One of the hindrances to mental peace is the worries about expenses and finances. Individual health insurance or a family insurance plan can offer respite in this case by providing  financial stability to you and your family. It takes a huge burden off of you and hence, reduces stress about the future. A secure future gives immunity from unexpected events such as a medical emergency, an accident or natural disasters. In this article, let us see how subscribing to health insurance policies can impact one’s mental health.

The Role Of Finances on One’s Mental Health

Before we delve into how insurance can positively impact one’s mental health, let us see how money and mental health are connected. From the basics, such as food, water and shelter, to secondary needs, such as education and transport, and lifestyle choices, everything needs money. Managing your finances is extremely essential in today’s age when expenses are through the roof.

Having or not having money is deeply connected with the way we experience emotions and also affects our functioning. Some of the ways in which money affects our emotions and, in turn, our mental health are:

  • Feelings of panic and anxiety might come over when looking at bills due.
  • Spending money on extra needs or lifestyle-related items can lead to feelings of guilt.
  • Feelings of stress and worry might come over if you are responsible for yourself and other dependents.
  • Worrying and stressing about lack of money or spending can lead to sleeplessness.
  • Lack of money can deter you from being able to afford mental health care.

In case of medical emergencies, such worries increase as medical expenses are costly and can disturb the financial plans you have set for yourself. Using up savings will again be a burden as you will not be left with any funds for a rainy day. Hence, it is advisable to subscribe to an individual health insurance plan to secure yourself. If you check for plans using a health insurance calculator, you will find that even the cheapest health insurance in India can provide extensive coverage.

Benefits Of Healthcare Insurance

Having a healthcare insurance plan can significantly reduce the financial burden on you. The resultant financial stability will give you the freedom to not worry about the what-ifs of life and hence contribute towards sound mental health. A health policy comes with a range of advantages such as:

  • Extensive coverage: Insurance covers a range of expenses such as treatments, hospitalisation, doctor visits etc., thus reducing costs for the individual.
  • Family and Senior Citizen plan: Many health plans have the option to onboard dependent family members with a sum insured for each of them. In case you have seniors as your dependents, you can subscribe to a senior citizen plan which has a range of benefits.
  • Covers pre-existing illnesses: Many plans offer to cover pre-existing illnesses such as diabetes, high blood pressure and more. Some even offer reduced waiting periods before you can avail the insurance.
  • Tax benefits: Health care premiums are exempted under Income Tax Act’s Section 80D.
  • Cashless Hospitalisation: In the event of hospitalisation, you can avail a cashless option where the insurance company settles the bill directly with the hospital as opposed to you spending first and then filing for a reimbursement.
  • Health insurance calculator: To decide which plan would be suitable for you, many insurers provide a health insurance calculator on their website. With them, you can find the cheapest health insurance in India that can cover your needs properly and hence be free of worry.
  • Specialised add-ons: Many insurers offer extra add-ons to present coverage such as ambulance charges, tests, aid for critical illnesses etc.
  • No-claim bonus: Many insurers provide a no-claim bonus for every year you do not avail the insurance plan. This reduces the premium amount when you are renewing your health care plan.
  • Mental health insurance: The Insurance Regulatory and Development Authority of India (IRDAI) recently made it mandatory for insurers to cover mental health conditions in their standard plans. Hence, mental illnesses and their treatment are now covered under healthcare insurance.

Buying an insurance plan can relieve a significant stressor from your life as everything from hospitalisation to medicines is covered. A small investment in a health plan can go a long way in reducing anxiety and worry related to finances in your life. To know which plans are beneficial for you, visit Niva Bupa. You can check the premiums, sum insured and other benefits provided by their comprehensive coverage plans.


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