Why is it necessary to buy health insurance in India?
Rakesh is a highly qualified person working in a well known MNC. He loves to party with friends and spend most of salary on branded apparels and gadgets. To curb his compulsive spending behavior, his elder sister advised him to save some money and invest in a good health insurance plan. He said "On your suggestion, I will buy a health insurance policy but after a few years from now. I am fit and healthy then why should I pay money to the health insurance company when I am not going to avail any benefits."

After a few months, while Rakesh was riding his bike on the highway, he lost control of the vehicle and smashed against another rider. He hurt his head and was bleeding profusely. He was rushed to the hospital and the doctor advised that they would need to keep him under observation for at least 48 hours.

His old parents were already tensed about his health and the fat hospital bill that was handed to them further added to their woes.

There are many individuals in India who feel that they can wait to buy a health insurance but it is important to remember that emergencies do not come with a warning and it is our individual duty to be prepared to handle such adverse situations.

Many of us like Rakesh realize the importance of health insurance only when it is too late.
Let's understand various other reasons why it is necessary to be covered under health insurance.

• Makes quality treatment affordable
Modern technology has resulted in cures for various diseases but these cures have a high operating cost and hence are available to a select few. If you are covered under a health insurance, you can take the benefit of modern facilities without worrying about the expensive treatment cost.

In simple words, at the time of an emergency, you can avail the facilities of a good hospital without bothering about the expensive cost that would be incurred.

• Cashless service
Health insurance companies have tie up with major hospitals in each city through their TPA (Third party administrators.)These hospitals are called network hospitals. Health insurance companies provide cashless services in their network hospitals, which mean hospitalization expenses on a valid claim, can be settled directly between the health service provider and the Insurance Company/TPA. Cashless service reduces the financial stress that can be caused at the time of an emergency.

• Tax benefit
Last but not the least, the proposer of the health insurance policy can avail tax benefit under section 80 D up to Rs 15,000 p.a. on buying health insurance in India for self or for the family. Additionally, he can also avail the tax benefit of Rs 15,000 if he buys another health insurance for his parents. (If the parents are 65 years and above the rebate is Rs 20,000.) This means an individual can now avail a rebate up to Rs 35,000 for buying health insurance policies.

Buying health insurance is a long term investment. It is important to be a futuristic and buy health insurance in early years to enjoy wider benefits and keep your family well protected and happy.

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