The festive season is a time of joy, lights, food, and gifts. It’s also a perfect time to make new beginnings and invest in things that truly matter. While you might be looking forward to buying clothes, jewellery, or gadgets, consider something more valuable: health insurance. Here’s why buying health insurance during the festive season is a wise decision. In this article we cover the topic “Buy Health Insurance During the Festive Season”
Invest Buy Health Insurance During the Festive Season
The festive season is an auspicious time for making new beginnings. People eagerly look forward to buying a new home, vehicle, gold, home appliances, and gadgets. It’s considered auspicious to make these purchases during the season. So, why not make a new beginning by investing in your own and your family’s health this festive season?
You can take a two-step approach to investing in health this festive season:
Adopt a Healthy Lifestyle
With the rapid rise of viral infections and lifestyle diseases, there’s growing awareness among individuals to take control of their health. Adopting a healthy lifestyle is crucial. The festive season is often about indulging in unhealthy foods like sweets and fried items. This festive season, resolve to focus on eating healthy foods and avoiding unhealthy foods.
Apart from eating healthy, include the following in your lifestyle:
- Exercise for about 45 minutes to 1 hour, five times a week
- Sleep early for about 8-9 hours and rise early
- Maintain a work-life balance
- Practice stress management
- Pursue a hobby
- Do a preventive health checkup for yourself and your family once a year to stay on top of your health
Buy Health Insurance
Adopting a healthy lifestyle is important, but health adversities can strike at any time. Therefore, investing in a family health insurance plan this festive season is crucial. Health insurance plans can shield you from the ever-increasing hospitalisation costs. During the festive season, individuals are prone to accidents while travelling or fire incidents. Having a health insurance plan provides financial protection against hospitalisation bills.
Read More: Wellness Health Promotion and Disease Prevention
The Importance of Health Insurance
As the festive season approaches, amidst the flurry of celebrations and gatherings, it’s crucial to pause and consider our health. While festivities bring joy and togetherness, they also come with their fair share of risks, especially concerning health. This is where the importance of health insurance shines through. Investing in health insurance during the festive season is not just a prudent decision; it’s a step towards safeguarding yourself and your loved ones. Let’s delve into the top reasons why purchasing health insurance during this festive period is paramount.
Protection Against Medical Emergencies
Festive seasons often entail travel, indulgent feasting, and increased activity. Unfortunately, these festivities can also lead to unforeseen accidents or health issues. Having health insurance provides a safety net, ensuring that you have access to quality healthcare without bearing the exorbitant costs associated with medical emergencies.
Financial Security
One of the primary reasons to invest in health insurance is to safeguard your finances. Medical treatments, especially during emergencies, can incur substantial expenses, potentially draining your savings or pushing you into debt. By purchasing health insurance, you mitigate this financial risk, allowing you to focus on recovery rather than worrying about medical bills.
Comprehensive Coverage
Health insurance plans offer comprehensive coverage, encompassing a wide range of medical services, including hospitalization, surgeries, diagnostic tests, and medication. With the right policy, you can ensure that you and your family are adequately covered for various healthcare needs, giving you peace of mind during the festive season and beyond.
Preventive Care Benefits
Many health insurance plans offer preventive care benefits, encouraging policyholders to prioritize their health and well-being. These benefits may include routine health check-ups, vaccinations, and wellness programs, empowering individuals to adopt healthier lifestyles and detect potential health issues early on.
Coverage for Pre-existing Conditions
If you or your family members have pre-existing medical conditions, obtaining health insurance during the festive season is particularly beneficial. While some policies may impose waiting periods for pre-existing conditions, having coverage in place ensures that you can access timely medical care without worrying about pre-existing conditions being excluded from your policy.
Tax Benefits
Investing in health insurance can also yield tax benefits, making it a financially savvy decision. Under Section 80D of the Income Tax Act, policyholders can claim deductions on premiums paid towards health insurance for themselves, their spouse, children, and parents. This not only reduces your taxable income but also encourages responsible financial planning.
