Howdy investors, I hope you are good.
Do you know? According to a study published in The Lancet Regional Health Southeast Asia Journal, India had around 1.2 million new cancer cases in 2019 and 930,000 deaths.
It is an alarming trend considering the price of proper healthcare. It could put a strain on the finances of a common Indian.
Let’s consider a scenario. Mr. Sethi is saving for retirement and investing his life savings of Rs. 3-4 lakhs in mutual funds to attain financial freedom.
He is currently 43 years old. In this fast-paced world, lifestyle diseases like high blood pressure, diabetes, and heart attacks are common
Unfortunately, if he gets one of these major diseases, then you can imagine his financial savings will be gone in one go.
You might have heard this news where a relatively young individual gets hospitalized with a serious disease.
Despite this, a report released by PolicyBazaar.com suggests that 96% of people are aware of health insurance policies, but only 43% have bought health insurance.
The major reason why people don’t get health insurance is a lack of understanding.
This blog aims to simplify health insurance, its types, and which policy you should avail yourself.
So, let’s get started.
Why Do You Need Health Insurance?
Health insurance is not just a financial tool but a necessity in today’s unpredictable world. We have listed some reasons why you should get an insurance:
- Rising Healthcare Costs: Medical expenses are soaring. A hospital visit can cost lakhs, which can severely impact your savings.
- Lifestyle Diseases: With the rise of sedentary lifestyles, diseases like diabetes and hypertension are becoming common, requiring long-term treatment and regular check-ups.
- Tax Benefits: Health insurance premiums qualify for tax deductions under Section 80D of the Income Tax Act, providing additional financial relief.
- Coverage for Critical Illnesses: Many health insurance policies cover critical illnesses, ensuring you get the best treatment without worrying about costs.
- Peace of Mind: Knowing that you are financially covered in a medical emergency provides peace of mind and allows you to focus on recovery.
Types of Health Insurance Policies
There are various types of health insurance policies to cater to different needs. Here’s a brief overview:
Individual Health Insurance Plan
This plan covers the medical expenses of an individual. The premium is based on the age, health condition, and sum insured.
Ideal for young professionals and individuals without dependents.
Family Floater Health Insurance Plan
A single policy covers the entire family, including spouses, children, and sometimes parents.
Cost-effective as the premium is lower compared to individual plans for each member.
Senior Citizen Health Insurance Plan
This policy is specifically designed for individuals over 60 years. These plans often come with a higher premium due to increased health risks.
Essential for covering medical expenses in old age.
Group Health Insurance Plan
Typically, the employers offer this policy to their employees. It provides coverage to the employee and sometimes their family at a lower premium.
It is beneficial for employees as it ensures health coverage without individual financial burden.
Basic health insurance policies that reimburse hospitalization expenses due to illness or injury.
Suitable for those seeking straightforward hospitalization coverage.
Which is the Best Insurance Company in Alwar?
When choosing the best insurance provider, KCI Money stands out for its comprehensive coverage options, excellent customer service, and affordable premiums. KCI Money offers a range of health insurance plans tailored to meet the diverse needs of individuals, families, and senior citizens.
Here are a few reasons why KCI Money is the best choice:
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Customized Plans: KCI Money provides tailored health insurance plans to suit different needs and budgets.
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Easy Claim Process: With a hassle-free claim process, KCI Money ensures your claims are settled quickly and efficiently.
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Extensive Network Hospitals: KCI Money provides insurance options with a vast network of hospitals in Alwar and across India, providing cashless treatment options.
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Constant Support: We are available and there for you to assist with any queries or concerns.
You can visit KCI Money website to learn more.
Conclusion
Health insurance is not just a financial safety net but a crucial component of a secure future.
With rising medical costs and lifestyle diseases, having adequate health coverage is more important than ever.
You can choose the right insurance by understanding the different policies and protecting yourself and your loved ones from financial hardships during medical emergencies.
Invest in your health today with KCI Money, and ensure a healthier, financially secure tomorrow.
Stay healthy, stay insured!
