Medical insurances come with never-ending benefits that last a lifetime. Investing in proper health insurance will reap you benefits until you grow old. Even with all these health insurance advantages, people still have a hard time deciding if they want health insurance and if it’s a worthy investment.
If you also find yourself stuck in this dilemma, read on to find out why you should invest in a health policy right away.
Secure your family’s healthThe kind of lifestyle we live and the environment, everything puts our health in danger. Also, medical expenditures are inflating at a high rate. Investing in excellent health insurance benefits you and your family by providing a cover for health-related expenditures. A lot of costs are covered in the policy, and the company bears most expenses, so you don’t have to pay out of pocket.
Cover against critical illnessesLife is uncertain, and no one is always prepared to face high expenses all the time. However, having medical insurance can save you from burning a hole in your pocket and risking your finances by having you covered for critical illnesses that cost a lot for treatments.
Health insurance benefits for employeesMost employers provide a health insurance policy for their employees. But, not all of them cover your family and parents. Also, if you plan on changing your job, you risk losing the protection. Therefore, having a separate individual medical insurance that covers your family and parents can prove to be highly beneficial.
Tax benefitsSection 80D of the Income Tax Act 1961 lets you enjoy tax benefits for the premiums paid for health insurance. You can make tax deduction claims ranging from Rs. 25,000 to Rs. 1 lakh depending on the number of members insured and their ages.
Cashless ClaimWith this clause, you can enjoy cashless claim benefit for your hospitalisation term. You can present your insurance card to the hospital (one from the insurer's network), and the hospital and the insurance provider will settle the payments. You will have to be hospitalised for more than 24 hours to be able to claim the expenses.
There are several insurance benefits of investing in a health insurance policy, and it is better you start investing as early as possible. This will not only help you save but will also help you protect your health better as you age.
Learn more about different Health Insurance Plans here.
The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
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