Buying Health Insurance for Tax Saving can be a Bad Choice!!

The hike in health insurance in current fiscal year seems to have a positive impact on the market. This is because of increase in insurance limit by the government which is primarily seen as beneficial to people.  However, it should not become a cause to save the taxes, losing its actual meaning. There are numerous things one needs to think of before buying a health insurance.
As per the new health insurance limit set for below the age of 30 years, one needs to buy top up covers such as out-patient department to exhaust the limit for critical illness and hospital cash benefits. Alarmingly, premiums for such covers are almost thrice that of a regular insurance cover. Those seeking for health insurance of 10 Lacs and above for family will have to pay a premium close to Rs. 25000.
People should be cautious while buying a health insurance as it is strongly observed that these policies are taken without knowing the authenticity or accuracy of those insurance plans. Obsessed with the thought of tax exemption or tax saving people usually opt or go for those plans which don’t hold any value to them. Spending on meaningless health plans is wasting your hard-earned money with no reason. You need to put your requirements on priority and not tax benefits.
Senior citizens comparatively hold high medical cost. They need regular checkups and medication to stay fit in their late years. Peeping through this inflation, medical services has been super expensive. Taking suitable and much needed health insurance for senior citizens or parents and not letting medical expenses harm your finances is a smarter choice. This way you can relieve yourself from the burden of taxes.
Propaganda through different channels and mediums is helping insurance industry to penetrate deeply in the market. However, people have also started understanding the importance and need for health insurance. Moreover, insurance companies are educating buyers by giving them all the supremacy of choosing the insurance of their choices. These are the factor also responsible for hike in health insurance sector.
Nevertheless, one should understand the self-requirement pertaining to health insurance and go for one without prioritizing tax exemption, undoubtedly, it will be taken care of though.