What can your health insurance plan do for you?
Health is one of the most precious assets that you have, which is why you need to do all that it takes to
safeguard your health. With the cost of healthcare products and services rising worldwide, treatment
options are quickly getting outside the affordability range of the common masses. Given the situation at
hand, a health insurance policy seems more like a necessity than an option.
Health insurance policies are products designed to financially safeguard you against expenditures
related to hospitalization and medical aid. They keep you prepared to face the most concerning medical issues without having to worry about the expenses you will incur.
However, if you are still doubtful as to why you should buy a health insurance plan and what all it can do
for you, here’s some help: -
Wide Span of Coverage
A health insurance policy gives you financial freedom against a wide range of medical and hospital
expenses. Right from the cost of hospitalization, the fee for the medical practitioner, nursing charges, room
rent, cost of medicines, diagnostic tests to operation theatre and ambulance charges, your health
the insurance policy covers all standard hospital expenses.
Buying good health insurance cover even protects you against medical expenses borne up to a
specified number of days, before and after hospitalization. Cost of day-care hospitalization
(hospitalization for a day or less), domiciliary treatment (medical treatment carried out at home) and
organ transplantation are a few other things that get covered under a comprehensive health insurance
Many buyers are of the view that unless a claim is made and reimbursed, all that money that they spent
on buying a health insurance policy is wasted. But this is not true. Health insurance companies offer a
cumulative bonus to policyholders for maintaining a claim-free year, at the time of policy renewal. In
this, the insured gets a 5% rise in the sum insured which in turn enhances the policy coverage.
One of the biggest advantages that a health insurance policy can bring to you is that of cashless benefits.
With a cashless benefit option, you get to enroll in any network hospital within the purview of your
health insurance company and receive treatment, without having to pay for it.
So if you were ever to face a medical emergency, you can directly receive medical aid, without having to
frantically arrange finances for treatment first. All you have to do is intimate the insurance company
before hospitalization, and present the hospital bills and necessary documents later on. The rest gets
taken care of by your insurance company on your behalf.
Having a health insurance policy, besides all the financial benefit, also lets you avail tax benefits under
Section 80D of the Income Tax Act. A health insurance policy reduces your annual income tax liability,
subject to the premium paid. You get to claim a tax deduction of up to ₹25, 000 every budgetary year for
your health insurance premium installments.
The market today has a lot to offer to you on the health insurance front. You can easily find a number of
health insurance policies offering coverage to you as well as your family. Read the policy coverage
thoroughly to understand which plan is the most suitable for you, based on your needs and budget,
before you move ahead with buying that health insurance policy.
**To understand exactly about the policy coverage, exclusions etc read the Policy Wordings carefully.**