7 Reasons To Buy Health Insurance In 2024

What is the need to buy Health Insurance in 2024?…. if you think like this then you are so wrong! Health insurance is essential to protect yourselves and your family from expensive medical costs, and to get access to quality healthcare. From the year 2016 to 2023 only in India, there are more than 550 million people that are secured by Health care schemes.

Medical emergencies happen without prior notification. Health insurance can help you have the financial resources to deal with unexpected health problems and injuries that can happen. 

Buying Health Insurance gives a sense of security by providing peace of mind knowing that they will get timely medical treatment in any unfortunate event. Here is a short guide on What is Health Insurance And Who Should Buy It? Types of Health Insurance Plans and also 7 Reasons You Should Need to Buy Health Insurance in 2024.

What is Health Insurance & Who Should Buy?

A Health Insurance is a kind of coverage that pays for your medical and any surgical expenses incurred by the insured. It acts as a protective shield to that helps you and your family tackle the expensive medical treatment and all the costs that are associated with medical treatments like doctor visits, hospitalization charges, medical charges, etc.

There are various types of Health Insurance Plans in India like:

  • Family Health Insurance
  • Individual Health Insurance
  • Senior Citizen Health Insurance
  • Critical Illness Health Insurance
  • Terminal Illness Health Insurance
  • Top Up Health Insurance
  • Hospital Daily Cash
  • Personal Accident Insurance

Who should buy a health insurance? So there are a variety of individuals depending on their needs who can buy a health insurance plan:

Young Individual

If you are an individual then you should definitely consider buying a health insurance cause it will protect you from any financial difficulties in case of a medical emergency.

Family Man

If you are a family man meaning you live with your parents and have kids then you should definitely go for a health insurance plan cause kids and old parents require frequent medical attention and that can require a lot of money.

What is Health Insurance & Who Should Buy?

Medical Patients

If you ever got diagnosed with any medical condition in the past then you do require a health insurance plan as it will help you covering those expensive medical treatment bills.

Travelers

If you are someone who loves to travel a lot, then you should have a health insurance plan because travel exposes you more to the mother nature and as you know mother nature can be very dangerous at times so in order to keep you safe you should go for health insurance.

7 Reasons To Buy Health Insurance in 2024

Buying a health insurance plan if the first step to protecting your family and your loved one from any unfortunate event and in order to provide quality medical treatment, without worrying about the costly medical expenses like hospitalization charges, medicines, etc.

7 Reasons To Buy Health Insurance in 2024

As you might not know that INDIA ranks in the top countries all over ASIA with the highest medical rates inflation. And this medical inflation is growing at a rate of 14% every year!

Here are the 7 Reasons why you should Buy Health Insurance in 2024

Reason 1: Financial Coverage

The health insurance plan serves as a solid financial support in medical emergency situations. The expenses associated with serious ailments like heart problems such as heart disease, cancer, etc. could severely impact your financial position. 

7 Reasons To Buy Health Insurance in 2024

A medical insurance policy can provide huge financial protection that will pay for treatments in India and abroad. It also covers hospitalization expenses as well as diagnostic costs ambulance, medical and other expenses. It also offers the convenience of immediate payments for more flexibility in your finances.

Reason 2: Rising Inflation

The inevitable rise of inflation is a fact. It will surprise you to find out that inflation in the healthcare sector was in the range of 7.14 in India in the period 2018-19. 1 Although savings instruments offer attractive rates of interest but they’re not sufficient to pay for the cost of medical treatments if you add inflation. 

inflation in health insurance in india

Health insurance is an effective instrument that will help you pay for the likely medical expenses. From the expense of equipment to the expense of medication, treatment, and diagnostics Health insurance will cover a variety of expenses . It also helps beat the impact of inflation.

Reason 3: Tax Exemption

Health insurance isn’t just beneficial in securing future expenses but also gives financial aid for the present. Tax deductions are available of up to 25,500 in the context of section 80D on the amount you pay for an insurance policy. You are able to claim deductions on your own insurance policy or the one of your children or spouse. This could help lower your tax burden overall.

Reason 4: Affordable Policies

The purchase of the right insurance plan when you are young could be much more advantageous than you thought. If you’re young and fit, you’re more likely to be healthier and obtain a plan at an affordable price. As you age and get older, your premiums keep growing.

7 Reasons To Buy Health Insurance in 2024

It is advisable to buy health insurance as soon as you can as the longer you wait to get it, the more costly the cost becomes. The younger population can also be eligible for insurance without the need to visit a doctor for a health check-up.

Reason 5: A Change in Lifestyle

The way of life that is popular today is one that encourages health concerns. These issues aren’t only limited to minor ailments like colds, fevers, or coughs. Chronic diseases like heart, diabetes, and kidney issues are also commonplace. Therefore, it’s more important than ever before to protect your health by obtaining the most comprehensive health insurance plan.

Reason 6: Fall Back Option

However much you have saved, fighting a difficult illness isn’t easy. It could cost you the entire savings of your life. The cost of treatment equipment, medication, and other treatments could be difficult to afford on a salary that is fixed. 

Health insurance will give you the protection you need to pay the costs and take some of the burdens of your burden.

Conclusion

So these were the 7 reasons why you should buy health insurance in 2024. With the advantage of health insurance, It is essential to make it an integral element of your financial portfolio. There are many kinds of health insurance offered. It is important to select the type that best meets your requirements

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