5 Reasons why Medical Insurance is a Necessity, Not an Option

There is enough evidence to support the fact that the lives of people have changed radically over the years, and it hasn't necessarily been for the better. Deteriorating health due to demanding schedules and sedentary lifestyles, especially amongst those living in urban areas (but not limited to them), has made it imperative to have medical insurance at hand.

Diseases and ailments which were earlier unknown, or affected few in a million, have become widespread these days. It is futile to debate about the reality that it has become. What's pragmatic instead, is how to safeguard your health. 

Having adequate health insurance is one way to do it. The assurance of health coverage that comes with medical insurance allows us to rest assured in times of medical emergencies or even planned hospitalization.

The need for medical insurance has elevated due to multiple reasons, which include: -

1. The cost of treatment is rising.

Of course, with progress in medical science, treatment for most major diseases is available today. But the strenuous costs of such medical procedures can become overwhelming if you do not have medical insurance. The expenses related to diagnosis, tests, follow up appointments with medical experts, to name a few, cannot be borne by everyone; that is where medical insurance comes to your aid.

2. Our lifestyles are increasingly hectic.

Changing lifestyles have increased the stress quotient in our lives - poor eating habits, lack of exercise, unproductive activities, etc. all amount to stress. Without medical insurance, you would only be adding to your woes.

3. Many of us do not find it important. We must.

A shrewd Indian usually has everything planned - from making a budget for the month to save for one's daughter's wedding from the day she was born. Strangely enough, this wisdom goes out the window when it comes to managing one's medical expenses. You must inculcate in yourself that medical insurance is a shield that saves you from medical expenses that might occur now, or later in the future. It is sensible to stay prepared.

4. Life-threatening diseases are becoming common.

There has been an exponential increase in the number of people getting exposed to life-threatening diseases. How many such diseases are covered by medical insurance? The answer is most of them. One just needs to find the right medical insurance to cover them.

It is advisable to get medical insurance early in life when the body is healthy and fit. It would help you get higher health coverage at a more competitive premium.

5. You can avail of income tax benefits.

Yes, medical insurance can double as an investment instrument and help save tax. The premium amount paid for medical insurance is eligible for tax deductions under section 80D of the Income Tax Act.

Do note that medical insurance, at the time of being issued, takes into account the present state of health of the individual who intends to get insured. Be proactive about having health insurance, because ailments will never come informed.

Read more about tax benefit on medical insurance premiums