It’s a new year; filled with new hopes, new beginnings, resolutions & dreams. And here you are, a happy person leading an absolutely fit & healthy life, but would it be the same forever? The straightforward answer to this is, NO. Change is the universal truth & the same applies to your health too. And therefore, it is advised that you should always be ready for those unforeseen circumstances that are inevitable. Buying a right health insurance policy & getting insured is one effective way to get you and your loved ones covered against maximum health calamities.
It is a general tendency among people to think that health insurance is for the elderly as they are more prone to diseases. However, the reality is quite different. With the changing lifestyle of people, rising pollution levels, unhealthy food-habits; a lot of diseases have become common even among the younger generation. So it is always better to get insured with a health insurance plan that provides maximum coverage.
Apart from the regular benefit of reimbursement against medical bills and cashless hospitalization in-network hospitals, health insurance offers a whole bouquet of additional perks. Let’s go through them to develop a better understanding:
You never know when a normal stomach ache turns out into an appendix & surgery is the only way out to get rid of that unbearable pain. It is then you have to rush to the hospital & get admitted followed by several tests. You are helpless & calculating the expenses that are surely big enough to burn your savings & leave you in debt.
Now imagine this in a different scenario. You are insured with an insurance policy, say Apollo Munich health insurance, that provides you with maximum coverage. You get hospitalized in a network hospital, you don’t have to pay the bills as you have been paying premium & your insurer will ensure a cashless hospitalization. You’re eligible to avail all the facilities of the hospital without spending a penny from your pocket. And once you are doing well, you can get back to leading a normal life.
And if you have been admitted to a non-network hospital, you’ll get a reimbursement from the insurer as soon as you’ll show the proofs of illness including the doctor’s prescription, the bills & everything related, depending upon the terms & conditions of the policy.
Covers You & Your Loved Ones too!
The best part of buying a health insurance policy is that it instantly covers your loved ones too, including your spouse, dependent children & your parents. That means you don’t have to spend on their well-being, rather you can save the same money & invest in their quality education that can help them build a better future.
You have accountability towards your parents. They might be self-sufficient for themselves but the fact that you yourself have made sure that they are secured against any medical calamities is quite satisfactory. Don’t you think so?
It’ll Help You Save Taxes
Saving taxes is a one million dollar question that haunts all of us. We do everything to save taxes including paying a lump of amount to the Chartered Accountants & Income Tax Lawyers so that they can suggest us ways to save on taxes. Buying a health insurance policy not only covers us against any medical emergency but also offers an opportunity to save big on taxes under Section 80D & 80DD of Income Tax Act, 1961.
The eligibility criteria that need to be fulfilled:
- You’re paying premium on a regular basis without failure
- You’re claiming tax deduction on the amount that you have spent on treatment of your spouse, dependent children or parents
- You have valid proofs supporting your claim for tax deduction i.e. bills issued by hospitals, labs etc.
You can save taxes up to Rs. 55,000 & more (in special cases) by buying a health insurance plan.
Shields against Critical Illness
The only promise that life makes to us is offering uncertainty at every point. You are doing well, or your loved ones seem absolutely fit & fine and then suddenly you came to know they are diagnosed with some critical disease like leukemia, renal failure or brain tumor etc.
What will you do then? Invest all your savings on their treatment or lend money from family and friends. In any case, you’ll be left with a burnt pocket & loads of worries. However, you can shield yourself & your family against any such critical situation by buying a health insurance plan that offers maximum coverage against critical diseases. An additional benefit of income tax saving also comes in as the insured can claim a relaxation in income tax while tax filing on the basis of bills paid for treatment of a critical disease.
The Portability feature provided by health insurance companies comes along with their own set of benefits. Market is cluttered with myriad policies & one might get confused before choosing the right one. This feature enables one to make a switch from one policy to some another policy providing company that offers more coverage. For instance, if someone wants to shift his current insurer company to another as it provides more benefits, the portability feature instantly enables him to do so.
No Claim Bonus
Insurance companies also offer a benefit of no claim bonus i.e if you do not claim money for an entire year, the insurer company will provide you with bonus up to some percent. However, this percentage varies from company to company & subject to the terms & conditions.
It is evident from the aforementioned points that how significant buying a health insurance plan could be. Besides these benefits, there are also a few hidden benefits that include maternity cover, sub-limits, enabling a person for making frequent visits to doctor in case of illness as the expenses will be covered by the insurance plan, pre-hospitalization benefits etc. So, don’t wait for the right time to buy a health insurance plan. Start your year with confidence by buying one now!