As healthcare costs continue to rise, having a comprehensive health insurance policy is no longer an option but a necessity. While some people may rely solely on their employer’s health insurance benefits, personal health insurance is equally important. Here are some key points highlighting the importance of personal health insurance:
- Health insurance benefits are no longer available in the event of job loss.
- Personal insurance policies come with a No Claim Benefit that increases the coverage amount annually.
- You can always make a claim from your personal insurance cover if your medical expenses exceed your company’s policy limit.
- Inflation can make a 5 lakh coverage inadequate after 15 years.
- Buying more insurance earlier is crucial, especially since premiums tend to increase with age.
- Purchasing a higher cover when you’re young and healthy is relatively cheaper.
- The tax system provides deductions for annual premiums up to 25,000 INR.
- Tax deductions for senior citizens will be 50,000 INR.
- Lifestyle diseases like diabetes can limit or reduce your health insurance coverage.
- Creating a dedicated ‘health SIP’ to save for medical expenses alongside insurance is essential.
- Securing a healthy cover as early as possible is crucial.
- Waiting until retirement to purchase additional insurance may be challenging due to medical conditions.
- A higher cover provides better protection in the long run.
- Personal insurance can provide financial security in case of unforeseen circumstances.
- Personal health insurance is an investment in your health and financial well-being.
At Wealthmunshi, we understand the importance of securing your financial future. That’s why we offer expert advice on personal health insurance that caters to your specific needs. Our experienced professionals can help you find the right policy that provides comprehensive coverage and fits your budget.