{"id":12017,"date":"2020-10-16T07:14:02","date_gmt":"2020-10-16T07:14:02","guid":{"rendered":"\/blog\/?p=12017"},"modified":"2020-10-16T07:17:44","modified_gmt":"2020-10-16T07:17:44","slug":"5-reasons-to-buy-health-insurance-if-you-dont-have-one","status":"publish","type":"post","link":"https:\/\/tata-blog.osian.dev\/blog\/wealth-services\/5-reasons-to-buy-health-insurance-if-you-dont-have-one\/","title":{"rendered":"5 Reasons to Buy Health Insurance if you don\u2019t have one"},"content":{"rendered":"\n

Unforeseen medical emergencies are on\neveryone\u2019s minds right now. People are stuck home and confined to living a\nsedentary lifestyle. With the ongoing pandemic, the stress of falling ill is at\nan all-time high. Many have upped their Vitamin C intake this year with the\ngoal of boosting their immunity. Your portfolio may already comprise of SIPs in\nmutual funds with an array of other investment products such as Portfolio\nManagement Services (PMS), bonds, debentures, and mire. Here are 5 reasons to add\nhealth insurance to your portfolio so you can boost your financial security\ntoo.<\/p>\n\n\n\n

1. It Covers More Than Just Hospitalization<\/strong><\/h2>\n\n\n\n

Depending on the policy you choose, health\ninsurance can cover you for your hospitalization, ambulance, OPD, vector-borne\ndiseases, surgeries, scans, and daycare procedures. Most health plans also come\nwith maternity benefits for new or soon-to-be mothers. You can cover the health\nexpenses of any complications experienced by your newborn with the help of\nthese maternity benefits without paying an added premium for it. <\/p>\n\n\n\n

Health insurance also covers a lot of\nnon-hospital related treatments. These include physiotherapy, dental care,\nchiropractic care, optical advice, alternative medicine, and nutrition\ncounseling. You can always upgrade your individual plan to a family plan to get\nthe same comprehensive protection for all your loved ones. <\/p>\n\n\n\n

Additional Read:<\/strong> All You Need to Know about\nDifferent Types of Insurance and Their Uses<\/a><\/p>\n\n\n\n

2. Group Health Insurance May Not Be Enough<\/strong><\/h2>\n\n\n\n

Most employers provide their team of\nemployees with a group health insurance cover. Some may justify not getting\nindividual health insurance as they already have group protection. However,\nhealthcare costs have been steadily rising over the years. Group insurance is\nalways a helpful cover to have, but it is crucial to compare your coverage to\ncurrent costs of treatment for conditions that may run in your family. The\nbelow infographic details the average costs of common lifestyle and age-related\nillnesses that continue to afflict more Indians each year.<\/p>\n\n\n\n

\"\"
Source: Economic Times<\/figcaption><\/figure><\/div>\n\n\n\n

Even when your lifestyle puts you at risk of\ndeveloping certain illnesses, planning your finances such that you can be\nprepared for those huge costs is always wise. After retirement, this coverage\nis usually lost and that is the phase in your life when you need it more than\never. For low premiums, individual health insurance can prevent these huge\ncosts from draining your wallet.<\/p>\n\n\n\n

3. Young Buyers Pay Lower Premiums<\/strong><\/h2>\n\n\n\n

A fact about health insurance that younger\nindividuals should take advantage of is that the younger you are, the cheaper\nare your premiums. With age comes higher medical risk, which hikes up the price\nof premiums if you attempt to buy it at a later age in your life. In addition\nto the benefit of price, accidents occur without warning. Ensuring you are\ncovered for such unforeseen emergencies is part of essential financial planning,\nas far as your long term investments go. <\/p>\n\n\n\n

Additional Read<\/strong>: How to Save On Life Insurance\nPremium<\/a><\/p>\n\n\n\n

4. Incidence of Lifestyle Illnesses Is Growing<\/strong><\/h2>\n\n\n\n
\"Buy<\/figure>\n\n\n\n

From diabetes to heart disease, the\nincidence of lifestyle illnesses in India continues to grow each year. In fact,\nas of 2020, CVDs are the biggest cause of fatality in India with one-fourth of\nall deaths each year being attributed to different CVDs. The number of people\nCVDs claim the lives of each year is 272 for every 100,000 people, in India,\nwhich is significantly higher than the global average of 235. Health insurance\ncan offer the financial cushion necessary to support your hospital expenses in\ncase you or a loved one is afflicted with such illnesses. <\/p>\n\n\n\n

5. Reduces Your Annual Tax Liability <\/strong><\/h2>\n\n\n\n

From fixed deposits to mutual funds, each\ninvestment tool has a different benefit, particularly when it comes to how it\nis taxed. In the case of health insurance, it can actually help you save the\namount of income tax you are liable to pay each year. As per the prevailing tax\nlaws, under Section 80D, health insurance premiums are tax deductible to an\namount upto \u20b965000 each year. Tax planning with your investments is among the\nsmartest things a young investor can do. Adding health insurance to your\nportfolio can add a layer of financial protection for you and your family while\nreducing your income tax liability. <\/p>\n\n\n\n

Conclusion<\/h3>\n\n\n\n

Financial planning is incomplete without considering health insurance for yourself or your loved ones. When it comes to professional financial guidance, Tata Capital\u2019s Wealth Management Solutions are suited to meet your goals. From opting for SIPs in mutual funds to picking the perfect life and health insurance plans, Tata Capital\u2019s Wealth Management Solutions<\/a> are goal-oriented recommendations such that your current and future financial needs guide your portfolio creation, as they should. <\/p>\n","protected":false},"excerpt":{"rendered":"

Unforeseen medical emergencies are on everyone\u2019s minds right now. People are stuck home and confined to living a sedentary lifestyle. <\/p>\n

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