Why Medical Insurance
Medical insurance is an essential part of financial planning. It provides a much-needed financial backup at times of medical emergencies, which can be expensive1. Health risks and uncertainties are a part of life, and one cannot plan and get sick, but one can certainly be prepared for the financial aspect1. Here are some reasons why medical insurance is important:
- Financial protection: Medical emergencies can be expensive, and having medical insurance can help you be financially prepared against health risks.
- Rising medical costs: The cost of medical care has dramatically risen lately, and in case of a medical emergency, consumers end up spending their savings, which takes a toll on their future plans1.
- Tax benefits: Payments made towards health insurance premiums are eligible for tax deductions under section 80D of the Indian Income Tax Act.
- Lifestyle changes: Our changing lifestyle has made us more prone to a wide range of health disorders. Commuting, hectic work schedules, wrong eating habits, quality of food, and rising levels of pollution have increased the risk of developing health problems.
In summary, medical insurance is important because it helps you be financially prepared against health risks, rising medical costs, and provides tax benefits. It also helps you protect your future plans and be prepared for the financial aspect of uncertain health risks.
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