We live in a world where health issues constantly see an upsurge. In such troubled times, a health emergency can blow a hole in your pocket, and in extreme cases, can even deplete your savings. Thus, health insurance has become an inevitable part of our lives.
In a moment of crisis, when someone close in the family needs medical care or a surgery, no one wants to rely on others to cover the costs. This is where medical insurance/ health insurance comes in handy. It helps you stay financially ready. In this blog, we’ll dive into how medical insurance heightens your financial security and how a Health Insurance Advisor in Kolkata can help.
What is Health Insurance?
As the name implies, the term ‘health insurance’ refers to an insurance plan that covers someone’s medical and surgical costs. This can either compensate the insured individual's care provider directly or reimburse the cost at a later date. This usually includes medicine, hospitalisation, physician fees, and more. So, health insurance is designed to cover medical expenses in times of a medical emergency. And all you have to do is pay regular premiums to the insurance provider, and in exchange, get robust financial assistance in times of medical need.
How does this work? Well, as a professional medical insurance advisor in Kolkata, we often explain it to people, and here’s how it simply works! When you buy health insurance, the contract obligates the insurer to compensate you financially when you’re in a medical emergency. In fact, it doesn’t even have to be an emergency, as medical insurance also covers routine exams and hospitalisation bills. The insurers work with a few hospitals to help policyholders receive proper medical treatment without the burgeoning costs hurting their pockets.
Relation Between Health Insurance and Financial Security
When we are financially stable, we are confident about our financial situation. These are the times when we are usually at our best because we know we have enough money to tide us through emergencies, and some even set aside for our future goals. That said, health is a vital part of our lives, and it too can directly or indirectly help in financial security! Not sure how? Well, we’ve got you covered!
Here are some ways in which health insurance helps with financial security.
Reduces Medical Costs: One of the most common problems across the country is the inability to get hands-on quality medical care due to financial constraints. In fact, medical costs have drastically shot up in recent years and will continue to do so in the years to come. This is where medical insurance has come across as a boon. As any health insurance advisor in Kolkata will point out, having an insurance plan in place is the best way to meet medical expenses during a health emergency.
Helps You Plan for Retirement: One of the best things about health insurance is that it helps you plan for retirement. As you get older, your income decreases, and health risks tend to rise. This is where you need a safety net for any and all health emergencies. Health insurance makes sure that you are financially covered during medical needs and that your savings are not hurt. Moreover, these are renewable, which means you can plan your retirement and, at the same time, save for medical emergencies.
Robust Tax Benefits: Tax savings are an essential part of financial planning. All you need to do is find the right investment method. If you have a medical insurance policy under Section 80D, the premiums you pay are tax-deductible. People generally receive a tax deduction of INR 25,000 for themselves and their families, but if you and your partner are above the age of 60, the deduction amount is INR 50,000. For more information on the same, connect with our Medical Insurance Advisor in Kolkata at Call Andii.
Key Takeaway
Medical insurance is a must-have for safeguarding your financial security in 2025. With rising healthcare costs and the unpredictability of medical emergencies, having an insurance plan makes sure that you and your family are prepared for challenges that come your way.
At Call Andii, our years of experience as a trusted medical insurance advisor in Kolkata, positions us to guide you through selecting the right policy for your needs. Every individual’s health and financial situation is different, and thus, our bespoke advice will help you be at ease. Contact us today, and let us help you secure your financial future with the right health insurance policy.