Health Insurance Importance & Key Points

Health is indeed wealth. Changing living patterns, rising pollution levels, and a variety of other factors all hurt an individual's health. This can result in a variety of health problems and medical disorders.

The medical costs connected with the treatment of such disorders are continuously rising. Investing in health insurance plans is vital to protect your funds from hefty medical expenditures. These plans cover all hospitalization costs, as well as pre-and post-hospitalization payments. Not only this, but one more avenue where you can take the help of medical insurance is income tax.

Health Insurance Plan - 5 Key Benefits

Protection Against Medical Expenses Image 

The primary goal of medical insurance is to ensure that you obtain the best medical treatment possible without putting your finances at risk. Health insurance programs shield you from hefty medical bills. It covers hospitalization, daycare operations, domiciliary fees, and ambulance rates, among other things. You can thus concentrate on your quick recuperation rather than worrying about such huge charges.

Protection From Serious Illnesses

Critical illness insurance is now available from insurance companies as a solo policy or as a rider. A policy of this type covers life-threatening disorders such as kidney failure, bone marrow transplant, stroke, and limb loss, among others. You are eligible for a lump sum payment if you are diagnosed with severe illnesses on your policy's specified list. This sum may cover the costs of your illness-related treatment, everyday expenses, and other financial commitments.

Benefit from cashless claims

Many insurance companies provide cashless claim services. You will not have to make any out-of-pocket payments under this agreement. Your insurer and the hospital negotiate the hospitalization costs. You must be admitted to one of the insurer's network hospitals to be eligible for this benefit. To use the cashless facility, fill out a pre-authorization form and show your health insurance card.

Additional Protection Beyond 

Many businesses provide group insurance to their employees. However, such rules are not tailored to the specific needs of each individual. Furthermore, you may be uninsured if you lose your work or change jobs. Purchase individual health insurance to safeguard yourself against such an incident.

Tax Advantages

Tax advantages are provided by health care plans. Section 80D for medical insurance allows you to deduct premiums paid for your health insurance policy for seniors & individuals.

The Income Tax Act of 1961. The amount of deduction is as follows:

• Individuals will receive Rs. 25,000 for themselves and their families.
• If the individual or spouse is 60 years of age or older, the deduction is Rs 50,000.
• An additional deduction of Rs. 25,000 is provided for the senior citizen health insurance (father or mother or both, dependent or not) if they are less than 60 years old and Rs. 50,000 if they are 60 years old or over.
• Medical expenses up to Rs 50,000 shall be allowed for uninsured super senior citizens (80 years or above).
• This clause allows Rs. 5000 deductions for the payment of preventative health check-ups for the individual or his family members, which includes spouses, parents, and dependent children.
• This deduction is NOT in addition to the section mentioned above 80D medical insurance deduction of Rs.25000/50000 but is included in it.

Conclusion

Keep these benefits in mind when you select among the many medical insurance policies on the market. Choose the finest plan for your unique needs and requirements, and don't lose the opportunity to enjoy these benefits.