health insurance

5 Reasons Why Health Insurance Is Important


Last Updated on 14/04/2019 by Deepak Singla

There comes a point in everybody’s life where a person wants to relax and take a back seat. This is because he or she has worked hard all his/her life, took care of people around him, and provided for the family members and so on. This point comes when one is all set to retire. When you retire, you need to be financially secure and safe because your earnings are going to be limited once you are retired.

Every person should plan well before he/she is set to enter the beautiful phase of his life i.e. retirement. Because when you reach the age of retirement, your health starts deteriorating. Old age makes you prone to hospitalization and hospital bills are very expensive. If you have adequate health insurance, you don’t have to worry about anything as your hospitalization needs will be taken care by your insurance provider.

Bajaj health insurance offers various medical insurance plans that cater to the individualistic needs of the insurance buyers.

Here are 5 reasons that will throw the light on the health insurance importance.

  1. Early Bird Catches the Worm

Insurance experts recommend buying health insurance when you are young as your health is at its best. There are fewer chances of having any pre-existing illness. When you don’t have any pre-existing illness, you have to pay lesser premium and get more. It is a win-win deal for you.

  1. Seeking Medical Treatment Without any Financial Burden

You can try your level best but you can’t prevent diseases totally. As you grow, age factor dominates in your illnesses. Having adequate medical insurance plan ensures that you get good medical treatment without worrying about the bills. Otherwise, more than your illness, your medical bill would be a reason behind your worries.

  1. Financial Safety and Security

Medical inflation is rising day by day. Once you’re hospitalized, there are various expenses such as doctors’ visiting fees, room charges, diagnostic charges etc. that you have to pay for. Paying for these expenses will wash off your savings.

There are many people who would prefer visiting a government hospital as it is cheaper as compared to the private hospitals. It is necessary to understand that private hospitals are equipped with the latest technology and modern facilities that ensure best medical treatment for any patient. This is why having sufficient health insurance is very helpful as it provides you with financial safety and security.

Read More- Why you should invest in health insurance

  1. Pre-existing Illness Cover

Pre-existing illness or diseases are the symptoms, diagnosed diseases or any existing health condition that exists at the time insurance buyer applies for a medical insurance plan.

In case you apply for mediclaim insurance, makes sure that you provide the detailed health background of your family.

  1. The Tax Deductions

When you buy health insurance for your family, you get the benefit to avail tax deductions as per Section 80 D of the Income Tax Act. You get an additional rebate when you buy medical insurance for your parents.

Invest in health insurance and secure your health and safeguard your finances. Keep in mind that having medical insurance is not a luxury, it is a necessity.