Life can be a puzzle sometimes, and people might not always have all the answers when it comes to health. That’s why a health insurance policy is essential, it helps us get the coverage we need when feeling under the weather or in an emergency.
What’s crucial is finding the right coverage for you and your family so that you’re prepared for whatever life throws your way. Here are a few significant reasons you should get a health insurance policy.
Covers Pre-Existing Conditions
This is an illness or disease you may have been diagnosed with before buying a health insurance policy. For example, diabetes and high blood pressure are both pre-existing conditions. Most health insurance policies have a waiting period of 2-4 years for pre-existing conditions, after which they are covered.
However, some insurers have started offering immediate coverage for certain pre-existing conditions such as cancer. So, if you have a pre-existing condition, it’s essential to do your research before buying a health insurance policy. Look for an insurance service provider who understands how the healthcare system works.
This includes a good network of hospitals, clinics, and doctors you can visit. The provider should also be able to offer you a wide range of health insurance plans to choose from. Concentrate on the company’s history and financial stability as you read more online regarding the best providers.
Remember to get reviews from other customers and their different plans. This is important because you want to make sure that the provider you choose is one that you can trust and who will be able to give you the coverage you need.
Deals with Medical Inflation
We live in a time when medical inflation is at an all-time high. The cost of hospitalization, surgeries, and even medicines have increased manifold over the last few years. Even a simple disease like dengue can land you in the ICU, and the resulting medical bills can be pretty hefty.
This is where health insurance comes in handy – it takes care of all your hospitalization expenses so that you don’t have to worry about burning a hole in your pocket. Most health insurance plans also offer some form of coverage when it comes to consultations with specialists and diagnostic tests.
Gives You Tax Benefits
Under Section 80D of the Income Tax Act, you can get a tax deduction of up to Rs. 25,000 for the premium paid towards your health insurance policy. If you’re a senior citizen, this amount goes up to Rs. 30,000.
This is a great way to reduce your taxable income and save on taxes. Also, the entire premium paid qualifies for a tax deduction if you have a family health insurance policy. You need to learn how to claim this deduction when filing your taxes.
Helps You Save for the Future
A health insurance policy is not just about getting coverage for unexpected medical expenses. It’s also a great way to save for the future. Specific health insurance plans come with the added benefit of a critical illness rider.
Under this rider, the policyholder gets a lump sum benefit if diagnosed with a critical illness such as cancer or heart disease. This money can be used to meet your medical expenses or for any other purpose.
You need to assess your needs and choose a health insurance policy accordingly. There are several health insurance plans available in the market, so compare them before making a decision.
Eases the Financial Burden
A health insurance policy not only helps you cover your hospitalization costs but also offers other significant benefits like cashless settlement of bills, critical illness coverage, personal accident cover, etc. In an emergency, you can focus on getting better without worrying about the financial implications.
For instance, if you’re hospitalized due to an accident, your health insurance policy will take care of all the expenses related to your treatment. Similarly, if you’re diagnosed with a critical illness, the policy will pay out a lump sum benefit that can be used to cover your medical expenses.
Peace of Mind
It feels great knowing everything is in control, and you have nothing to worry about. This is what a health insurance policy gives you – peace of mind.
With a health insurance policy in place, you don’t have to worry about how you’ll pay your hospital bills in an emergency. The policy will take care of everything so you can focus on improving. You can also rest assured that your family is financially protected if something happens to you.
A health insurance policy is an essential financial tool that offers various benefits. It helps you deal with medical inflation, covers pre-existing conditions, and gives you tax benefits. It also helps you save for the future and ease the financial burden in an emergency. So, ensure you have a health insurance policy to protect yourself and your family.
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