Medical expenses

Achieving financial fitness through health insurance: Prioritising long-term well-being


Shreeraj Deshpande

Financial fitness is crucial to maintain a well-balanced life. Just as physical fitness is essential for maintaining overall well-being, so is having a healthy financial balance and a solid grasp of financial literacy. On this International Yoga Day, let us explore the significance of staying financially fit through health insurance, as it plays a pivotal role in safeguarding our health and long-term financial stability.

By availing health insurance, individuals can alleviate the burden of medical expenses and ensure their financial well-being remains intact.

How health insurance helps in keeping financially fit:

Reduction in medical expenses:

One of the primary benefits of health insurance is the reduction in medical expenses. By having adequate coverage, individuals can be better prepared to handle emergencies without depleting their savings or resorting to borrowing money. Health insurance acts as a financial cushion during challenging times, preventing the strain of unforeseen medical costs.

Peace of mind and secured post-retirement life:

Financial fitness encompasses more than just accumulating wealth. It is about achieving peace of mind and reducing stress about potential financial hardships. With health insurance, individuals can enjoy the security of knowing that their medical needs will be taken care of, even post retirement. This assurance contributes to long-term financial stability and enhances overall well-being.

Preventive care:

Health insurance provides coverage for various medical services, including preventive care. Without insurance, these costs can quickly accumulate, leading to substantial financial burdens. By having health insurance, individuals can limit their out-of-pocket expenses and protect their savings from being wiped out by unexpected medical bills. Regular check-ups and preventive care made possible by health insurance, help maintain good health and reduce the risk of major medical expenses in the future.

Lifetime renewability:

The provision of lifetime renewability in health insurance policies allows policyholders to renew their coverage without re-qualifying for a new one. This feature ensures that individuals can avail health insurance benefits throughout their lives, providing a constant safety net for their financial well-being.

Tax benefits:

Health insurance also offers tax benefits on the premium amount paid. Under Section 80D of the Indian Income Tax Act, the premium paid towards health insurance is tax-deductible. This tax advantage not only reduces the financial burden but also encourages individuals to prioritise their health and well-being by investing in health insurance coverage.

This International Yoga Day, prioritising financial fitness through health insurance is a significant step towards achieving long-term financial stability and overall well-being. It is essential to carefully review health insurance options, understand coverage details, and consider individual needs when incorporating health insurance into a comprehensive financial plan. Remember that health insurance policies can vary significantly in terms of coverage, premiums, deductibles, and out-of-pocket costs. Thus, it is crucial to review and comprehend the terms and conditions of any health insurance plan to ensure that it aligns with specific needs and financial goals. By embracing health insurance, we can embark on a journey of financial fitness, enabling us to lead a more secure and prosperous life.

Views expressed by Shreeraj Deshpande, Head – Health Vertical, SBI General Insurance

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