Clare Boothe Luce once famously remarked “A woman’s best protection is a little money on her own”. While most women may agree to what the American author says but only a few might follow it in principle. Contemporary women are donning many role nowadays, juggling between careers and family. But whether working or non-working, family before self remains the mantra for most of the Indian women. While they would take care of the household budget, but would shy away from investing for their own self. This Mother’s Day, how about committing yourself to your health care needs by taking steps that can give you a healthy lifestyle and a secure future to your family.
This is why you need a health plan.
Health Plan And Its Importance
As a mother, you tend to dedicate yourself to the need of your family. But what about you? Women generally are conditioned to prioritise family over self. Women – employed or non-employed – many times also ignore health concerns. But the fact remains, like men, women are also prone to chronic diseases. Hence, it is equally important for women to buy Health Plans and ensure that it covers critical illnesses like breast and ovarian cancer besides covering basic medical expenses. Even if you have a family floater plan, you must go for an individual cover to deal with critical illness or any lifestyle related disease. Family floater plan may be quite insufficient to cater during serious diseases. Rising inflation also means spending from your own pocket or savings during a medical emergency can lead to instant depletion of wealth. Hence, buying a health cover for yourself is of utmost importance.
Preexisting diseases Can Be A Dampener
If you think health insurance can wait and investments are a priority, it may again be a bad idea. The growing inflation, your rising age and the onset of pre-existing diseases all make health insurance less protective if taken later in life. Any pre-existing disease requires a minimum waiting period before the policy cover is actually available. Once you have already been diagnosed, not only will you need to wait longer but also end up paying a higher premium. Some health insurance policies with maternity cover add-on also have a waiting period ranging from 36 months to 72 months. So seek health insurance early in life and safeguard your health as an essential member of your family.
Tax Benefits That Come Along
The premium paid towards health insurance is tax deductible under section 80D of the income tax (I-T) Act. So as a working woman, you can bring down your tax outgo significantly when opting for a health insurance policy. Section 80 D of the IT Act allows tax benefits of up to Rs 25,000 per annum when you buy health insurance for self, spouse or children. Additionally you can avail a rebate of Rs 50,000 if you buy health insurance for your senior citizen parents from FY 2018-19.
You Will Inculcate Good Financial Habits In Your Children
If you are focusing on your personal healthcare financial needs, it is one of the best lessons in financial planning for your children. The sooner the children learn about the significance of financial planning especially healthcare, the more likelihood that they will grow up as financially prudent individuals and will not ignore essentials like healthcare.
This Mother’s Day do something for your own self by taking a look at your healthcare financial needs and live a peaceful life.