Happiness is a state of mind that reflects well-being on all fronts – be it physical, mental or financial; not just of your own but also of your family. Of course, there is no way to guarantee that you and your family will have the best of these at all times, however what you can do it is to take preventive care. For example, so many of us eat right and exercise to stay in the best of health but also take precautions or prepare for the days ahead. Financial planning is one such way of ensuring our future happiness. With correct planning, you can save enough to create your retirement fund or pay for emergencies. A lot of us are good at saving and investing our money in building wealth but shy away when asked about health insurance!
Let’s look at what may happen if a health-related emergency were to affect you or your family suddenly. If you do not buy health insurance, you will have to use one of these options:
Use employer insurance
Most of us do not buy health insurance separately but rely on corporate health policy instead. Unfortunately, because we are assured that the employer’s insurance will meet medical emergency needs, we overlook the fine print. It is only when we have to use it that reality kicks in. Corporate insurance may not cover every member of your family. Although the cover may seem enough, many diseases and ailments could be excluded. Hence employer health insurance is not always sufficient.
Dig into your emergency fund
If you do not buy a health insurance plan, your emergency fund will be the only resort during such situations. While we know the importance of having an emergency fund, our daily expenses may not allow us to create one. Even if you have built one, it may not suffice for such emergencies. Hospitalisation expenses can hit the roof and wipe off all your savings.
These days there is a loan available for everything. You may not buy health insurance plan today and think that a personal loan will cover for your expenses. What if something were to happen to an earning member of the family? Moreover, there is no surety that the bank will approve the loan. The bank may disapprove or not sanction the required loan in some cases. For most people, borrowing money from friends and family is also not an option. Thus, it is advisable to buy a health insurance that is adequate for you and your family.
Now, let’s look at how things change with health insurance.
It is a harsh reality that private healthcare has become too expensive these days. In some cases, it borders on being unaffordable. The public healthcare system is either inefficient or too overloaded to get timely treatment. In this scenario, it is only wise to protect your family with the right health insurance plan. Like, More from Reliance Health Insurance where you can choose any sum-insured and choose to get More Cover for free e.g. Choose a 5 Lakhs cover and get 2 lakhs cover at no extra cost. In this way, you can ensure the financial independence of your family and give them the best medical care.
Buying a health insurance plan would not only help you cover your medical expenses, but exempt your tax liabilities by providing benefits under Section 80D of the Income Tax Act for your health insurance premium. An individual can claim a deduction of up to Rs 25,000 for the insurance of self, spouse, and dependent children. An additional deduction for the insurance of parents is available to the extent of Rs 25,000 if they are less than 60 years of age, or Rs 50,000 if your parents are aged above 60.
during cases of emergency arranging treatment funds immediately becomes a challenge, here health insurance companies come to the rescue. Every insurer has a set of impaneled hospitals where you can avail cashless treatment i.e. you you won’t have to pay a single penny to the hospital and the insurer will directly settle the bill on your behalf.
More from Reliance Health Insurance gives you the benefit of availing cashless treatment within its 5000+ strong hospital network. Very recently we empaneled major Tata Memorial Hospitals to this list which is a boon for cancer patients to avail cashless treatment.
During health-related emergencies, financial and mental stability can go for a toss. Imagine if you had to run from pillar to post to provide the best healthcare and arrange funds. With the right health insurance plan, you can concentrate on the well-being of your loved ones. The finances will be looked after for. If you buy health insurance with cashless benefit, you won’t have to pay anything from your pocket.
Many people do not purchase health insurance because they don’t find the investment worthy enough. However, they don’t know that apart from hospitalization benefits, buying insurance can we rewarding too. More from Reliance Health Insurance gives you option to choose More Time free with your cover, like if you buy a 12 months policy, you get additional 1-month cover, at no extra cost. Additionally a 10% discount if you buy the policy online.
So don’t wait, be wise and buy a health insurance plan for your family. This can be the most special gesture on your part in protecting them during testing times.