Why is it Important to Have a Health Insurance Policy in 2021?

One thing that the year 2020 taught is that health is the number one priority. Even though everyone predicted the pandemic to be over by 2021, unfortunately, it has followed us towards the end of 2021. However, there is hope now. India’s vaccination drive is considered one of the largest in the world. And, as the country continues to strive to beat the COVID-19 pandemic, it is important to reiterate the need for protecting your health.

A health emergency could arise at any time. It is always better to be prepared to face unforeseen circumstances. To prevent any hassle during the critical hour of need, investing in a sound health insurance plan has become a necessity than a choice in 2021.

Here are some reasons that justify why it is critical to have a health insurance plan in 2021:

1. Cover unexpected medical expenses:
The COVID-19 pandemic highlighted that a health emergency can arise at any time. Further, with the effects of the pandemic still prevalent, unforeseen medical situations are more likely to occur. With the right health insurance plan, you are better prepared to face such emergencies.

The insurance policy takes care of your medical expenses, allowing you to get the best treatment possible and focus on your recovery rather than worry about hefty medical bills.

2. Increasing medical costs
Medical inflation in India is a bitter truth. Health inflation in India increased to 8.4% in June 2021 from 3.8% in December 2019. This is worrying, especially if you have dependents. However, with the right health insurance plan, you can stop being stressed about the steeply rising medical costs.

If you have a Mera Mediclaim plan from PNB MetLife, you can be covered for various day car treatments as well as comprehensive in-patient hospitalisation.

3. Meet post-hospitalisation expenses:
Generally, your medical treatment does not stop once you leave the hospital. Your medicines, check-ups, consultations, etc., carry further on even after you are discharged. A health insurance policy will help you take care of such needs without burdening your pocket. Health insurance policies support comprehensive care.

4. Cover hefty critical ailment treatment costs:
Today, the risk of critical ailments such as heart diseases, stroke, kidney failure, etc., has risen more than ever. These diseases can cause emotional and financial stress. However, during such critical times, having a health insurance policy comes in handy. The health insurance plan covers your treatment cost, giving you and your family financial safety during such stressful times.

5. Offers cashless facility:
Cashless benefits are one of the most important benefits of buying health insurance plans. If you have a health insurance plan, you can readily get admission to any of the network hospitals of the insurance company. You only have to fill a pre-authorisation form and show your mediclaim policy card to get this benefit.

You and your family do not have to worry about arranging immediate cash as the hospital bills, and related costs are settled directly by the insurance company. This cashless facility comes in handy for emergencies, many of which were experienced when the second wave of COVID-19 hit the country in March-April 2021.

6. Avail tax benefits:
Apart from covering medical treatment-related benefits, a mediclaim policy also offers significant tax benefits. Under Section 80D of the Income Tax Act, 1961, you can avail of an income deduction of up to ₹25,000 per year for health insurance plan premiums paid for self, spouse, and dependents. If you or your dependents are above 60 years, you can get a tax deduction of up to ₹50,000 per budgetary year.

No matter the age or life stage, a life and health insurance plan should be a top consideration for 2021 and the years ahead. If you already have a mediclaim policy, it is a good idea to revisit your policy and assess if your sum insured and other benefits are sufficient to provide financial security in the present and for the years to come.

Visit PNB MetLife website to know more about term plan, term insurance & long term savings.

Whether you are trying to lose weight or making a shift towards a healthy life, understanding your BMI (Body Mass Index) is one of the first necessary steps you can make. The BMI calculator can indicate your body’s fat content based on your weight and height. Once you have a clear view of this, you can go through different health insurance plans on the PNB website and secure your future financially against the growing healthcare costs.