Financial planning should be a part of your financial plan if you earn steadily. It puts you on the right path for securing long-term finance. Without enough planning, unstructured spending increases. This creates shortage of funds to overcome financial crunch. However, it is challenging to prepare for such urgencies despite your hard work. Given the inflating medical costs, savings do not help cover healthcare expenses.
To overcome this gap, you need Health Insurance. It covers medical expenditure and protects your well-being. Moreover, you can meet your financial objectives effectively when your health expenses are secured. Here are other reasons to consider them in your financial plan:
Tax benefits
Saving on taxes results in cutting down on a significant expense during financial planning. Most General Insurance focuses on this aspect. The same goes for Mediclaim. You receive the claim exemption of up to Rs. 25,000 on premiums under section 80D of the Tax Act. You can use this to your benefit to cover healthcare expenses for yourself and your dependents. As for parents, you can claim rebates if they are aged below 60 years.
Stable retirement planning
Regardless of your job, you have a steady flow of income as a working individual. This makes it better to deal with emergencies. If you fall short on funds, you can apply for Loans. But the same is impossible after retirement due to limited funds. Hence, having financial support during your retirement time becomes imperative. Medical Insurance sorts out this concern.
Safety
Diseases have become a common concern regardless of age. Diseases could happen unexpectedly with compromised climate conditions, hectic lifestyles, and poor diet. Buying Health Insurance Plans allows you to build a safety net to combat this. Besides treatment costs, these cover ancillary expenses. They include hospitalisation charges, home visits, day-care procedures, ambulances, etc.
Beats Inflation
Owing to the technological advancement and new experiments, medical costs are increasing. The ever-increasing cost is difficult to tackle despite setting funds aside. Predicting the financial requirement for future expenses is almost impossible. The best solution is to buy Health Insurance Policy. It pays for medical expenses at the current rate.
Early buying benefits
Insurers favour youngsters as they have low exposure to medical ailments. Moreover, younger people have stable income to pay the premiums. Hence, if you buy online Health Insurance before your 30s, you receive the best coverage at a lower cost. You also receive higher tax benefits. It is best to buy the policy early to capitalise on such benefits that increase savings in the future.
