Lack of Health Insurance can Derail your Financial Health

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Health insurance has become a necessity. Medical costs are rising and the world is grappling with a pandemic.

1. Medical emergency can precipitate a financial crisis

You might be stable in your finances. But a sudden medical emergency can change all that if you are not adequately insured.

Coverage of medical costs are no longer an option.


2. Save your savings

Medical costs can drain your savings if you decide to bear it entirely. Long term goals require long term savings and investments. However. if medical costs compromise your savings and investment, then it could mean that your long term goals are also compromised fully or partially.

Health Insurance: Know the basics


3. Floaters, top-ups and senior citizen health insurance plans

Health insurance provides family floater plans covering the entire family. They also offer top-up plans which triggers above a certain deductible amount. Such plans are good for those who are covered by their employer. Senior citizens also have medical insurance plans specially designed for them.

Critical illness, diabetic plans, cancer plans, etc are some other variants which are available.


4. Tax Savings on medical insurance premiums

Tax savings are not the real reason you should invest in medical insurance, however they function as a sweetener in the entire process. You can claim tax benefits upto 45000 (in the 30% bracket) under Section 80D


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Lack of Health Insurance can Derail your Financial Health
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