5 REASONS WHY YOU MUST HAVE HEALTH INSURANCE

5 REASONS WHY YOU MUST HAVE HEALTH INSURANCE

Health insurance is a crucial aspect of financial planning. It not only provides financial security during medical emergencies but also offers tax benefits. Here are five reasons why you must have health insurance:

1. Rising Medical Costs

Medical costs are skyrocketing, and a single hospitalisation can wipe out your savings. With health insurance, you can protect yourself and your family from the financial burden of medical expenses. It covers hospitalisation expenses, including room rent, doctor fees, and medical tests.

2. Income Tax Benefit

Health insurance offers tax benefits under Section 80D of the Income Tax Act. You can claim a deduction of up to Rs. 25,000 for the premium paid for yourself, spouse, and dependent children. In case of senior citizens, the deduction limit is Rs. 50,000.

3. Coverage Of Pre And Post Hospitalisation Expenses

Health insurance not only covers hospitalisation expenses but also pre and post hospitalisation expenses. Pre-hospitalisation expenses include medical tests, doctor consultations, and medicines. Post-hospitalisation expenses include follow-up visits, medicines, and rehabilitation.

4. Buzz In Lifestyle Diseases

Lifestyle diseases such as diabetes, hypertension, and obesity are on the rise. These diseases require long-term treatment and can be expensive. Health insurance covers the cost of treatment for lifestyle diseases, ensuring that you receive the best medical care without worrying about the cost.

5. Better Financial Planning

Health insurance is an essential part of financial planning. It provides financial security during medical emergencies and helps you save money in the long run. With health insurance, you can focus on your health without worrying about the financial burden of medical expenses.

In conclusion, health insurance is a must-have for everyone. It provides financial security, tax benefits, and coverage for pre and post hospitalisation expenses. With the rising cost of medical treatment and the increase in lifestyle diseases, health insurance is more important than ever. So, make sure you have health insurance and protect yourself and your family from the financial burden of medical emergencies.

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