Mon. Jun 10th, 2024
Health Insurance
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A well-lived life involves preparing for the future; financial planning is crucial. Given the increasing healthcare costs, lifestyle diseases, and unexpected health concerns like the recent pandemic, having a robust health insurance plan is essential. Healthcare expenses have risen significantly, making hospitalization and post-hospitalization costs a financial burden. To safeguard your savings, health insurance is a top priority. Opting for an affordable yet comprehensive health plan early on ensures better coverage at lower premiums and helps you complete waiting periods faster. ##

In case you are still unclear about the necessity of incorporating health insurance into your regular financial planning, let us examine the subsequent rationales that clarify the significance and health insurance benefits of obtaining a health policy in the first place.

Unexpected Medical Emergencies: Modern sedentary lifestyles have brought lifestyle-related health problems. Unforeseen medical emergencies can deplete long-term savings, so health insurance is vital. It covers treatment and post-hospitalization costs, ensuring access to necessary medical care.

Routine Care: Obtaining a diagnosis is the initial step in accessing medical care, often involving costly tests. Post-hospital care, including prescription drugs, network hospital stays, and regular check-ups, can also strain your finances. Opt for a health plan with comprehensive coverage and reasonable premiums to safeguard your savings and investments.

Tax Exemption: What if we told you that you could receive tax benefits in addition to having health insurance? You can receive a tax exemption of up to Rs 25,000 on the premiums you pay for health insurance policies that cover you, your spouse, and your kids under Section 80D of the Income Tax Act. You are eligible for an additional Rs 25,000 in exemptions if you pay premiums for health plans you bought for parents under 60 years old. You may qualify for an exemption of up to Rs. 50,000 for the year you bought the policy, similar to the premiums paid for health insurance purchased for parents over 60. **

Lifetime Renewability: It’s a common misperception that health insurance policies are only good for a year. However, most health insurance online policies have a feature that allows for lifetime renewal. This implies that there is no upper age limit on when you can renew your health insurance policies for you and your family members. The ideal way to cover medical costs that would otherwise come out of pocket for older adults is to have a health plan, as they are more likely to experience deteriorating health issues that require treatment.

To ensure a secure future, you must plan your finances. While many people learn about investing to grow their money, only some understand how important it is to include Bajaj Allianz medical insurance in their financial portfolio as a necessary precaution against the stress of increasing healthcare costs. When properly planned, health insurance can be viewed as a hidden investment. It is beneficial to have a current policy that protects you even after you retire because it covers all medical costs, including unexpected network hospital stays and planned surgeries.

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**Tax benefits are subject to change in prevalent tax laws.
##All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.

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