Health Insurance Cover is a Must

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 Look at your relatives or friends who availed of healthcare services in the recent past. You'd find that those who had a health insurance cover bore significantly less or no financial stress compared to those who had to pay for the expenses themselves.Healthcare costs are witnessing an inflation rate of 15% - 20%, twice that of general inflation in the country .A serious health condition can leave behind a high financial burden, which might take years to surmount. Worse, if the sole bread-earner is unwell for a long time, there is an impact both on income and savings. Not only do the savings deplete due to healthcare expenditures, the income of the household gets impaired. It is wise, therefore, to invest in health insurance.

The tax savings on health insurance premiums makes it more attractive. This incentive is here to stay and, perhaps, the exemption limits could increase over the next few years.If you pay for your own health insurance, you can get an income tax exemption of up to `25,000 per annum. If you are responsible for the healthcare of your senior citizen parents, you can claim a further exemption of up to `30,000 per annum. An adequate annual cover for your household can, therefore, get you an exemption of up to `55,000. That is sizeable and should be availed.But it is important to emphasize that tax benefits should be seen as a side benefit or a bonus. The real smart idea is to enrol yourself into an appropriate health insurance policy .

There is always the pressure to get the tax-planning components in place at the end of the financial year. But health insurance purchase requires your involvement. The products do not come in one-sizefits-all configurations. Each product is appropriate for a distinct consumer segment.Consider whether you wish to go for a family policy or one that covers a few individuals, or whether you would like to have specific protection against critical illnesses such as cancer. Choosing an adequate cover (sum insured) is important as well. Undercoverage equals no-coverage, since you might undergo financial stress, if your cover does not fully support your financial needs when the situation arises. The lure of tax savings and the hurry , especially at this time of year, can push you to make unwise choices. I would advice that you understand your needs and match it with the best options available, especially the ones with a strong hospital network, customer service and flexibility .

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