Should Health Insurance Be Part of Financial Planning?

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Having a robust financial plan allows you to take care of your finances more systematically while assuring financial protection for your family at all times. One such important investment plan is family health insurance, the importance of which is still not understood by many. Besides providing you and your family financial support during any health emergency, a health insurance plan also provides tax benefits under Section 80D.

The cost of accessing good healthcare facilities is increasing yearly by around 20%, and so are our health problems due to lifestyle disorders. A health insurance plan is a must to have financial support during an emergency. Besides, there are several other benefits that you can derive from having a medical insurance policy. If you are still not convinced why you should have health insurance plans for family, read on!

Benefits of including health insurance plan in your financial planning

  • Managing expenses: As medical expenses keep rising, having a separate fund to deal with unforeseen expenses is wise. But then it would mean depleting your hard-earned savings during an emergency. Health insurance plans are tailor-made to deal with such emergencies and meet the inflation of health care costs. Having a health insurance plan assures that your investments and savings grow at the same pace while all your health care expenses are taken care of.
  • Tax benefits: Isnt it wise to save in those plans which help you with tax benefits? Well, health insurance is one such plan that provides you tax benefit under Section 80d. The amount that you pay for health insurance premium is tax exempted up to Rs 60,000 in a year.
  • Option to renew for a lifetime: You can choose a health insurance plan for you and your family as they are no longer exhaustible. This can be renewed till you live or the members included in the health insurance plan live. The plans become beneficial when you have reached your sunset years and have no regular income. At this age, having an emergency fund becomes difficult and your health becomes more vulnerable to diseases. Having a health plan during these times is crucial to safeguard your savings from depleting.
  • Assuring medical safety for your family: A health insurance plan for family helps to take care of the expenses you may have to undergo if any member of the family suffers from health issues. A comprehensive health insurance plan for your family helps you give top-notch medical treatment facilities. Besides, you can also choose additional benefits like ambulance charges, bed charges, OPD charges, etc. You can also choose a critical medical insurance plan if you have a family history of any critical illness. As you know, treating critical illness costs you a bomb, and a basic health insurance plan would not suffice to care for these illnesses.
  • Teaching your next generation the importance of a health insurance plan: Only if you have included a health insurance plan as part of your financial planning, can you teach your next generation the importance of having a health insurance plan. In fact making the next generation conscious about the health insurance plan is necessary; this is only possible if they have seen how you manage your expenses and have a health insurance plan.This way, they not only understand the importance of financial planning but also understand the importance of including a health insurance plan in your financial planning

Final word:

The rising health insurance costs indicate that only a health insurance plan can provide you with the required financial cushion during an emergency. Paying regular premiums and assuring timely renewals is also important to enjoy uninterrupted health care benefits. Moreover, during retirement days, it will be the biggest support as you will not have to worry about the finances and live a more stress-free life.