As the saying goes, health is wealth – changing lifestyles, more pollution, and a myriad of other challenges all have a detrimental impact on one's health. This might lead to a wide range of health issues and illnesses.
Medical costs associated with treating such diseases are steadily increasing. It's critical to invest in health insurance policies to safeguard your finances from large medical bills. These insurance policies cover all hospitalization costs, as well as pre-hospitalization and post-hospitalization charges.
5 primary benefits of acquiring a health insurance plan are as follows:
1. Coverage against medical expenses
Medical insurance's main purpose is to ensure that you get the best medical care available without putting your money at risk. Unexpected medical expenditures are covered by health insurance policies. Hospitalization charges, ambulance expenditures, domiciliary fees, and daycare treatments are all included. As a consequence, rather than being concerned about such hefty fines, you may focus on your speedy recovery.
2. Coverage against critical illnesses
Most insurance companies now provide critical illness insurance as a solo policy or as a rider. Renal failure, bone marrow transplant, stroke, and limb loss, among other life-threatening conditions, are all covered under this coverage. If you are diagnosed with any of the serious illnesses indicated on your policy's predefined list, you are entitled to a lump sum payout. This money can be used to cover medical expenses, everyday expenses, and other financial obligations related to your illness.
3. Cashless claim benefit
Many insurance companies provide the option of filing a claim without paying any money. Under the terms of this agreement, you will not be required to make any out-of-pocket expenses. The price of your hospital stay will be determined by your insurance and the facility. In order to become eligible for this benefit, you must be admitted to one of the insurance provider’s network hospitals. Fill out a pre-authorization form and produce your health insurance card to utilize the cashless facility.
4. You have additional protection over and beyond your employer's insurance
Many businesses utilize a group insurance plan to cover their employees. Such policies, on the other hand, are not suited to each individual's personal needs. Furthermore, in the case of a job loss or transition, you may be left uninsured. To protect yourself in the event of such an incidence, purchase private health insurance.
5. Tax benefits
Healthcare plans provide tax benefits. The premiums you pay for health insurance can be deducted under Section 80D of the Income Tax Act of 1961. The amount of the deduction is as follows:
- Individuals and their families are each entitled to Rs. 25,000.
- A deduction of Rs 50,000 is provided if an individual or spouse is 60 years old or older.
- Uninsured extremely old elders will be able to claim up to Rs 50,000 in medical expenditures (80 years or more).
- For insurance of parents, an additional deduction of Rs. 25,000 is permitted if the parents are under 60 years old, and Rs. 50,000 is allowed if the parents are 60 years old or over (father or mother or both, whether dependent or not).
- This provision permits an individual or his family members, including his spouse, parents, and dependent children, to deduct Rs. 5000 for the cost of a preventative health check-up. This deduction is not in addition to the Rs.25000/50000 deduction indicated above, but rather it is included in it.
When you decide between the many health insurance plans available to you, it is important to consider these benefits of health insurance policies in mind. Choose the best plan for you depending on your specific requirements and demands, and don't miss out on any of these benefits.
