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Health insurance is cost-effective, read ahead to know more.
India's Insurance Story, So Far
Avail Comprehensive Health Insurance
Under health insurance, there are additional covers like Personal Protect, Critical Illness, etc. If you avail these additional covers, your insurance premium might increase a little. However, these covers lend you extra protection. Choose a health cover depending on your needs. Consider your annual income, your present health condition and a history of hereditary diseases before opting for health insurance.
Health plans can be segregated into two categories. One, where the insured gets a fixed amount on being diagnosed with a select critical illness and other that is based on indemnity, where the insured avails a treatment and is then reimbursed by the insurance company. One can settle the bill directly with the hospital or avail the cashless route.
Prominent health insurance companies have tie-ups with hospitals facilitating cashless hospitalization for the insured. In both cases, the premium is much less than the expenses you might incur to meet the bills yourself.
Battle Hospitalization Expenses
Effects of hospitalization are not limited to an individual. They affect the entire family. Financial plans derail and savings take a backseat. All this leads to disrupting peace of mind.
Considering the current healthcare expenses, availing a comprehensive health insurance cover seems a wise and a feasible option. It not only provides cashless hospitalization but also caters to pre and post hospitalization expenses.
Certain day care treatments and minor surgeries are also covered under a health insurance plan. A cover for all these expenses certainly makes availing health insurance a wise decision as compared to out of pocket expenses borne for these activities.
Health insurance is eligible for tax deductions under section 80D. Union Budget 2015, hiked the health insurance tax exemption limit to Rs. 25,000. This works in favor of those who have a family floater and usually pay a higher premium. This hike makes availing health insurance more affordable.
Affordable & Productive
People undermine the importance of health insurance. They consider it as an unnecessary expense, especially if they already have already availed a life insurance policy, or are covered by a group health policy provided by their employer.
Understand that life insurance works after your death whereas; health insurance covers your expenses in case you suffer from an illness. Group health policies are not comprehensive and sustainable in nature. In comparison, this makes availing health insurance affordable and productive.
Thus, health insurance is an investment that secures your future in case of medical emergencies. Just as you make financial investments to increase your savings, health insurance is an investment to protect those savings.