Purchasing a health insurance policy not only helps meet medical emergencies, but also helps plan finances in a better way. Having health insurance cover; reduces the chances of borrowing during a medical emergency. If you have already covered the risk of medical emergencies, then you can focus on saving and investing wisely.
Keeping in mind the rising cost of health care services in India, availing health insurance is a must to avoid spending out-of-pocket.
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Listed below are the advantages of availing a Health Insurance Policy:
See Also: Health Insurance Benefits
Your health insurance plan not only covers the medical charges and cost of hospitalization, but also offers daily cash benefit and helps tackle pre and post hospitalization costs.
The basic family floater health insurance plan includes cover for family members as well. The key advantage of availing health insurance plan is that you need not bother on the medical bills in emergencies and there’s no need to run pillar to post to arrange funds. You can avail both cashless facilities as well as get medical bills reimbursed.
Some health insurers offer additional benefits to the policyholder for claim-free years which is known as the No Claim Bonus. The insured receives a percentage of the sum assured which is added to the existing sum assured for each claim-free year. The buyer is rewarded for staying healthy across the year. Some insurers offer the built-in feature of NCB and some insurers offer NCB riders which allows policyholders enhance the NCB up to 50% of the sum assured.
See Also: How to Buy Health Insurance Policy?
Another main benefit of availing a health insurance plan is that it comes with tax benefits. Purchasing health insurance gives tax deduction up to Rs 25,000 on premium paid towards self, spouse and children in a financial year under Section 80D of the income tax act. Senior citizens enjoy a tax deduction of Rs 50,000 a year under this Section.
Availing a health insurance policy keeps you prepped for future emergencies. It is during these medical emergencies a health insurance policy comes to your rescue. Therefore, you must seek a health insurance plan as per budget, to get the required health cover. Health insurance helps reduce out-of-pocket expenses.
Good health insurance must have the following features:
See Also: Family Health Insurance Plan
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