Health insurance could serve as a crucial financial safety net, covering unexpected medical expenses like hospitalisation, surgeries, etc. As per ACKO India Health Insurance Index 2024, healthcare costs are rising at an annual rate of 14%. This suggests that getting insurance might prove beneficial for you and your family alike. By paying an annual premium, you could significantly reduce your out-of-pocket costs during medical emergencies, which could otherwise be financially burdensome.
Obtaining insurance at an early age might be a wise decision. This could lead to lower premiums, avoiding medical tests, and long-term advantages including potential tax benefits. Under Section 80D of the Income Tax Act you could claim up to Rs. 50,000 on your insurance premiums. While determining the appropriate coverage amount, you could aim for a balance that meets your healthcare needs without imposing excessive financial strain.
The process of acquiring insurance is relatively straightforward. You might choose to reach out to an agent, visit an insurance company or get insurance online. Key steps include entering personal information, comparing available plans, selecting a suitable policy, and completing the premium payment. Health insurance could be essential for ensuring access to necessary healthcare while managing financial risks effectively.
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