Peace of Mind for Loved Ones
Your health and well-being directly impact your loved ones. By purchasing health insurance, you alleviate their concerns about your health and ensure that they are not burdened with medical expenses in case of emergencies. This peace of mind fosters stronger familial bonds and allows everyone to enjoy the festive season without undue worry.
Access to Quality Healthcare Facilities
Health insurance often provides access to a network of hospitals and healthcare providers, ensuring that you receive quality medical care whenever needed. This network extends across various cities and regions, making it especially beneficial for those who travel during the festive season, knowing that they can access healthcare services wherever they go.
Safeguarding Future Health Needs
Investing in health insurance is an investment in your future health needs. While you may be in good health now, unforeseen circumstances can arise at any moment. By securing health insurance during the festive season, you proactively protect yourself and your family against future uncertainties, ensuring that you’re prepared for whatever life may throw your way.
Peace of Mind During Uncertain Times
The festive season is meant to be a time of joy and celebration. However, the ongoing pandemic and other global uncertainties have underscored the importance of prioritizing health and well-being. Health insurance offers a layer of security and peace of mind, allowing you to navigate these uncertain times with confidence and resilience.
Top Reasons for Buying Health Insurance During the Festive Season
Healthcare Costs Are Rising Rapidly
In the last few years, healthcare costs have risen significantly. Medical inflation is growing at a faster pace than general inflation. If you or a family member gets hospitalised for an operation or surgery, it can set you back by a few lakh Rupees. Buying a health insurance policy this festive season can insulate you from these rising costs.
Health Protection for the Entire Family
It is your responsibility to protect your health and your family’s health. Health insurance companies offer a family floater plan that can protect your entire family in a single plan. All family members can share the cover in any proportion. If you are in your mid-30s and your parents are in their mid-50s or senior citizens, consider buying two separate health insurance plans:
- One health insurance plan covering you, your spouse, and children
- One health insurance plan covering your parents
Gift your family health protection this festive season by buying a family floater health insurance plan.
OPD Cover
Apart from hospitalisation coverage, some health insurance plans also provide outpatient department (OPD) benefits. The OPD benefit may cover doctor consultations, diagnostic tests, prescription medicines, etc. The OPD cover is provided in one of the following ways:
- It is a part of the base health insurance policy
- It can be added as an optional benefit to the base health insurance policy
- It can be added as an optional rider to the base health insurance policy
While the hospitalisation cost may be a one-off, OPD expenses may be a regular thing for most families. This festive season, make a wise decision by investing in a health plan that provides you and your family with hospitalisation coverage and OPD benefits.
Health Checkup
A health insurance plan can be your financial backup against hospitalisation costs. However, while following a healthy lifestyle, you should monitor your and your family’s health with regular preventive health checkups. Some health insurance plans can provide you with preventive health checkups once every 1-4 years. So, if you want to keep a tab on your health, this festive season, invest in a health insurance plan that provides an annual health checkup for all family members covered.
Cashless Treatment
Most health insurance plans provide the facility of cashless treatment at network hospitals, subject to policy terms and conditions. In the cashless facility, the health insurance company settles the bill directly with the hospital. This festive season, by opting for a health insurance plan with a cashless treatment facility, you can gift your family the benefit of cashless treatment.
No-Claim Bonus (NCB)
Most health insurance plans provide the no-claim bonus (NCB) when you don’t make any claim throughout the year. When you renew health insurance cover, the NCB is usually given by enhancing the sum insured by a specified percentage.
Accidental Insurance and Critical Illness Cover
Apart from hospitalisation coverage, health insurance companies also provide other health insurance plans like personal accident cover, critical illness cover, etc. For example, MCHI provides the ManipalCigna Accident Shield and Lifestyle Protection Critical Care plans.
Tax Saving
The premium paid for health insurance plans qualifies for deduction from taxable income under Section 80D of the Income Tax Act. You can pay the premium for yourself, spouse, and children. The maximum deduction allowed in the financial year is Rs. 25,000. If you and/or your spouse is/are a senior citizen(s), the maximum deduction allowed is Rs. 50,000. A separate deduction of Rs. 25,000 is allowed for health insurance premium paid for parents. If one or both parents is/are a senior citizen(s), the maximum deduction allowed is Rs. 50,000. So, when you buy health insurance this festive season, along with hospitalisation coverage, you will get income tax benefits.
