Why is taking health insurance a necessity?
Everyone talks about health insurance being a necessity. But, are you actually familiar with the various benefits of a health insurance policy? Read on to find out why you need one.
Health insurance offers coverage against procedures, doctors’ consulting fees, and several associated medical costs. It eases the burden of high medical costs in exchange for a premium, which you pay every month. A good health insurance policy can help economise medical costs in situations where you need huge sums of money, urgently.
Take a look at 5 reasons that make it an absolute must-have.
- Lower your costs and gain tax benefits:
Good health insurance allows you the opportunity to avail discounted prices for all healthcare-related needs. A medical insurance also provides tax benefits under Section 80D of the Income Tax Act. The premium paid towards the policy is subject to income tax deduction up to the amount of Rs.25,000. This holds true if the policy is in your name, your spouse’s or dependent children’s name. When it comes to your children, this rule is applicable until your son is 25 years old, if he is unemployed, or a student. For your daughter, the provision extends until she is married. If your policy includes coverage for your parents, who are senior citizens, the deduction limit goes up to Rs.30,000.
- Ensure better medical attention:
Good health insurance covers regular medical check-ups, offering better preventative care. A proper screening at an early stage can help in successfully treating critical illnesses like breast cancer and cervical cancer. Some health insurance plans offer better pre- and post-natal care to expectant mothers. With pre- and post-hospitalisation care and Ayurvedic treatments covered under health insurance, complete medical care can affordably be availed by patients.
- Save your income for your future:
In case of a medical emergency, you are forced to pay huge medical bills that may deplete your savings and curtail your future plans. This is where medical insurance plans are the most helpful. They help cater to the patient’s medical needs by covering the cost of expensive medical procedures and offering many healthcare services at subsidised rates. A health insurance helps you save your income to fulfil your other needs.
- Benefit from discounts and special rates:
A well-outlined health insurance plan has several added benefits which include cashless claims, multiple day-care procedures, and affordable premiums. Additionally, most insurance providers have arrangements with hospital networks. This benefits you because certain medical procedures are offered to you at a special price. This feature extends to certain Ayurvedic treatments as well. All these benefits can help you save a great amount of money, without compromising on the health of you and your family.
In addition to certain monetary benefits like tax exemption, a health insurance enables you to provide complete care for your family. For more information on the benefits of a health insurance, click here.