It is a common saying that “Health is Wealth”! And especially when lifestyle diseases such as cardiovascular ailments, cancer, diabetes, high blood pressure, respiratory diseases are on the rise, having a health insurance plan is a must. Healthcare costs have skyrocketed, and medical insurance offers you a solution to this problem, without the stress of the medical costs affecting your life’s savings.
Though a medical condition is not certain, it is probable given the sedentary lifestyle and environment we live in. So, having sufficient health insurance as a part of your financial plan is extremely important and should effectively top the list of your financial planning agenda. This will help you from facing any financial crunch. Further, any financial goal can be efficiently met if you have good health associated with it. Thus, choosing the right health insurance plan with adequate coverage benefit goes a long way in your current and future well-being. Additionally, procuring a suitable medical insurance policy early in your career can go a long way in mitigating your financial risk arising out of health concerns.
Here are some of the health insurance benefits that make it an integral part of your financial planning:
1. Medical Emergencies
Life is uncertain and unpredictable, so you never know when some medical emergency may befall upon you or your loved ones. You may take years to accumulate your savings and build a financial corpus for meeting your financial objectives; however, one single medical emergency can have the potential to squeeze out all your funds in one go. This is because nothing is more critical than your life and the lives of your loved ones. Having a suitable health insurance plan with the right amount of coverage can relieve this financial stress, and let you focus entirely on the treatment itself. This way, you can also prevent yourself from any sudden financial shocks or strains. It is advisable to opt for a health insurance plan that not only has adequate coverage and covers a wide range of illnesses but also should have the maximum tenure or duration attached to it.
Financial planning is incomplete without getting tax benefit in some form or the other. Under Section 80D of the Income Tax Act, 1961, you can claim an exemption of up to ₹25,000 on the medical insurance premium paid for self, spouse, and children. Further, additional health insurance benefit can be claimed up to ₹25,000 for parents less than 60 years and ₹50,000 for those above the age of 60 years.
Medical Safety Net
One of the primary concerns we face today is the rising cost of medical expenses. With more and more new ailments and lifestyle diseases cropping up, a health insurance policy allows you to build a medical safety net for you and your family. You can opt for health insurance plans that offer you a higher sum assured at affordable rates too. These plans cover not only the direct medical treatment costs but also the ancillary expenses attached to it, such as ambulance charges, bed and hospitalization costs, etc.
When we work, there is a continuous and steady flow of income. Therefore, dealing with expenses or emergencies during such times becomes easier to manage. However, when you retire and stop working, this regular flow of income stops too. Your funds become limited, and therefore, the existence of financial support in old age becomes imperative. Thus, if you have a medical insurance plan, you are provided with a much-needed form of medical security at any point of emergency during your old, retired age. If your health insurance coverage is sufficient and well in place, you can use your retirement savings to meet other needs.
Financial planning is required to make your present and future life hassle-free. And this can be done in an efficient and pragmatic manner through the security of an adequately covered medical insurance policy. You can not only secure your health through it but also your family’s. It is advisable to research extensively through various plans and their features before availing the right health insurance plan for you and your family post considering your needs, budget, and income.
Visit PNB MetLife website to know more about mera mediclaim plan, term plan, term insurance, long term savings & life insurance
The aforesaid article presents the view of an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability or medical complications incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ health advisor before making any decision.
Mera Mediclaim Plan is an Non-Linked, Non Participating, Combi Insurance Plan (UIN: 117Y102V01). It is advised to familiarize yourselves with the policy benefits and policy service structure of the ‘Mera Mediclaim Plan’ before deciding to purchase the policy. Please read the sales brochure carefully before concluding any sale. This product is jointly offered by 'PNB MetLife India Insurance Company Limited' and 'Religare Health Insurance Company Limited'. PNB MetLife is lead insurer for this product. The risks of this ‘Mera Mediclaim Plan’ are distinct and are assumed / accepted by respective insurance companies as per their underwriting guidelines. The liability to settle the claim vests with respective insurers, i.e., for health insurance benefits 'Religare Health Insurance Company Limited' and for life insurance benefits 'PNB MetLife India Insurance Company Limited'. The policyholders of the ‘Mera Mediclaim Plan' are eligible to continue with either part of the policy, discontinuing the other during the policy term. Goods and Service Tax (GST) shall be levied as per the prevailing tax laws which are subject to change from time. Tax benefits are as per the Income Tax Act, 1961, & are subject to amendments made thereto from time to time. Please consult your tax consultant for more details. Cash payment is not eligible for tax benefit under Sec 80D of Income Tax Act, 1961.
Religare Health Insurance Company Limited Regd. Office - 5th Floor, 19, Chawla House, Nehru Place, New Delhi-110019 | IRDAI Regd. No.: 148 CIN - U66000DL2007PLC161503. Correspondence Address - Vipul Tech Square, Tower C, 3rd Floor, Sector – 43, Golf Course Road, Gurgaon – 122009 Call:1800-102-4488|1860-500-4488
PNB MetLife India Insurance Company Limited - Regd. Office : Unit Nos. 701, 702 & 703, 7th Floor, West Wing, Raheja Towers, # 26/27, M.G. Road, Bengaluru – 560 001. IRDAI Regd. No.: 117 CIN.: U66010KA2001PLC028883 Phone: 080–6600 6969, Fax: 080 – 25585815, Email: firstname.lastname@example.org Write to us at: Office Unit No. 101, 1st Floor, Techniplex-1, Techniplex Complex, off Veer Savarkar Flyover, S V Road Goregaon (West), Mumbai – 400 062, Phone: 022 4179 0000, Fax: 022 - 41790203
The marks “PNB” and “MetLife” are the registered trademarks of Punjab National Bank and Metropolitan Life Insurance Company, respectively. PNB MetLife India Insurance Company Limited is a licensed user of these marks.
Religare is a registered trademark of RHC Holding Private Limited used under license by Religare Enterprises Limited and its subsidiaries.
BEWARE OF SPURIOUS PHONE CALLS AND FICTIOUS /FRAUDULENT OFFERS
• IRDAI is not involved in activities like selling policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.