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Why Health Insurance Is Important – Protecting Your Finances And Health


Insurance is one of the most essential things you should have figured out in your life. This can include insuring your car, your home, and most importantly, yourself. By yourself, we mean your health. Having a health insurance policy has become mandatory, especially given that we are always at risk of facing a medical emergency – anything can happen to anybody and it is not under our control, right?

How does health insurance work? You browse through the available policies, choose the one that fits your bill, pay the premium, and get through the waiting period before you can claim. You can then keep renewing your policy once the validity period is over. Once you are insured, the insurance company will settle your medical bill for you.

Health insurance comes with multiple benefits for the insured. In this blog, we will discuss more about this and why health insurance is important. Read on!

Why Health Insurance Is Important

It is an established fact that health insurance policies are an integral part of your life. As mentioned earlier, they come bearing several benefits for the insured and in general help us be prepared to combat any medical emergency that may come our way.

The following are a few reasons why health insurance is important:

1. Fight and survive medical inflation

Medical inflation is real and happening. It is a phenomenon in which there is a steep rise in both the average and unit costs of medical services. Healthcare is becoming more and more expensive and it is becoming increasingly difficult for people to meet the costs of getting medical help. This is one of the reasons why health insurance is important. With a health insurance policy, you can easily combat the rising medical rates, while also ensuring you get access to good quality healthcare.

2. Keep your savings intact

This is another reason why health insurance is important! Usually, without a health insurance policy, you will have to shell out money from your pockets, which will definitely involve disturbing your savings, considering how expensive healthcare is today. With a health insurance plan, you will get sufficient financial coverage for your medical bills. All you need to do is pay the premium and get through the waiting period to make the claim. The insurance company will settle the bill in full, provided the expenses fall under the scope of your policy. This way, you do not have to touch your savings, ever.

3. Watch out for your family

Several health insurance policies allow you to add your family members. For instance, if your parents are ageing and retired, they will definitely need insurance money to manage their medical expenses. If they have not planned their health insurance, you can always add them to your family policy. Family floater plans are exclusive health insurance policies meant to insure your immediate family. With this, you can easily have the medical expenses of your family members, including spouse, children, parents, and siblings covered. This is also one of the reasons why health insurance is important.

4. Avail attractive tax benefits

Health insurance policies, especially fixed benefit plans come bearing tax benefits. According to Section 80D of the Income Tax Act, 1961, if you are under 60 years of age, you can avail of a tax deduction of up to ₹25,000 on health insurance premiums you have paid. You can get a deduction of around ₹50,000 if you and your family members are older than 60 years. This remains unchanged for the premiums you pay for your parents’ policies.

5. Go cashless in hospitals

This is one of the major reasons why health insurance is important and highly beneficial. Insurance companies are usually partnered with hospitals across the country. So, if you get treated at a partner hospital, you do not have to spend a penny from your pockets. Once your treatment is complete, the insurance company you are associated with will directly send the bill to your insurance company. You can go cashless in a partner hospital, as opposed to non-partner hospitals where you will have to pay the bill and later get it reimbursed from your insurance company.

6. Get quality healthcare

Some of the best insurance companies usually partner with the best hospitals across the country, thereby making access to quality healthcare more affordable. With discounts and tax benefits on insurance premiums, health insurance policies come at an economical price while also bringing higher coverage and more benefits. Therefore, no matter the illness and medical emergency, if it falls under the scope of your policy, you are eligible for treatment in any partner or non-partner hospital for the insured amount. Quality healthcare is right there, for you!

These are a few reasons why health insurance is important. If you are looking to get a health insurance policy from a good insurance company, look no further than Chola MS! Being one of the leading general insurance companies, we bring you access to excellent healthcare services at affordable insurance premium rates!

The Cholamandalam health insurance policies come at attractive rates and also with minimal waiting periods on claims. In addition to this, you can also avail of 24X7 customer assistance and hassle-free claim and renewal processes with the Cholamandalam health insurance.

For more details and to sign up for a Cholamandalam health insurance policy today, visit our website.