{"id":43,"date":"2017-09-11T07:52:38","date_gmt":"2017-09-11T07:52:38","guid":{"rendered":"http:\/\/localhost\/industro\/?p=43"},"modified":"2022-07-27T02:52:21","modified_gmt":"2022-07-27T02:52:21","slug":"6-reasons-why-health-insurance-is-important","status":"publish","type":"post","link":"https:\/\/mintwell.in\/6-reasons-why-health-insurance-is-important\/","title":{"rendered":"6 Reasons Why Health Insurance is Important?"},"content":{"rendered":"<h2>Do you have health insurance? Do you think the health insurance provided by your employer is adequate?<\/h2>\n<p>There is a popular saying that &#8216;health is wealth&#8217;. In the modern context, deteriorating health has the potential to wipe out all your wealth in a fraction of a second.<\/p>\n<blockquote><p>Without Health Insurance, getting sick or injured could mean going bankrupt, going without needed care, or even dying needlessly.<\/p>\n<p>&#8211; Jan Schakowsky<\/p><\/blockquote>\n<p>In the current scenario, health insurance has become the need of the hour. An adequate health plan is essential as it insures the health of you and your family members.<\/p>\n<p>In this article, we will explain health insurance and its importance.<\/p>\n<h4><strong>Meaning of Health Insurance<\/strong><\/h4>\n<p>When you take health insurance, the companies take financial responsibility for you and your family member&#8217;s health. So, if you are hospitalized, the insurance companies will take care of the hospitalization and other fees.<\/p>\n<p>There are two key ways to claim your expenses on hospitalization. If you are hospitalized in non-network hospitals, you can provide the receipts to get your claims. Here, you pay for the hospital bills upfront.<\/p>\n<p>However, if you seek treatment in a network hospital, you can enjoy cashless hospitalization. This means you don&#8217;t have to pay any money. A good number of insurance companies have tie-ups with hospitals and treatment facilities.<\/p>\n<p>Health insurance is a must for everyone. Individuals under 45 years of age can take policies undergoing no health check-ups. The premium that needs to be paid increases with age.<\/p>\n<h4><strong>Importance of Health Insurance<\/strong><\/h4>\n<ul>\n<li>\n<h5><strong><em>It takes care of your medical expenses<\/em><\/strong><\/h5>\n<\/li>\n<\/ul>\n<p>Healthcare costs are expensive and it is likely to skyrocket shortly. The government&#8217;s inflation data have shown that health care inflation is almost double the rate of overall inflation. The average retail healthcare inflation in India was 7.14% in the financial year 2018-19. With the ever-increasing cost of health care, a single day in the hospital may wipe out several months&#8217; savings.<\/p>\n<p>With no health insurance, you may have to withdraw money from other investment options such as equity mutual funds in this urgent scenario. As a result, there may be a delay in reaching your <a href=\"https:\/\/wordpress-505850-2743134.cloudwaysapps.com\/2021\/04\/02\/financial-wellbeing\/\">financial goals<\/a>. Health insurance makes sure that your savings and financial goals remain intact.<\/p>\n<p>Insurance takes care of hospitalization expenses and medicine costs. Few plans also cover the cost of pre-hospitalization and post-hospitalization expenses such as ambulance costs, check-up fees, and medical costs.<\/p>\n<ul>\n<li>\n<h5><strong>Avail Cashless Health Insurance<\/strong><\/h5>\n<\/li>\n<\/ul>\n<p>As mentioned above, many insurers have tie-ups with hospitals to offer cashless treatment to their customers. Hence, customers can avail the treatment by paying no cash. This means you don&#8217;t have to pay any money for the treatment and focus on the well-being of your loved ones.<\/p>\n<ul>\n<li>\n<h5><strong>Entire family protection<\/strong><\/h5>\n<\/li>\n<\/ul>\n<p>Health insurance will cover all your family members. However, taking individual health cover for all your family members can be expensive. A family floater plan that covers the health-related costs of the entire family is an affordable option.<\/p>\n<ul>\n<li>\n<h5><strong>Covers lifestyle-related diseases<\/strong><\/h5>\n<\/li>\n<\/ul>\n<p>This is the fact that several lifestyle-related diseases have sprung up because of your inactive lifestyle like diabetes, high blood pressure, and cardiac problems are some lifestyle-related diseases. It can lead to other severe health problems.<\/p>\n<p>Health insurance plans cover these lifestyle-related diseases. While it is necessary to be physically active to keep these diseases at bay, with these policies you don&#8217;t have to worry about the costs raising due to these issues.<\/p>\n<ul>\n<li>\n<h5><strong>Avail Tax benefits<\/strong><\/h5>\n<\/li>\n<\/ul>\n<p>Besides helping to cover the healthcare-related costs, you can also save tax on the premium paid. You can save tax up to Rs.25,000 under section 80D of the Income Tax Act in a financial year. The premium paid for you and your spouse and dependent children is considered for tax exemptions.<\/p>\n<p><strong>In Conclusion: <\/strong>Whether you want to protect yourself from the costs arising from coronavirus or lifestyle disease treatment, these policies cover a lot of such diseases. Cashless hospitalization makes it easy for customers to avail themselves of cashless treatment.<\/p>\n<p>Health insurance policies come with a lot of terms and conditions. Hence, it is advisable to sit with your financial advis<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Do you have health insurance? Do you think the health insurance&#8230;.<\/p>\n","protected":false},"author":1,"featured_media":2193,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17],"tags":[21,23,25],"_links":{"self":[{"href":"https:\/\/mintwell.in\/wp-json\/wp\/v2\/posts\/43"}],"collection":[{"href":"https:\/\/mintwell.in\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mintwell.in\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mintwell.in\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mintwell.in\/wp-json\/wp\/v2\/comments?post=43"}],"version-history":[{"count":4,"href":"https:\/\/mintwell.in\/wp-json\/wp\/v2\/posts\/43\/revisions"}],"predecessor-version":[{"id":2232,"href":"https:\/\/mintwell.in\/wp-json\/wp\/v2\/posts\/43\/revisions\/2232"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mintwell.in\/wp-json\/wp\/v2\/media\/2193"}],"wp:attachment":[{"href":"https:\/\/mintwell.in\/wp-json\/wp\/v2\/media?parent=43"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mintwell.in\/wp-json\/wp\/v2\/categories?post=43"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mintwell.in\/wp-json\/wp\/v2\/tags?post=43"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}