Health is wealth, as is rightly said. Individuals' health is severely affected by changes in lifestyle habits, pollution levels, and other factors. There may be a variety of health conditions and medical diseases caused by this. There is a rapid increase in the cost of treating such diseases. Investing in the best medical health insurance can protect your finances against high medical bills. All hospitalization costs, including pre-and post-hospitalization costs, are covered by such plans.
The best health care insurance plan offers the following five major advantages:
1) Coverage by medical insurance-
Medical insurance can provide the best medical care without straining your budget. Health insurance plans can protect against high medical costs. It covers hospitalization fees, daycare fees, domiciliary expenses, ambulance fees, and others. Consequently, you can focus on your speedy recovery rather than worrying about high costs.
2) Insurance against critical illnesses-
Many insurance companies offer critical illness insurance as a standalone or rider. Such policies cover life-threatening diseases such as kidney failure, bone marrow transplants, strokes, and limb loss. Your policy provides a lump sum payment if any predetermined critical illnesses are diagnosed. This amount can be used for illness-related treatment costs, daily expenses, and other financial obligations.
3) Benefits of cashless claims-
Cashless claims are available from many insurance providers. You won't have to pay out-of-pocket in such an arrangement. Hospitalization expenses will be settled between you and your insurer. This benefit can only be used at hospitals within the insurer's network. You must fill out a pre-authorization form and show your health insurance card to use the cashless facility.
4) Protection beyond that provided by your employer-
Group insurance plans cover employees of many organizations. Such policies, however, cannot be tailored to the individual's needs. Additionally, you may not be insured if you lose your job or change jobs. Purchase an individual health insurance policy to protect yourself from such an event.
5) Health care plans offer tax benefits-
Health care plans provide tax benefits. The Income Tax Act 1961 provides a deduction for health insurance premiums under section 80D. As a result, the following amount is deducted:
• Individuals and their families who are 60 years old or older can deduct Rs. 25,000.
• For parents who are less than 60 years old (either the father or mother or both, depending on whether they are dependents or not), there is an additional deduction of Rs. 25,000, and for parents over 60 years old, it is Rs. 50,000. Uninsured super senior citizens (80 years or older) may claim up to Rs 50,000 in medical expenditures.
• A deduction of Rs. 5000 will be allowed under this section for preventive health checkups for individual or family members, including spouses, parents, and children. The deduction of Rs.25,000/50000 above is included in this deduction, not in addition.
By keeping these benefits in mind, you can choose from various medical insurance plans available on the market. Then, select the plan that suits your needs and requirements to take advantage of all these benefits.
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