With medical costs increasing rapidly, it is necessary to buy health insurance plans. Such plans cover all hospitalisation expenses, as well as pre-hospitalisation and post-hospitalisation charges. Following are five major advantages of purchasing a health plan:
Coverage of medical expenses
The main purpose of health insurance is to receive the best medical care without any strain on your finances. Health insurance plans offer protection against high medical costs. It covers hospitalisation expenses, day care procedures, domiciliary expenses, and ambulance charges, besides many others.
Coverage against critical illnesses
Insurance providers now offer critical illness insurance, either as a standalone plan or as a rider. Such a policy provides coverage against life-threatening diseases such as kidney failure, bone marrow transplant, stroke, and loss of limbs, among others. Upon diagnosis of any of the critical illness from the predetermined list, you are entitled to receive a lumpsum amount. This amount may be used to meet treatment costs, daily expenses, and any other financial obligations.
Cashless claim benefit
Many insurance providers offer cashless claim facility so you do not have to make any out-of-pocket payments. The hospitalisation expenses are settled between your insurer and the hospital. To avail of this benefit, it is imperative to get admitted at any of the insurer's network hospitals. You may fill out a pre-authorisation form and display your health insurance card to enjoy the cashless facility.
Additional protection
Many organisations cover their employees with a group insurance plan. However, such policies are not tailormade for individual needs. Besides, you may be left uninsured in case of job loss or change. To protect yourself against this, buy a health cover individually.
Tax benefits
Health care plans provide tax benefits. Premiums paid towards your health care policy are eligible for tax deductions under Section 80D of the Income Tax Act. If you are under 60 years of age, you may claim up to `25,000 tax benefits on health insurance premiums for yourself, your spouse, and dependent children, and an additional tax benefit of Rs 25,000 for parents. If either of your parents is a senior citizen, you may claim up to Rs 30,000 tax benefit.
Keep these advantages in mind and choose from medical insurance plans available in the market. Based on your personal needs, select the best plan and do not miss out on the opportunity to enjoy all these benefits.
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