Medical emergencies come without a prior warning. Getting health insurance will help you feel financially equipped to handle such situations. Here are six reasons why you must opt for health insurance:

Reason One: Financial Coverage

A health insurance plan acts as strong financial support during medical emergencies. The costs associated with critical illnesses like cancer, heart ailments, etc., can severely affect your financial standing. A health insurance plan can offer you large financial coverage that can cover the costs of treatment in India as well as abroad. It also covers hospitalization costs, diagnosis costs, ambulance and medicine expenses, and provides the ease of instant payouts for greater financial flexibility.

Reason Two: Rising Inflation

Inflation is inevitable. You will be surprised to know that inflation in the field of healthcare was recorded at 7.14 in India in the financial year 2018-19.¹ Although savings instruments provide attractive interest rates, they are not enough to cover the costs of medical procedures coupled with inflation. Health insurance is a useful tool that can help you meet the probable medical costs. Right from the cost of equipment to the cost of treatment, medicines, and diagnosis, health insurance covers a wide range of expenses and helps you overcome the effects of inflation.

Reason Three: Tax Exemption

Health insurance is not only effective in covering future costs but also offers financial relief in the present. You can claim tax deduction* for up to ₹ 25,000 under Section 80D on the premium paid towards a policy. You can claim deductions for your own policy or that of your spouse or children. This can help you reduce your overall tax liability.