No one plans to get sick or end up in an emergency room. However, one can be prepared for its financial aspects. Medical costs associated with the treatment of some diseases can burn your pocket holes rapidly.
To create a safety net for your finances against expensive medical bills, you should invest in the right health insurance plan for maximum benefits. Such plans provide coverage for all hospitalization expenses, thus safeguarding your finances for future benefits.
If you are still hesitant to invest in a health insurance policy or you think that it is not at all necessary, then this post will make you aware of the importance and benefits of health insurance plans.
The current pandemic has taught us that medical exigencies are quite unpredictable and can cause significant financial upheaval. The high medical expenses and bank-breaking hospitalization charges can prove extensively strenuous in terms of finances, especially in the private sector. Therefore, getting the best health insurance plan can provide you with all-round protection in the most needed times.
Let's say, Anita is a school teacher earning around Rs. 30,000 per month and she doesn't believe in the benefits of a health insurance plan. She met with an accident and broke her leg, which landed her in an emergency room. The cost of fixing her broken leg (leading to surgery) rose between Rs.1-2 lakhs, which dramatically drained out her savings.
If she would have had a health insurance plan, then it would have provided her with maximum health coverage, thus keeping her financially safe from high and unexpected costs.
As the cost of medical treatments is sky-rocketing day by day, the right insurance policy will offer all-around protection from strenuous and unexpected financial upheaval. If you wish to avoid paying highly expensive medical bills or spending on expensive medicines, then choosing the right health insurance policy in India is of utmost importance to keep your savings intact.
One of the key health insurance benefits is that it covers almost all hospitalization expenses.
Buying the right health insurance plan also provides you with income tax benefits. According to Section 80D of the Income Tax Act, 1961, individuals can claim tax deductions up to Rs. 1 lakh. Therefore, it leads to less deduction in income tax bills and extensive profits for the future.
With technological advancements in the healthcare sector, surgeries and treatments that required several days to complete in the past now could be completed within 24 hours. Therefore, the right health insurance policy can assist you in covering the costs for some treatments, such as ear operations, nasal treatments, etc. that don't require more than a day of hospitalization.
The right policy will also provide you with the benefit of free check-ups so that you could be aware of any health condition (if present). However, this varies from one health policy to another.
In case you have started planning to purchase health insurance early, you can receive better benefits than other people (aged older) such as higher coverage at lower premiums, longer policy tenure, fewer chances of facing the waiting period, among others. Young minds need to understand that an early start can bring a stable future.
Today, health insurance companies provide the joy of cashless hospitalization. Over here, the insured doesn't need to pay from his pocket. All the expenses are borne by the respective insurance company.
Apart from the above, an effective health insurance policy will gladly cover expenses arising out of ambulance transportation, alternative treatments (AYUSH) and also provide NCB and daily hospital cash allowance to the insured.
PolicyX.com provides you with a health insurance plan that can offer multifaceted protection to your finances and health. We, being one of the leading IRDAI approved online insurance web aggregators in India, lend you a helping hand in your most needed hours. Now that you are cognizant of the health insurance benefits, you must know the process of buying a health insurance policy from PolicyX.com. Here are a few steps to do so:
Your health is your wealth. Don't take any chances against it. Keep the importance and the benefits of health insurance in your mind and select the right one based on your needs and requirements.
Written By : Naval Goel
Published : January, 2021
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