For most of us, life revolves around our loved ones, ensuring their well-being and giving the best medical care, whenever required. Also, we look for unique ways to save money and lead a financially secure life. Having a health insurance policy fulfils these objectives. It keeps us free from financial worries that often arise when an unexpected event like illness or injury occurs. A health cover is a cushion for hard-earned savings, and thus, one of the best investment options.
In this article, we share the reasons that makes health insurance policy a good investment option.
1. Protects you from Rising Medical Costs
Thanks to the advancements in the medical field, there is the availability of quality healthcare in India. Even for critical illnesses like cancer, one can find the best medical care.
At the same time, medical inflation has severely affected many families. Moreover, the number of people with non-communicable diseases such as diabetes is also rising. In such a scenario, when a medical emergency can occur suddenly, one should prepare financially to deal with high medical expenses. Here is where health insurance policies prove to be a valuable investment, as they save you from spending lakhs of money from your savings.
2. Covers Various Medical Expenses
A medical emergency may not just involve hospital expenses but also other associated costs. Therefore, one should consider opting for a health policy that provides comprehensive coverage. There are various types of health insurance in India. If you have a family to support, then opting for a family health insurance is recommended. It would cover your family members such as spouse, dependent children, and parents in a single policy for a single premium.
Some of the key benefits of this policy are:
- Cover for hospitalisation expenses
- Cashless medical treatment
- Pre and post hospitalisation benefits
- Daycare procedures
- Option to add a new family member
- Lifelong renewability
Besides a family health cover, there are other types of plans including disease-specific health plans. One can select a suitable health insurance plan after assessing individual and family healthcare requirements.
3. Offers Tax Benefits under Section 80D
When we look for investment options, we look for options that would give us the best returns and also help us save tax. So, if you have a health insurance policy, you will get tax benefits, too. One is eligible for a tax deduction on the health insurance premium under Section 80D of the Income Tax Act. Senior citizens are eligible to get a higher tax deduction of up to Rs 50,000.
The best investment plan is the one that helps you achieve peace of mind, despite the factors like medical inflation and health risks. If you are planning to buy health insurance, it is crucial to consider certain things. They are:
- Estimating medical expenses, and opting for the right sum insured
- Checking the list of network hospitals
- Knowing the claim settlement ratio
- Understanding the co-payment clause, exclusions, and waiting period
The benefits of a health insurance policy, as explained in this article, help you secure your finances and prevent loss of savings due to medical contingencies. It is essential to have complete knowledge about the health insurance benefits so that one can make an informed decision and safeguard their loved ones.
Guest Author- Vijay Chauhan