It is true what they say: health is riches. An individual’s health is significantly impacted by a variety of circumstances, including altered lifestyle patterns, rising pollution levels, and many more. This could result in a number of illnesses and medical issues.
The expense of treating these disorders in terms of medicine is rising quickly. Investment in health insurance plans is required to protect your cash from high medical costs.
These plans pay for both pre- and post-hospitalization costs as well as any hospitalization costs. The five benefits of purchasing a health care plan are as follows:
1. Protection from medical costs
Receiving top-notch medical treatment without having to put too much of a financial strain on yourself is the fundamental goal of medical insurance.
Plans for health insurance provide protection against expensive medical expenses. In addition to many other things, it pays for hospitalization costs, daycare procedures, domestic expenses, and ambulance fees.
As a result, you may stop worrying about the hefty fees and instead concentrate on your quick recovery.
2. Protection from serious illnesses
Nowadays, insurance companies provide critical illness insurance as a solo policy or as a rider. Such a policy offers protection against fatal illnesses like renal failure, bone marrow transplant, stroke, and limb loss, among others.
You are eligible to a lump sum payment upon diagnosis of any serious illness on the policy’s specified list. You are permitted to utilize this sum to cover your medical expenditures, daily expenses, and any other debts.
3. Benefit for cashless claims
Many insurance companies provide a cashless claim option. You are not required to pay anything out of pocket in such a deal. Your insurance company and the hospital will work out a deal to cover the hospitalization costs.
It is necessary to be admitted at one of the hospitals in the insurer’s network in order to take use of this benefit. To use the cashless facility, complete a pre-authorization form and present your health insurance card.
4. Additional security beyond what your company provides
Many businesses offer group insurance to insure their employees. The demands of every person are not, however, taken into account while creating such policies.
Additionally, if your work changes or you lose your job, you might not have insurance. Buy a personal health insurance policy to cover yourself in case of such an occurrence.
5. Tax advantages
Plans for healthcare come with tax advantages. Section 80D of the Income Tax Act of 1961 permits tax deductions for premiums paid for health insurance policies. The amount of the deduction is as follows:
- Rs. 25,000 was given to the person for himself and his family.
- If the individual or spouse is 60 years of age or older, a deduction of Rs 50,000 is granted.
- It is possible to deduct an additional Rs. 25,000 for parents who are younger than 60 years old and Rs. 50,000 for parents who are older than 60 years old for their insurance (whether the parents are dependent or not).
- Medical costs up to Rs 50,000 for uninsured super senior seniors (80 years of age or more) are permitted.
- This section permits a deduction of Rs. 5000 for the cost of a preventive health checkup for either the individual or members of his family, including his spouse, parents, and dependent children. This deduction is INCLUDED in the previously mentioned deduction of Rs. 25000/50000, NOT IN ADDITION TO IT.
Consider these benefits when you select from the many medical insurance options on the market.
Choose the ideal plan based on your unique demands and requirements to ensure that you don’t miss out on the chance to take advantage of all these advantages.
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