All the basic amenities are sky-high so as the medical facilities. Individual health insurance plays a crucial role in such a scenario and acts as a cushion against healthcare costs. Adding individual health insurance in your financial planning is a must in your 30’s. Include healthcare insurance whenever you make your financial plan.
Even if you are young, taking an individual healthcare plan should be your utmost priority, and you should create a financial plan by keeping this insurance plan in mind. If you have a health insurance plan, it’s a safeguard for all your emergency healthcare expenses, and it will help you save the tax.
Importance of individual health insurance in financial planning
We know individual health insurance is a must these days, and it should be a part of our financial planning. Here are some essential factors you need to know about individual health insurance plans-
- Medical Urgency
Difficult situations don’t come by knocking on the door; they can arrive anytime, anywhere. It is better to be ready for such times. Take an individual health insurance plan as per your need and budget to cover all the expenses for any medical emergency
- Maintain a good Health
Health insurance plans these days not only cover your hospital bills or emergency medical expenses but also cover regular doctor visits. So take such health insurance plans which cover pre and post-hospital care expenses.
- Get tax benefits
Individual health insurance plans come under the tax rebate category as per section 80 D of the Income tax Act. So, now, if you buy an insurance plan and pay the premium, you will get income tax benefits.
- Life after retirement
Purchasing a health insurance plan will be a savior when you are retired. It will be great if you add such things in your financial planning in your 30’s.
Project post-retirement life, individual health insurance plans will save you from emergency medical expenses.
- Protect yourself from raising the medical cost
The majority of people have a sedentary lifestyle which may lead to many ailments. This may require medical supervision, surgeries, or maybe hospitalization. We need to be ready for any such things, and individual health insurance plans help us plan such emergency expenses.
- Finding a right plan
If you plan to buy an individual health insurance plan, finding the right plan can be an exercise. You can check the health insurance plans by Bajaj Allianz health insurance and make a plan as per your budget and need. Take a plan which covers both pre and post-hospitalization expenses.
Always add a particular budget for a health insurance plan when you create your financial plan.
Taking individual health insurance is a must nowadays. By taking health insurance, you can manage your emergency medical expenses and save the tax. Select a good plan as per your need and purchase it.