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New Year 2021 gift — Buy Health Insurance for your Family

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Celebration is in the air as the New Year brings the hope of a fresh start. Of the more mature gifts to bestow on somebody this new year is health insurance.. More Indians brought life and health insurance in 2020 than they had in the past five years. Given the uncertainty of life and one’s health in times of the current coronavirus pandemic, an important gift to consider giving each other is health insurance. While a health insurance policy might not be at the top of your wish list, it is probably amongst the best gifts you could give.

In addition to the dangers of Covid-19, with the growth of a sedentary lifestyle and access to processed foods becoming more common, the incidence of lifestyle illnesses inflicting younger people has grown. Even severe chronic diseases such as those afflicting the kidneys, lungs, and heart, are now becoming increasingly common amongst people in their thirties and twenties. When considering this situation, keeping an insurance policy as a financial backup has become more important than ever.

For instance, a family health insurance plan can ensure that you and your loved ones are under the guard of a financial cover against illnesses like diabetes, high blood pressure, cancer, and more. This year, instead of giving the same old traditional gifts, choose health insurance by assessing the insurance requirements of your loved ones and secure them financially with online health insurance. Remind your loved ones of the significance of remaining secure under the umbrella of health insurance.

Benefits of protecting your loved ones with health insurance

Health insurance offers many benefits. Contrary to popular opinion, there are many health insurance plans that don’t simply cease to cover beyond treatment costs alone. As a matter of fact, a good health insurance policy is quite comprehensive when it comes to coverage. Typically, comprehensive plans covers a wide variety of expenses such as hospitalization expenses, costs of treatment, medical costs, ambulance costs, and more. When one has good health cover backing them up, they have the advantage of enjoying all-rounded protection without having to dip into savings.

There is also the issue of accounting for medical costs. As a result of fearing high medical costs, often, people put off preventive care measures for later. This dangerous practice can quickly turn life-threatening for some unfortunate cases. Keep in mind that delaying early intervention, even for relatively minor issues while one is still young, can devolve into serious ailments with age. With a health insurance plan covering one’s healthcare costs, one is, in turn, prompted to take good preventative care. Not only can this save one’s life, but also avert any need for future expensive treatments.

If cost is your reason for holding back on health insurance, health insurance is a lot more cost-effective than you might think. Even a comprehensive policy can be quite affordable due to competitive pricing. For instance, if you buy your parents health insurance with a Sum Assured of ₹10 lacs, which covers you and two other family members, you will probably have to pay premiums worth ₹4500 to ₹5000 per month, if you buy the policy in your early thirties. The more you postpone buying a policy, the more expensive premiums become. However, there is absolutely no reason to defer financing a health insurance policy, since its benefits far outweigh its costs[Dhwani1][L2][L3].

Here are some features of good health insurance plans like my: health Suraksha by HDFC ERGO:

• There is no entry age restriction above 18 years of age and no medical test is required to purchase the health insurance policy below 45 years of age

• Flexibility to choose from several customisable plans with sum insured ranging between Rs. 3 lakh and Rs. 75 lakhs, depending on your family’s medical needs

• Facility to repay your premium on an instalment basis

• Seamless coverage of pre- and post-hospitalization expenses, in addition to coverage of costs incurred towards any day care procedures, AYUSH treatments, organ donor transplants, or hospitalization due to injury or illness, both mental and physical

• Cashless medical coverage facility for any treatment at home, as recommended by the doctor

• In the case of hospitalization for more than ten days, the insured can avail the recovery benefit provided by the insurer which covers any financial losses incurred due to the insured’s absence at home.

• You would be entitled to a lifetime renewability of the policy without any breaks and a get a free health checkup done within 60 days of every policy renewal.

• The amount paid towards a health policy premium can now be exempted upto Rs. 75,000 under section 80D of the Indian Income Tax Act.

There's also the fact that major diseases and illnesses can drain your finances. Recently, the costs that are associated with the care of both major and minor ailments have sharply risen. Experts claim rising healthcare is a problem we are likely to see in the foreseeable future too. Struggling with critical illnesses like cancer requires extensive monetary support due to its often highly expensive treatments. These costly treatments can end up depleting the funds that people have saved up, and more on top of that. In fact, major ailments can often push people into debt. However, one can easily prevent all of this by simply buying a critical illness insurance plan. By taking care of all the related to treating the critical illness, these health insurance plans allow you to rest easy and focus on getting better.

The Bottom Line

A health insurance policy can, to a major extent, keep your family and yourself stress-free and financially secure in the face of an unexpected health incident. Online health insurance plans can not only aid in riding over the expenses you associate with the treatment of medical ailments and emergencies but they often give you value-added services in the form of annual health checkup coverage and covering out-patient care. Stop delaying the financial protection of your loved ones any further, and give them a comprehensive health insurance plan today.