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Why You Should Buy a Comprehensive Medical Insurance

With a health insurance policy, you not only have the advantage of quality health care but can also enjoy considerable tax benefits.

  • 13 Jun 2013
  • 1 min read

In the absence of a medical health insurance, you run the risk of depleting your savings or you may have to settle for below par health care facilities which may have far reaching effects on you or your loved ones’ health.

It is wise to choose a health insurance plan like the complete health insurance plan under which you can opt for individual or floater coverage for your family. With this plan, you can get access to the insurance provider’s network of quality health care providers for cashless claims. Thus your loved ones can enjoy the advantages of a larger sum insured while availing the best possible care at premium health care facilities.

Such comprehensive insurance policy may not include Sub-limits, refer to policy document for details. A sub-limit is any restriction on the sum insured for any treatment or medical services covered by the policy. This means that you and your family members can make claims for the full sum insured under your selected medical health insurance policy structure. The lifelong renewability feature is another enticing benefit offered by this policy and must be considered carefully when selecting your insurance policy.

Under this policy, there is no health insurance deductible, which means that you do not have to worry about making any payments for diseases or ailments covered under your policy. You can then concentrate on the well being and comfort of your loved one without the worrying even about a fraction of the hospital bill. co-payment is the fraction of the cost payable by the insured for medical services covered by the plan. Your complete health insurance policy may not have any co-payments which further adds to the overall benefit.

With a health insurance policy, you not only have the advantage of quality health care but can also enjoy considerable tax benefits. This is because under Section 80D of the Income Tax Act, investments made towards the payment of premium for health insurance are eligible for rebate from your taxable income up to a certain limit. Thus, you can savinge up to Rs. 15,000 per year on the premium paid for your insurance policy. Also, if you are paying the premium for your insured parents who are senior citizens, you can claim an additional amount of Rs. 20,000 per year.

Thus, your health insurance policy is not only full of medical benefits but also enhances net savings in the long run.

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