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Shocking yet true, the fact is that only 0.2% of the entire population actually possesses any form of health insurance in India! This is what a 2013 survey carried out by the IRDA has revealed. It is clearly a case of very low penetration, considering that 99.8% of the population still remains uninsured. If you are among the 0.2%, it is good news. If you aren’t, it’s time to take the plunge! Why Opt for Health Insurance in India? Here are some of the most important reasons that make it necessary for us to ensure that we have health insurance in India: • The Skyrocketing Costs: Medical expenses are climbing the ladder pretty fast and would be hitting the roof in no time. Besides, medical expenses are sudden, in most cases. Therefore, when you get admitted to a healthcare facility, it would be essential to be able to provide for a complete range of costs including medicines, doctor visits, room charges, and diagnostics and so on. If you haven’t opted for a health insurance in India, the cumulative expenses could drain your savings completely. • The Quality of Health Care: Often, the quality of health care is determined by the charges they attract. And when you are in need of medical care, the last thing preferable is being forced to choose substandard services because of lack of funds. If you already have your insurance ready, it takes care of your expenses. Therefore, you can easily head to the best health care facility in town. Most policies would also provide a cashless claim facility. Therefore, it would be far more convenient! • Tax Related Benefits: Tax benefits associated with opting for health insurance in India is truly the cherry on the cake. The section 80D of the IT Act allows benefits to the tune of Rs 15,000 per annum to those who are insured. In addition, if you also plan to insure the health of your parents, you can also avail of an additional benefit of 15,000 per annum. If your parents are senior citizens, the rebate scales up to Rs 20,000. Therefore, the maximum cumulative benefit you can avail of is close to Rs 35,000 every year! With so many advantages and comprehensive benefits on the cards, opting for health insurance in India, or anywhere else in the world for that matter, is a great idea. A sudden bout of ill health is an unhappy surprise! The least you can do is to arrange for the finances in advance by opting for a comprehensive insurance policy! Myself Anjana Shirskar, a very passionate blogger who likes to write about financial topics and having a number of articles to my credit based on my favorite topics.
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