Health insurance is a necessity in today’s times. With each passing day, its importance for the financial betterment of people only increases. Therefore, health insurance plans these days ensure top benefits to aid the insurance holders in the best way possible. Health insurance plans may not be mandatory, but the consequences of not having one can be devastating for not just your finances but also your health. Following are some of the major pitfalls of not buying a health insurance plan:
High cost of medical treatments
Unforeseen medical incidents or ailments often come knocking with an expensive medical bill in hand. This is because, with the rise in inflation, medical treatments have skyrocketed their prices, making them less and less affordable. A suitable health insurance plan provides you with the much-required discounts and financial aid.
High cost of medication
It’s not just the high cost of medical treatments; the prices of medicines have also increased. But this should not stop you from securing your and your family’s health with high-quality health care and medications. Health insurance will protect you from the high costs of medication required for both planned and unplanned hospitalisation.
Tax deduction
Under Section 80D of the Income Tax Act of the health insurance policies, you are liable to get tax-saving perks on the premium payments of your respective health insurance plan. All taxpayers can avail of this premium payment benefit as part of their insurance.
Protection against chronic ailments
In the case of chronic/critical illnesses, you can even get a health insurance plan with critical illness coverage to get some financial aid. This type of plan helps compensate for life-threatening diseases like cancer, diabetes, stroke, sclerosis, lung-related diseases, etc.
Loss of savings
It is highly recommended to buy health insurance policies that provide tax exemption on the premiums. By not purchasing any health insurance plan, you are paving the way for losing out on your hard-earned money and even losing years of savings. Suitable health insurance policies protect your pockets and instead are an investment in your peace of mind.
Bearing the points mentioned above in mind, along with the rapid changes in people’s lifestyles and rise in inflation, the new-age digital insurance companies have made the process of purchasing health insurance plans a paperless and hassle-free experience. This helps make buying, renewing and raising claims against the health insurance policy easier.
Cholamandalam MS offers its comprehensive and cost-effective health insurance plan providing utmost protection and peace of mind!
