With health issues increasing day by day, medical expenses are touching the sky making it difficult for people to bear all of them on their own. Health is the most important wealth a person can have, and if health is present the individual can do absolutely anything they desire.
Other than increasing medical costs, inflation in general is seen in the economy making it difficult for people to manage their funds. Health insurance in such cases plays an important role to balance the equations in the time of need.
Let’s have a look at the benefits which a health insurance policy can play in an individual’s life -
Coverage against medical expenses
The main purpose of health insurance is to bear most or all the expenses incurred in the time of medical emergencies, so that the policyholder and their families do not have the burden to pay the expenses at the time of emotional stress.
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Coverage against critical illness
Insurance policy provides coverage against serious health problems such as cancer, bone marrow transplant, heart attack and many more. Considering threats of such problems have increased over the years, the policy gives the lump-sum amount of the fixed sum insured as and when the disease is diagnosed as the treatment of such problems are quite expensive.
Cashless claim benefit
In this facility, the insured does not have to pay anything from their pocket, the whole expenses are borne by the insurer. To avail this facility the insurer has to be admitted in the network hospital of the insurance company from where they have bought the policy from.
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Tax benefits
Health insurance provides tax reliefs to the insured. Premiums paid towards the health care policy are eligible for tax reliefs under Section 80D of the Income Tax Act, 1961.
Such of the deductions are as follows -
- In case of an individual, Rs. 25,000 for themselves and their family.
- If the individual is of the age 60 or above then Rs. 50,000.
- Additional deduction can happen in case of insurance for parents, if they are of age below 60 years then Rs. 25,000 or if above the age of 60 years then Rs. 50,000
There are various benefits which are offered to the insured individuals and their families, therefore a compatible health insurance is important in this current world.
The Policy should align perfectly with the financial needs, family dependability, medical history and records so that at the time of need the expenses can be taken care of smoothly.
