health insurance
policy can help you lead a happy, healthy and
peaceful life. Buying a health or medical insurance policy for your parents
also ensures you quality financial support during the time of a health
emergency and emotional breakdown.
Source: [https://savingsfunda.blogspot.in/2016/05/3-reasons-for-buying-health-insurance.html]
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