Importance of having a Health Insurance Policy in 2022


20 Jul 2022

The COVID-19 pandemic has taught us all an important lesson, i.e., human life is extremely fragile and things can turn from terrific to terrible in no time. Who would have thought that a tiny virus can claim so many lives and bring the whole world to a standstill?

The disease also underlined the importance of having robust health insurance coverage to meet the high treatment cost not just for coronavirus but also for other diseases. As the healthcare cost in India is rising every year, hospitalisation is becoming unaffordable for many.

Today, the treatment cost for critical illnesses like cancer, or liver transplant can run into several lakhs. Not to mention, you may have to incur post-treatment expenses. In such a situation, not having a health insurance cover would mean depleting your life-long savings in one go.

If you don’t have a health insurance cover already, now is the best time to buy it in 2022. If you are still sceptical, let us tell you the importance of buying a health insurance policy for yourself and your family.

Financial coverage

A health insurance policy helps you get a financial cushion against medical emergencies. It helps you cover the various treatment costs, including bed charges, doctor consultation fees, diagnostic tests, medicine and more, as per your policy’s terms and conditions.

Keeps your savings protected

Medical emergencies in the family can cause immense stress. Additionally, if you don’t have the necessary financial resources to meet the expenses, it will add to your stress. Imagine a situation where your family members are deprived of quality medical care due to lack of funds. This is where health insurance plays an important role.

It helps you cover the expenses without the need for digging into your savings or investments. You can hold on to them for your other life goals like buying a new home, funding your child’s education, etc.

Cope with the changing lifestyle

Today, many youngsters due to their sedentary lifestyle suffer from various illnesses. Not to mention, the rising population level, the work stress, and lifestyle habits like smoking, alcohol consumption, erratic sleeping pattern, result in unexpected medical conditions.

This means, you may be vulnerable to getting hospitalised anytime. And, even as you take steps to improve your lifestyle, having a robust medical health insurance would help you cope with changing lifestyle and associated health risks better.

Get additional coverage with riders

While a comprehensive health insurance policy covers all the basic expenses, it has certain limitations. It may not cover specific illnesses or medical procedures. These are called exclusions. However, you can get coverage against such conditions by buying Riders or Add-ons.

Riders are additional coverage options that you can voluntarily buy by paying an additional premium. For instance, if your family has a history of cancer, you can buy a cancer care rider or a critical illness rider that covers it.

Tax benefits

Apart from offering financial protection against healthcare expenses, health insurance helps you avail tax benefits. The premium you pay for the policy is eligible for deduction up toRs.25,000 in a financial year under Section 80D of the Indian Income Tax Act.

Choose the right policy for complete protection

It is important to buy the right health insurance policy to ensure that you and your family are well-protected. It is better to purchase a comprehensive policy like Kotak Health Care. It comes with a wide range of benefits, including coverage for in-patient treatment, annual health check-up, ambulance cover, optional covers and many more.

Visit our Health Insurance page to know more about this health insurance plan. You can get in touch with us through our toll free number or email, and our representative will immediately reach out to you to address your queries and also help you choose the right healthcare policy to suit your family’s specific needs.

Team Kotak GIC

The content of this blog has been created and carefully reviewed by the esteemed team at Kotak General Insurance, with the sole purpose of providing valuable guidance and sharing insights on the importance of general insurance. Our objective is to assist users in making informed decisions when purchasing or renewing insurance policies for their cars, bikes, and health. Our expertly curated information aims to empower our readers with the knowledge they need to protect their valuable assets and financial interests.