Importance of having a Health Insurance Policy in 2022

The year 2022 started on a positive note as COVID cases were declining, vaccines became available, and lockdown norms were easing out. Last year around the same time, however, in just a matter of a couple of months, the second wave of the pandemic hit us hard and caused severe health-related repercussions. Shortage of hospital beds, oxygen, ventilators and rising cases proved to be a nightmare for the common mass that was left reeling under the impact of the pandemic. One mandatory requirement that was reinforced by the pandemic was the need for a health insurance plan.

While health plans proved to be a savior for those struck by the pandemic, they are essential even when you take the pandemic out of the equation. In today’s age, when medical costs have become prohibitively expensive, having a health insurance cover is the only prudent way to protect your finances from medical emergencies. Here are some reasons which reiterate the importance of having a health insurance policy in 2022, with or without the pandemic –

  1. Rise of Illnesses
    Diseases and illnesses have become the part and parcel of the present-day lifestyle. Unhealthy eating habits, sedentary lifestyles, stress, etc. play havoc on the average individual’s health, making them prone to various illnesses. These illnesses cause medical emergencies that often require hospitalisation and advanced treatments. Since medical treatments are not cheap, a good health plan is required to afford quality healthcare.
  2. Financial Security
    A comprehensive plan offers a safety net. If any medical contingency occurs, your insurer would be there to take care of the associated expenses. Many policies allow cashless hospitalisation, thereby eliminating the financial hassles of seeking admissions. Moreover, it provides a comprehensive scope of coverage by covering not only your hospitalisation expenses but the pre and post-hospitalisation costs too. Thus, with a health plan, you can afford the medical costs without disturbing your finances.
  3. Coverage for Your Whole Family
    With family floater plans, you can secure coverage for all your family members so that if any member falls ill, the plan can pay the medical bills. Even extended family members can be covered under some health plans that ensure that all loved ones are protected by the security offered by the plan.
  4. Cover for Critical Illnesses
    Critical illnesses are those that are life threatening and require intensive treatments. Needless to say, these illnesses also include considerable medical costs. Many policies cover these critical illnesses and their associated treatments via add-ons, thereby giving you additional financial assistance in the face of major illnesses.
  5. Tax Benefits
    While health insurance plans are important with respect to the need that they fulfil and their scope of coverage, they also help you plan your taxes. Health insurance premiums are allowed as a deduction from your taxable income under Section 80D of the Income Tax Act, 1961. You can claim a deduction of up to Rs.25 000 on premiums for insured members of age below 60. The limit enhances to Rs.50,000 if you are a senior citizen. Furthermore, if you also pay the premiums for the senior citizens health insurance policy of your senior citizen parents, you can claim an additional deduction of Rs.50,000. Thus, health plans allow a maximum deduction of up to Rs.1 lakh (for one family member above the age of 60 plus senior citizen parents).

If you are still weighing in on your decision to invest in health insurance, don’t procrastinate! Invest in a comprehensive scheme at the earliest and insure yourself and your family against possible medical emergencies. If, on the other hand, you are insured under a holistic plan, it would be prudent to review your coverage regularly. Ensure that the plan has the suitable coverage benefits as per your needs, for example, maternity cover, critical illness coverage etc.. Moreover, check the sufficiency of the Sum Insured amount. In today’s age of increasing medical inflation, a substantial sum insured is a must. If you are also insuring your family members, opt for a higher amount. For affording a high coverage, you could go for super top-up plans.

SANA.Insure is an online platform that allows you to compare and find the best plans for your needs. You can check the coverage benefits and the premiums and pick the plan which gives you the best deal. Moreover, we provide personalized guidance throughout so that you can pick the right plan, whether it is family floater plans, individual policies, health insurance for parents, senior citizens health insurance or maternity insurance. Our Health Insurance Experts are happy to help you should you need any assistance along the way. Please get in touch with us over WhatsApp chat on 8278271818 or call us on 18002028118 for more information.

Wish you a healthy and happy life!

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