Gift Your Family the Benefit of Good Health This Festive Season
A comprehensive health insurance plan will provide you and your family benefits like hospitalisation coverage, OPD cover, annual health checkups, etc. You can also add a personal accidental cover, critical illness cover, etc., and provide your family with a complete health insurance solution. If you need help deciding which health insurance plan to buy, talk to experts at www.manipalcigna.com. They will analyse your requirements and recommend an appropriate health insurance plan that suits your needs. So, this festive season, take this auspicious opportunity of buying health insurance for your family and gifting them good health.
Summary
The festive season is an ideal time to invest in health insurance, ensuring financial security and peace of mind for you and your family. This article highlights the importance of buying health insurance during this period, emphasizing its benefits such as protection against medical emergencies, financial security, comprehensive coverage, preventive care benefits, tax benefits, and peace of mind for loved ones. Additionally, it discusses the rising healthcare costs, the need for family health protection, OPD cover, health checkups, cashless treatment, no-claim bonuses, accidental insurance, critical illness cover, and tax savings. By investing in health insurance, you can safeguard your future health needs and enjoy the festive season without worry.
Conclusion
Investing in health insurance during the festive season is a wise decision that offers numerous benefits. It provides financial protection against rising healthcare costs, ensures comprehensive coverage for medical emergencies, and offers preventive care benefits. Additionally, it includes tax savings, peace of mind for loved ones, and access to quality healthcare facilities. By purchasing health insurance, you can secure your and your family’s health and well-being, making the festive season even more meaningful and joyful.
FAQs
Q: Why is the festive season a good time to buy health insurance?
A: The festive season is considered auspicious for new beginnings and investments. Buying health insurance during this time ensures financial security and peace of mind, protecting you and your family from medical emergencies and rising healthcare costs.
Q: What are the benefits of having health insurance?
A: Health insurance provides protection against medical emergencies, financial security, comprehensive coverage, preventive care benefits, tax benefits, and peace of mind for loved ones. It also offers access to quality healthcare facilities and safeguards future health needs.
Q: How does health insurance provide financial security?
A: Health insurance mitigates the financial risk of medical treatments, especially during emergencies, by covering substantial expenses. This allows you to focus on recovery rather than worrying about medical bills.
Q: What is comprehensive coverage in health insurance?
A: Comprehensive coverage in health insurance encompasses a wide range of medical services, including hospitalization, surgeries, diagnostic tests, and medication. It ensures that you and your family are adequately covered for various healthcare needs.
Q: What are preventive care benefits in health insurance?
A: Preventive care benefits in health insurance include routine health check-ups, vaccinations, and wellness programs. These benefits encourage policyholders to prioritize their health and well-being, helping to detect potential health issues early on.
Q: How does health insurance cover pre-existing conditions?
A: Health insurance plans may cover pre-existing conditions after a waiting period. Having coverage in place ensures that you can access timely medical care without worrying about pre-existing conditions being excluded from your policy.
Q: What tax benefits are associated with health insurance?
A: Under Section 80D of the Income Tax Act, policyholders can claim deductions on premiums paid towards health insurance for themselves, their spouse, children, and parents. This reduces taxable income and encourages responsible financial planning.
Q: How does health insurance offer peace of mind for loved ones?
A: By purchasing health insurance, you alleviate your loved ones’ concerns about your health and ensure that they are not burdened with medical expenses in case of emergencies. This fosters stronger familial bonds and allows everyone to enjoy the festive season without undue worry.
Q: What is the importance of OPD cover in health insurance?
A: OPD cover in health insurance provides benefits for outpatient department services, including doctor consultations, diagnostic tests, and prescription medicines. This cover is essential for regular healthcare needs and complements hospitalization coverage.
Q: Why is a health checkup important with health insurance?
A: A health checkup is crucial for monitoring your and your family’s health. Regular preventive health checkups help detect potential health issues early on, ensuring timely medical intervention and better health outcomes.
