It is right to believe that health is wealth. Having robust health opens you to numerous new experiences in life. But changes in lifestyle habits, rising levels of pollution and many such factors tend to have a serious impact on a people’s health these days. It has been proven to cause various physical health conditions along with mental issues.
Medical expenses related to the treatment of such diseases in a hospital or otherwise are increasing rapidly. To keep your finances safe from high medical bills, it is important to invest in health insurance plans. Such plans cover all hospitalization costs and offer other benefits that can help you achieve good health without burning a hole in your finances. Here are a few ways health insurance helps you avoid hefty medical expenses and save money:
- Coverage for medical expenses
The main goal of medical insurance is to get the best medical care without any stress on your financial status. Health insurance plans protect against high medical costs. This includes hospitalization costs, daycare procedures, housing expenses, and ambulance charges, among many others. Therefore, you can focus on your speedy recovery without worrying about where you will find the money to cover your medical bills.*
- Coverage against critical illnesses
Insurance providers these days offer critical health insurance as an independent plan or rider. This type of insurance policy provides coverage against life-threatening diseases such as kidney failure, cancer, strokes, tumors, and organ damage. When you get diagnosed with any critical illness from the pre-determined list of your insurance provider, you are entitled to receive a lump sum. This amount can be used to cover medical expenses, daily expenses, and any other financial obligations related to your illness.*
- Cashless claim benefit
Most insurance providers today offer cashless claims. In such an arrangement, you do not have to pay anything out of pocket. The cost of hospitalization is settled between your insurance company and the hospital. To avail this benefit, it is mandatory to admit yourself to any network hospital of the insurance company. You can fill out a pre-authorization form and present your health insurance e-card to enjoy the cashless facility.*
- Extra protection along with your employer cover
Most companies cover their employees with a group insurance plan. However, such policies may not be tailored to the needs of each individual. Additionally, you may be left without insurance when you lose your job or change jobs. To protect yourself from such an event, purchase a personal health cover. There are also government options for health coverage like Arogya Sanjeevani policy. You can invest in these options to get health coverage and save money at the same time.*
* Standard T&C Apply
- Tax benefits
Healthcare plans offer tax benefits. Premiums paid for your health insurance policy make you eligible for tax deductions under Section 80D of the Income Tax Act, 1961. The deduction amount is as follows:
- In the case that an individual buys health insurance for themselves and their spouse, a maximum ₹ 25,000 worth of a deductible is applicable.
- If you or your spouse is 60 years of age or above, the eligible deduction amount can be a maximum of ₹ 50,000.
- If you buy a family floater health insurance policy and include your parents, deductions up to ₹ 25,000 and ₹ 50,000 are available for the policyholder, depending on the age of the members of the policy.
Tax benefits are subject to change in tax laws.
Keep these benefits in mind and choose from the many medical insurance plans available on the market. Based on your personal needs and requirements, choose the best plan and do not miss the opportunity to enjoy all these benefits. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.