5 Reasons Why You Should Invest In Health Insurance in 2020

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We are witnessing a lifetime harder situation globally after the incidence of Covid-19. We all stayed home for several months hoping for the betterment of humankind. We have passed a few months already witnessing the loss of many lives. Slowly we are getting used to the new lifestyle fighting against the invisible enemy around us, the Coronavirus.

With the outburst of the pandemic, awareness about the importance of health insurance has increased among the public. Even market trends say that people are willing to buy health insurance to protect them against unforeseen medical emergencies.    

A healthy lifestyle and healthy food habits help to keep ourselves stay healthy. There can be two kinds of medical emergencies if we have to bifurcate in simple terms. One being any accidental issues and the other is any unforeseen health issue. It’s always a good idea to have a backup plan for any such unexpected medical emergency in the future.

Health insurance is one such thing that can assure you to be beneficial in such tough situations of medical emergencies and avoid spending your savings. Let’s try to explore some good reasons that can be considered to purchase a health insurance plan for you or your family.

Compared to a few years back, now the medical cost is high and a single visit to a hospital in some critical health conditions can leave a person in poor condition financially. Rising medical costs may not be affordable for everyone, particularly if one is in an average income group. Having sufficient health insurance cover for you and your family can take care of your medical bills and expenses when you need it the most. Most of the health insurance plans cover not only the hospitalization bills but also the pre and post hospitalization bills.

Our modernized lifestyle and habits can be considered a key reason for having a sufficient health insurance cover. Leading a balanced lifestyle to stay healthy may be a bit difficult task for many people due to their roles and responsibilities both in work and personal life. Few people manage it to stay fit even with their busy life whereas few struggle to do so, or not able to keep in place if at all they tend to be active at times. Even after being active and staying fit in a busy lifestyle, there can be chances of lifestyle health problems like diabetes and hypertension in case many people. So it is always good to have a health cover to meet such medical emergencies.

The premium of health insurance is calculated based on a few factors like age, gender, lifestyle habits, and pre-existing diseases, geographical area, etc. Buying health insurance at a young age would cost less compared to buying the same plan at an older age. Most of the health insurance plans come with a waiting period ranging from 2 years to 4 years. By purchasing it early when you are young and less prone to any critical illnesses, you can complete this waiting period.

Generally, people tend to borrow money from friends and relatives or sell their assets like gold or vehicle to arrange the big amount if they don’t have enough cash to meet sudden medical expenses. In contrast, having sufficient coverage of health insurance can assure the amount required for medical emergencies. Most of the health insurance companies would have a tie-up with some hospitals where the insured person can get cashless treatment.  

Most of the health insurance providers are offering health insurance online which doesn’t require any pre-medical screening to avail health insurance provided you don’t have any pre-existing diseases and if your age is below 45 years. All you have to do is compare various health insurance plans available in the market and make a wise decision.

The premium paid for purchasing health insurance is qualified as a deductible amount under section 80D of the income tax act. IRDAI has made a few changes to make it more affordable after the incidence of the Covid-19 pandemic.   

AUTHOR BIO

Hari Krishna is a certified Health Insurance Advisor and content writer at HealthCoverz.com who has his expertise in health and insurance-related article. 

Image Attribution: Designed by rawpixel.com / Freepik

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