What are The Benefits of Having Health Insurance?

With the rising instances of diseases and accidents, the demand for health insurance has shown significant growth. A health insurance plan can provide you with financial security in times of a medical emergency. Every individual has certain risks and uncertainties in life. The best way to tackle health risks is to purchase a health insurance cover.

Health insurance is a coverage which will pay for your medical expenses incurred in case of hospitalisation or illness. The insurance will reimburse you for the expenses you incur for an injury, illness or it will pay the care provider directly. Apart from providing you with a much-needed financial backup, health insurance will also ensure that you get access to quality healthcare services across the country. There are several reasons to have a health insurance policy, and if you have a family, you could opt for a family health insurance plan to look after the medical needs of your loved ones.

Benefits of Health Insurance

Financial security: Medical costs in the country are rising dramatically, and in case of an emergency, you could end up spending all your savings on medical treatment. This could have a toll on your plans and could disrupt your financial budget. Indians tend to depend on their savings when a health emergency strikes, and if you have a health insurance plan in place, you will not have to break your bank in a medical emergency.

Income tax benefit: Any payment made towards the health insurance premium will be eligible for a tax deduction under section 80D of the Income Tax Act. Further, individuals who are above the age of 60 can claim a deduction of up to INR 25,000 for themselves and another INR 50,000 for insurance purchased for parents who are aged above 60.

Pre- and post-hospitalization expenses: A health insurance will not only cover your medical costs but will also cover the cost of OPD expenses as well as diagnostic tests. It will cover the pre- and post-hospitalization expenses for a stipulated period.

Critical illness coverage: If a critical illness hits you or any member of the family, you will end up incurring a huge amount for the treatment. When you buy a health insurance plan, you can opt for a critical illness cover which will pay you a fixed amount once you are diagnosed with an illness which is covered by the policy. You can use the regular health insurance to cover for the hospital bills, and the lump sum you receive from the critical illness cover can be used to fund other medical expenses.

Additional benefits: When you buy a health insurance policy, you will receive several additional benefits like ambulance coverage, coverage for a health checkup, vaccination expenses, coverage for daycare surgeries and more.