Amanpreet Kaur

WHAT ARE THE BENEFITS OF HEALTH INSURANCE?

It is often said, “Health is Wealth”. Good health ensures you earn well and a good amount of wealth ensures you maintain your health and afford the expenses in times of a medical emergency. But is it always possible to afford the astronomical health expenses in times of exigencies? The answer is a BIG No! It is unimaginable to arrange thousands or lakhs of money in a few hours and thus it is pivotal to apply for health insurance.

Health insurance is an insurance product that provides coverage for medical expenses to the insured. These expenses could be related to hospitalization costs, cost of medicines, or even doctor consultation fees. It works just like a car or home insurance, the only difference is the situation or expenses that are covered by it.

Photo by Marcelo Leal on Unsplash

It is extremely vital to invest in a good health insurance scheme as the health expenses are spurting with every passing day.

Following are the major benefits of purchasing health insurance for you and your family:

• Covers high medical expenses:

The main aim behind the invention of health insurance is providing coverage for the extremely high medical expenses without burdening your finances. It eliminates the need for you to worry about the costs that come with an emergency. That’s the degree of comfort that a health insurance plan offers.

• Cashless Hospitalization:

What if there is an option for you to avail of the services of a hospital without paying a single penny for the same? Yes, that’s the power of health insurance. Many insurance providers offer a cashless claim facility. Under this, the insurer settles all the expenses with the hospital without bothering you. However, this benefit can be availed only in the hospitals that are a part of your insurer’s network.

• Tax Benefits:

All the premiums paid towards your health insurance policy are eligible for tax deductions under Section 80D of the Income Tax Act, 1961. Buying a health policy helps you with less deduction in income tax bills and gain more benefits.

• Extra benefits to young buyers:

Buying health insurance before the age of 30 has its own added advantages. They are:

1. If you are young, your premium will be low
2. Better financial planning at a young age
3. A busy and hectic lifestyle has increased the risk of catching a chronic illness
4. You can make full use of your policy and its premium benefits as the waiting period gets over on time.

The National Sample Survey Organization’s most recent survey on household consumption related to health showed that almost 80 % of Indians are not covered under health insurance. This means that around 4/5th of the country’s population is at risk of not being able to afford their health treatments.

This is truly shocking.

Now that you know the benefits of buying a health insurance plan, don’t be late!

It is said, “Better Late Than Never”. An emergency can knock on anybody’s door anytime. It's essential to be prepared for the same.

Buy your health insurance plan and secure your finances in advance!

Photo by Owen Beard on Unsplash