Year 2020 was like no other. It was a year that saw close to 100 million people getting infected by COVID-19. Out of these, over two million people lost their lives. ^₍₁₎ Fortunately, 2021 has brought with itself a lot of hope and promise. This year is all set to witness one of the largest vaccination drives in the world to overcome the prolonged COVID crisis.

Unfortunately, it took a pandemic to make many of us realize the importance of being prepared to deal with health related emergencies. Moreover, we also learnt that being prepared here means more than just maintaining good health. As a result, being holistically prepared on the healthcare front is a common resolution for many of us in 2021.

In such unprecedented times, it is important to remember and reiterate that the need for protecting our health is not something new. A health emergency can strike any time – be it COVID or any other. Hence, it is imperative to take measures, not only to improve our health but to also prepare financially for any emergency at an individual level. This could be an illness, an accident or any medical condition that could lead to expensive medical care.

Health insurance to the rescue

At the same time, we also need to have a health insurance policy with sufficient cover to deal with the healthcare risks -- the ones that always existed and the new ones that crept in last year. Since health risks have increased due to the dual factors -- the pandemic and the lifestyle changes it brought along -- we also need to review if the health cover we currently have is good enough in the present situation.

If you are still unsure, take a look at some of the benefits of opting for a health insurance policy:

• Meet Unforeseen Medical Expenses: An unforeseen medical emergency can arise at any moment. The right health insurance policy will help you meet the financial demands resulting out of such medical emergencies. Accordingly, you can focus more on your recovery or taking care of your loved ones instead of dealing with the stress of paying hefty medical bills.
• Rise in Medical Costs: The medical treatment costs are rising all around. With the right health insurance policy, you can stop worrying about this trend because your insurance company will take care of these expenses.
• Income Tax Benefits: Apart from the benefits in terms of healthcare expenses, health insurance policies also come with some tax benefits. You can claim an income deduction of up to Rs 75,000 under Section 80D of the Income Tax Act, which could lead to tax savings of over Rs 20,000 for you, if you fall in the 30% tax bracket.

How to choose the best health insurance

To get the best health insurance policy for yourself and your family, you can use the Finserv MARKETS website or App. This platform can help you choose your suitable plan and buy health insurance policies from leading insurance companies in India. The insurance companies that Finserv MARKETS partners with are all known for their good claim settlement record and customer service.

Before you decide which policy and which insurer to go with, you can use the calculators available online to calculate your insurance needs and the premium you need to pay to meet them.

The health insurance premium calculator on Finserv MARKETS is a convenient and easy online tool that could help you save a significant amount of money by assisting you to make the right choice while purchasing a health insurance policy. Not only does it allow you to determine the exact amount you need to invest in health insurance, thus helping you to do the right financial planning but it also makes a time-consuming task simple. With a medical insurance premium calculator, you can determine your premium and pick an ideal plan suitable for your needs as well.

With the sedentary lifestyle that we lead, it is also important to maintain good health. You can also use the BMI Calculator (Body Mass Index Calculator) to check if your weight is in the ideal range for your height. This is critical because being overweight could be the precursor to lifestyle diseases like Diabetes and Hypertension.

No matter at what stage of life you are at, a health insurance plan can be the perfect companion for you. Being under-insured can also bring significant stress in case of any medical emergency. If you already have a health insurance policy for yourself and your loved ones, it would also be a good idea to review your coverage to ensure that it still provides ample financial cover to you and your family. Make sure you are adequately covered to reduce the uncertainties with respect
to healthcare and financial planning.

Source:
⁽¹⁾. https://covid19.who.int/