Insurance is one of the most important things to buy as soon as one starts earning. As an individual we all need insurance as it protects us against unwanted circumstances. Many things in this world are beyond our control and no one can avoid them. For instance, life insurance can’t bring us our loved ones back, but it atleast ensures that the family is financially supported in case of a person’s death. Similarly, many diseases such as cancer cost a fortune to cure, and if a person doesn’t have health insurance they would have to exhaust their entire savings or even take out a loan to cover up the costs, that is why it’s necessary to have health insurance. Almost all insurance is necessary but in today’s article, we will focus on health insurance.
What is insurance ?
As defined by Wikipedia ”Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss”. If you see it in simple terms it can be understood as a protection against uncertain losses. It’s a kind of financial protection against losses which are too high to cover up with savings.
Health insurance – Under a health insurance contract, the insurer has to pay for policyholders’ medical expenses in exchange for a premium paid by the policyholder.
As defined by Wikipedia ”Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss”. If you see it in simple terms it can be understood as a protection against uncertain losses. It’s a kind of financial protection against losses which are too high to cover up with savings.
Health insurance – Under a health insurance contract, the insurer has to pay for policyholders’ medical expenses in exchange for a premium paid by the policyholder.
7 reasons why you should get Health insurance?
1. To fight lifestyle disease –
In today’s time, we all enjoy eating fast foods. But with such high content of oil also comes a lot of diseases, also in the environmental pollution that we stay, we stay make our immunity weak. Diseases such as diabetes and high bp are now common among everyone. And the rate of cancer has been rising continuously, and all of these diseases are lifestyle diseases, and it requires a lot of money to afford their treatment. So to protect one from high expenses, health insurance is the best option.
2. To safeguard your family –
Health insurance helps you safeguard your family as well as you, there are a lot of options out there where you can buy a plan for the whole family. In case your family member is diagnosed with a disease, then health insurance would help you to get them the best possible treatment at a hospital with good facilities. Also, health insurance generally includes free health checkups, expert consultations etc.
3. To counter expenses, not covered by an inadequate cover –
Many people are usually provided with health insurance by their employers, which covers them as well as their families. But this isn’t adequate as this cover is very small as compared to hospital bills, so one needs to buy health insurance that has an adequate cover to pay for you as well as your family.
4. To deal with medical inflation –
Medical expenses have been rising every day, and your savings from today won’t be able to pay for your bills 5-10 years later, so it’s better to buy insurance today and pay a small amount in premium which would later help you pay for your bills.
5. To protect your savings –
We all save up for different occasions such as marriage, studies etc. But what if you have some emergency and you have to use that fund for treatments that would leave your other dreams unfulfilled. And if you want to protect your savings you would need to buy health insurance.
6. Insure early, stay secured –
We all have money when we earn, but after we retire we don’t have any source of income which would pay for high treatment costs. So it’s better to buy health insurance early in life while you’re still earning so that it could protect you even after retirement.
7. Tax benefit –
With benefits to your health, wellness and family protection. Health insurance also provides you with tax exemption. So that’s a dual benefit out there, and also you can claim tax benefit if you have insurance for your parents.
Conclusion –
Overall health insurance is a very important thing in life and in modern times it’s a necessity and one should have it.