It is correctly said that health is wealth. An individual’s health is significantly impacted by a variety of circumstances, including altered lifestyle patterns, rising pollution levels, and many more. This could result in a number of illnesses and medical issues. The expense of treating these disorders in terms of medicine is rising quickly. In such situations, the various benefits of health insurance come in handy. These health insurance plans are required to protect your cash from high medical costs.
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But first, what is health insurance?
A health insurance policy extends coverage against medical expenses incurred owing to accidents, illness or injury. These plans pay for both pre-and post-hospitalisation costs as well as any hospitalisation costs.*
There are various benefits of health insurance. The top 3 benefits of purchasing a healthcare plan are as follows:
- Protection from medical costs:
The fundamental goal of medical insurance is receiving top-notch medical treatment without putting too much of a financial strain on yourself. Plans for health insurance provide protection against expensive medical expenses. In addition to many other things, it pays for hospitalisation costs, daycare procedures, domestic expenses, and ambulance fees. As a result, you may stop worrying about the hefty fees and instead concentrate on your quick recovery.*
- Protection from serious illnesses:
Nowadays, insurance companies provide critical illness insurance as a solo policy or as a rider. Such a policy offers protection against fatal illnesses like renal failure, bone marrow transplant, stroke, and limb loss, among others. You are eligible to a lump sum payment upon diagnosis of any serious illness on the policy’s specified list. You are permitted to utilise this sum to cover your medical expenditures, daily expenses, and any other debts.*
- Benefit for cashless claims:
Many insurance companies provide a cashless claim option. You are not required to pay anything out of pocket in such a deal. Your insurance company and the hospital will work out a deal to cover the hospitalisation costs. It is necessary to be admitted at one of the hospitals in the insurer’s network in order to make use of this benefit. To use the cashless facility, complete a pre-authorisation form and present your health insurance card.*
However, that’s not all. There are more benefits:
Many businesses offer group insurance to insure their employees. The demands of every person are not, however, taken into account while creating such policies. Additionally, if your work changes or you lose your job, you might not have insurance. Buy a personal health insurance policy to cover yourself in case of such an occurrence.
Another significant benefit is the tax advantages. Yes, that’s right! Insurance plans come with tax benefits – Section 80D of the Income Tax Act of 1961 permits tax deductions for premiums paid for health insurance policies. **
Consider these benefits when selecting from the many market medical insurance options. You can even browse online health insurance plans to research a wide range of insurance. Choose the ideal plan based on your unique demands and requirements to ensure that you don’t miss out on the chance to take advantage of all these advantages.
* Standard T&C Apply
** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.
# Visit the official website of IRDAI for further details.
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.