The moment you open yourself to forums and expertise, you will find someone or the other suggesting some policy or the other. But does it make sense to buy any policy just because an expert said so? Let us take an example in the form of a health insurance. You will find numerous people suggesting you to buy a health insurance plan. We should be able to better assess the same after knowing some of the benefits.
- Don’t Pay
Yes, it is true up to a large extent. If you have a health insurance plan you might never need for pay for medical expenses and hospitalisation. There is only a small caveat to this; you must visit a network hospital to avail the benefits. But if you must visit some other hospital, you can always reimburse the expenses.
- Secondary Benefits
Buying a health insurance might open gates for additional benefits. For an instance, if you stick to a particular insurer for a longer period of time, they will offer regular free medical check-ups. Similarly, other insurers offer free consultation or even discounts on certain medical expenses.
Sure, a health insurance will take care of most of the medical related expenses but it can do more as well. Most of the insurers offer daily allowances for non-medical expenses. You need not worry about keeping track of expenses or showing proof for them. You can also consider a convalescence cover for a situation where the expenses might exceed the sum insured.
- Critical Illness
Health insurance plans have additional cover for critical illness. If the policy holder is diagnosed with any of the listed critical illness, the insurer releases a pre-defined lump sum amount. One can then utilise funds for treatment or rehab or change in lifestyle and so on.
- Tax Benefits
The premiums that you pay for a health insurance are deductible for taxes under Section 80D. Though this cannot be the main motive for buying a health plan but it wouldn’t hurt to get this additional benefit, would it? You can deduct up to INR 25,000 for a mediclaim plan and up to INR 30,000 for senior citizens.
Thus, apart from the very obvious point of providing financial assistance during medical emergencies, a health insurance plan offers a lot more. And it is absolutely worth your time to know more about it and eventually buy one.
Is Your Life Secure?
Each one of us has a different strategy or point of view when it comes to using our money. While some prefer using credits systems to do a little more, others avoid them. Similarly, some prefer saving money for certain events and then spending it on them. The only problem with the last approach is that one will never be ready enough for medical emergencies.
A medical emergency doesn’t have a specific quarter or date for its arrival. It might arrive tomorrow or it might arrive after a couple of years. Apart from inconvenience, a medical emergency brings uncertainty to the table. And when it comes to uncertainty, there is no better way to secure yourself than an insurance. If you do not want medical situations to unsettle your financial plans and always want to have the upper hand, a health insurance is a must.
Have You Invested In Health Insurance?
Individuals who take their investments very seriously, buying a health insurance policy give them an added boost. If you haven’t been to a hospital in the last couple of years, you probably aren’t aware of the rising medical expenses. If you have, then you know what we are talking about. A seemingly simple procedure can cost a lot when you factor in medicines, room rent, consultation charges etc.
Those who have invested in a health insurance can take a breather as the policy will keep them away from most of the expenses. There are several instances where the policy might not be enough. Though a higher sum insured is the most obvious suggestion, one must not forget the features and benefits. Even with a slightly lower cover, you can reduce the financial burden by a substantial margin. In an ideal scenario, you wouldn’t want to pay much from your pockets.
Investing in a health insurance policy is a smart move and can save you lot of money if you have dependent parents or against unexpected medical situations. With insurers including more and more procedures in their list, a health insurance makes an even stronger case for itself.