Health insurance plans come in all shapes and forms. There are options for every budget range, family situation, and age range. While most would prefer to invest in standard health insurance policies with a sum insured of INR 5 to 25 lakhs, this may not be enough for those in certain professions. Architects fall under this category thanks to the unique set of circumstances that they have to deal with. A health insurance plan with a high sum insured may be the right choice for them and their family members. Here, we break down all the reasons why a high-sum insured plan can benefit architects and their loved ones.
Health issues faced by architects
Being an architect is a high-pressure and high-stress occupation. Contrary to the popular opinion that it’s just a desk job, architects need to visit the construction site often to execute their vision for the project. They also have to put in long hours bent over the desk, poring over drafts. This being the case, there are many occupational hazards that come with this job. Here are some issues to look out for:
A high-sum health insurance policy can cover all the fallout from these occupational hazards comfortably.
Rising costs of medical treatments
If you want to live a quality life in this country, nothing comes cheaply. Even prices for daily necessities are going up at a drastic pace. But medical inflation is outpacing even the increase in the general cost of living. This being the case, if you want to future-proof your health, a high-sum insurance will be the way forward in this economy. Bigger is better in this case. Treatments for more complex diseases, even in the present time, require money to be spent out of pocket if you opt for a standard insured health insurance policy. So purchasing a high-sum insured policy will be useful in the present and the future as well.
Coverage for the entire family
A high-sum health insurance plan can offer protection for your entire family so that you can go about building your career without worrying about their health. It can protect your spouse, dependent children up to 25 years of age, parents, and parents-in-law. The sum insured can be used by anyone under the plan without any limits. This can be especially useful for elderly relatives in the family and anyone who is suffering from health conditions that require constant care and frequent hospitalisation.
Financial protection
Most architects work for themselves and have an independent practice set up. Or they work as freelancers/consultants on a project-by-project basis. They will have to depend on an individual health insurance plan as opposed to a corporate health insurance plan that a salaried employee gets as part of their employment benefits. So a smaller sum insured might not work in the long run, as a health crisis can plunge you and your dependents into financial distress. You may not even be able to work during such times, and the anxiety of medical bills piling up can affect your recovery as well. So investing in a high-sum insured plan like a 50 lakh health insurance policy provides financial protection and helps you bounce back on your feet quicker.
Access to good health infrastructure
We always want the best when it comes to health care, especially for our loved ones. With a high-sum health insurance plan, you can access the best healthcare infrastructure the country has to offer without having to worry about exhausting your sum insured. There are also no sublimits applied to room rent and ICU charges, which is the norm with standard health insurance policies. This frees you and your family members from having to compromise your privacy and opt for a good room with great facilities without a second thought.
Tax benefits
As an architect with your business to take care of or a consultant who is constantly hustling to get a good project, you understand that every penny counts. Health insurance policies have a tax benefit under Section 80D of the Income Tax Act. Depending on the age of those who are covered under the high-sum insurance policy, you can claim up to INR 1,00,000 paid as health insurance premium for tax benefits. So the higher the sum insured, the higher your tax savings.
A high-sum health insurance plan may seem like an overkill, especially if you are younger and have a healthy family. But consider it as a long-term investment that will bear fruit when the time comes. It will help you focus on your career without having to worry about what the future holds.
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