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How to Secure Your Savings by Investing in Health Insurance?

These days, with rising medical inflation, a medical emergency can suddenly drain your savings. Additionally, medical bills can also go beyond your hospitalization stay. Thus, health insurance is an essential financial safeguard to have in case of unexpected medical emergencies.

Apart from this coverage for medical treatment, there are many other benefits to buying a health insurance policy, which can help secure your savings, this includes tax benefits, cashless claims, and more.

Team Digit

6 Ways to Secure Your Savings by Investing in Health Insurance

There are many ways that having a health insurance policy will help you to safeguard your and your family’s savings

1. Provides Financial Protection

With medical inflation, an accident or a health issue can end up costing a lot of money and wiping out your savings. If the costs are very high, you might even end up having to borrow money on loan, or from friends and family to pay them, placing you into debt.

But, with a health insurance, these out-of-pocket expenses will be greatly reduced, as your insurer will take care of most of the medical expenses, leaving your savings intact.

2. Covers Medical Expenses

A health insurance policy doesn’t just cover hospitalization or accidents. It covers a wide range of medical costs, including critical illnesses, regular illnesses, psychiatric care, maternity expenses, ambulance charges, alternative treatments, post hospitalization related expenses, even basic annual health checkups.

In all of these cases you will have financial protection in case of any medical expenses.

3. Cashless Claims Provide Further Protection

There are two main types of health insurance claims. Reimbursement (where you get your treatment and then get your hospital bills reimbursed from your health insurer) and cashless claims (where you get approval for the treatment and the costs are settled by the insurer).

With a cashless claim, you can get treated at a hospital without paying out of your own pocket (apart from any deductible or co-payment) as the insurer will make the payment directly to the hospital. This way you don’t need to pay any cash up front, and you can preserve your savings.

4. You Can Get a Cumulative Bonus

When you don’t make any claims during one policy year, you get a cumulative bonus, or a no claim bonus. This is a monetary advantage which might be a discount in your premium for the next policy year, or an additional sum insured amount at no increase to your premium.

This way, you get the same coverage at less cost, or more coverage at the same cost, both of which are an excellent way to save money.

At Digit, we offer up to 100% increase in sum insured for your first claim-free year and 200% for your second consecutive claim-free year.

5. Annual Health Check-Ups Can Prevent High Expenses

When you have a health insurance, it often comes with complimentary annual health check-ups. Going for these check-ups can make sure that you are aware of your health, and it can also uncover and health issues which can otherwise often go unnoticed.

Common tests include blood sugar levels to prevent diabetes, mammograms to check for breast cancer, or pap smears to check for cervical cancer. When you detect any health conditions early on, it can be vital in preventing or quickly treating the ailments which can end up saving a lot of future healthcare costs

6. There Are Tax Benefits

Having a health insurance can actually save you money on income tax. Under Section 80D of the Income Tax Act, 1961, when you get a health insurance policy for yourself, spouse, parents or children, you can claim tax benefits. You can get returns of up to ₹25,000, with additional benefits for paying health insurance premiums for your parents.

Conclusion:

So, hopefully, now it is clear that a health insurance policy is an excellent way to help protect your and your family’s savings. While some people have the means to deal with skyrocketing medical expenses, for others it can devastate their savings. In such conditions, health insurance acts as a financial safeguard against unexpected medical expenses. It is a small investment that comes with large financial rewards.

Frequently asked questions

All

When is a good time to invest in health insurance?

It is best to buy health insurance while you’re still young (ideally in your 20s). This way, your premiums will be a lot cheaper at the start, you can complete any waiting periods while you’re still healthy, and even get cumulative bonuses for claim-free years.

Additionally, even young people might need treatment for an accident or illness, and having health insurance will ensure you don’t eat up your early savings.

Is health insurance a good investment to make?

Yes, it is a very good investment to make. Even if you have savings, paying massive medical costs out of your own pocket can eat them up. But health insurance is a dedicated investment you make solely towards your health so you don’t need to shell out your savings or face any financial pressure in the future!

What is the risk of not having health insurance?

While there is no penalty for not having health insurance, it can stop you from getting the best treatment done on time. Without it, you can also end up paying massive medical costs out of your own pocket.

Is it better to buy term insurance with critical illness cover or separate health insurance?

Both have their place. Critical illness with term insurance gives a lump sum if diagnosed with major diseases. Health insurance pays hospital bills. Ideally, take both, term with critical illness helps you when you can't work, and health insurance helps during recovery.

Can I skip health insurance if my company gives one and just buy life insurance?

Company health cover ends when you quit or retire. Buy your own plan early, it continues lifelong. Life insurance is also needed to secure your family’s future. Relying only on employer benefits is risky.

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Go Digit General Insurance Limited | Corporate Office Address: Atlantis, 95, 4th B Cross Road, Koramangala Industrial Layout, 5th Block, Bengaluru 560095 | Registered Office Address: 1 to 6 floors, Ananta One (AR One), Pride Hotel Lane, Narveer Tanaji Wadi, Shivaji Nagar, Pune-411005, Maharashtra | Trade logo of Go Digit General Insurance Ltd. displayed above belongs to Go Digit lnfoworks Services Private Limited and is provided and used by Go Digit General Insurance Ltd. under license.