Save your wealth with a health insurance plan
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Save your wealth with a health insurance plan

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Save your wealth with a health insurance plan

Save your wealth with a health insurance plan

  • Highlights

  • Healthcare costs are increasing in India

  • Unpredictable medical costs can drain your savings

  • Health insurance helps reduce out of pocket medical expenses

  • Save on income tax with health insurance too

Sedentary lifestyle, stress, and environmental pollution are increasing the incidences of lifestyle diseases. Surgeries and treatment related to heart disease, cancer or renal failure can cost anything between Rs.10 lakh to Rs.25 lakh depending on the severity, stage, and complexities.

In addition, the cost of healthcare facilities in India in gradually increasing. During a medical emergency, you might end up spending a substantial part of your savings, which was otherwise earmarked for other financial goals.

Health Insurance - Your Financial Security Guard

A health insurance plan can act as a wealth saving tool and provide financial security against such emergency medical expenses that could drain your savings. It will pay your healthcare bills in the event of an unexpected serious illness or injury that may incur high treatment costs.

Having health insurance will bring a peace of mind as you will be protected against unpredictable hospital expenses. Your hard-earned money can be used for other financial goals. In addition, you’ll get routine health check-ups and timely preventive care which will ensure your wellbeing.

Reduce Out of Pocket Expenses on Healthcare

According to the Insurance Regulatory and Development Authority of India (IRDAI), out of pocket medical expenses makeup for about 62% of all medical costs in India. This is extremely high, and it often leads to impoverishment of patients.

Health insurance providers generally offer cashless transactions across a network of medical facilities or reimbursement for non-network hospitals. This facility is great for patients as they do not incur expenses, freeing them up from unnecessary mental burden and enabling them to safeguard their wealth.

Additional Read: Health Insurance Plans Available In India

Save on Income Tax with Health Insurance

A comprehensive health insurance policy can safeguard your wealth further by reducing your taxable income. Section 80(D) of the Income Tax Act, 1961 allows deduction from your taxable income towards paying the health insurance premium. You can claim a deduction of up to Rs.55,00 from your taxable income for paying health insurance premiums for yourself, your family, and your dependent parents.

Thus, with a health insurance plan for you and your family, you can secure your wealth against emergency medical expenses and use the funds to establish your long-term goals.

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