Health is wealth and investing in an insurance plan that is beneficial for your health is a smart move. Under the circumstances of a sudden break out of medical emergency, a health insurance plan reduces the financial burden. Under the stress of a sudden health issue, financial worry is an additional burden. But a planned manoeuvre can save you from such additional worry.
Health insurance is a contract between the insurance provider and the policyholder where the individual pays a premium at regular intervals for a certain period after which, in case of any medical emergency, the company is liable to pay for the medical expenses. The risk is shared between the company and the insured individual.
There are mostly benefits of investing in a healthy investment plan. In the modern world, where lifestyle habits, uncontrolled pollution severely affect our health, health insurance is mandatory. With the rapidly increasing medical expenses, it is important to invest in a health insurance plan, to safeguard your financial stability. In addition, health insurance policies also provide benefits in tax. Premiums paid for your insurance plan are eligible for tax deductions. Visit Turtlemint to know more about different health insurance plans.
- Covers medical expenditures:
The basic purpose of a health insurance policy is to cover your medical expenses so that you can receive the best medical treatment without any financial strain or fiscal burden on your family. The stress of a sudden medical issue along with the burden of finance only multiplies tension. It covers daily medical expenses, hospitalization charges, ambulance charges, expenditure for any special treatment procedure.
- Covers expenses for critical illness:
Such policies provide coverage against life-threatening diseases. If you are diagnosed with any critical illness from the list determined in your policy, the insurance provider is liable for your medical expenses, or can even be used by the policyholder to support any other financial obligation.
- Acquire benefits during the time of recuperation:
Under the hospital cash plan, the insurance provider is liable to pay an amount for each day of hospitalization. The hassle of keeping a record of expenses to claim later is no more an issue.
- Cashless claim benefit:
You can avail a cashless treatment if your policy offers so. You can avail all the treatment and the expenses will be handled between the insurance company and the hospital. To avail such facility, you need to get admitted in a hospital connected to your insurance provider. Provide your insurance card to the hospital authority, and enjoy the benefits of cashless treatment.
- Tax benefits:
As mentioned above, health insurance policies provide tax benefits. Under section 80 D of the income tax act, 1961, the premiums paid to your health insurance provider is eligible for tax deductions. If you are under 60 years of age, you may claim up to Rs. 25000 leverage in your tax, due to the premium paid for health insurance for you, your spouse and dependent children. You can also get the benefit of additional Rs. 25000 for your dependent parents. To add sugar, if your parents are senior citizens, the tax leverage can go up to Rs. 30000.
Hence, it is necessary to carefully choose a health insurance policy according to your needs and take advantage of the various benefits it provides.