Explain Various Benefits Of The Best Health Insurance Plan

Berry Mathew

Explain Various Benefits Of The Best Health Insurance Plan

Health is not valued till sickness comes, in spite of being aware of a well-known fact “It is health that is the real wealth”. In contemporary times, the changes happening in the climate, high pollution levels, development of technology, change in lifestyle, and many other factors have a great impact on the health condition of individuals. This leads to various new diseases affecting individuals around the globe. The expense for the treatment of these ailments is rising rapidly. Now, it is here that health insurance plays a major role in your life by safeguarding your income from expensive medical bills.

Health insurance is a kind of insurance that covers the whole or a part of the risk that an insured person incurs in medical expenses. So in our current lifestyle, signing up for the best health insurance has become a necessity. 

Let’s understand the benefits of health insurance.

Benefits of health insurance

1) Coverage against medical expenses:

Health insurance covers medical expenses. The cost of medical treatments is very high and especially when one has to get hospitalized. It is health insurance that helps you to get the best treatment without worrying about finance, and you can completely focus on your recovery. The health insurance policy covers various medical expenses like hospitalization costs, domiciliary costs, daycare procedures, ambulance expenses, and many other expenses. 

2) Coverage against critical illnesses:

Nowadays, many health insurance companies provide coverage for critical illnesses. It can be an independent plan or a rider scheme. In this plan, the insurance company covers the medical expenses of critical diseases like kidney failure, bone marrow transplant, limb failure, heart stroke, and many other life-threatening diseases. If any life-threatening illness from a predetermined list of your health insurance plan is diagnosed for you, then the company provides you with the amount that is to be used for your treatment.

3) Cashless claim benefit:

Numerous health insurance companies provide the facility of cashless claims. In this arrangement, you do not need to pay the medical bill from your pocket; instead, the settlement is between the insurance company and the hospital you availed treatment from. In this plan, it is mandatory for you to get hospitalized in one of the network hospitals of the insurance company. You need to fill out the preauthorization form and show your health insurance card in order to avail of the facility of cashless claim provided by your best health insurance company in India.

4) The additional cover above your employer’s cover:

Many companies cover their employees with certain insurance plans, but they may have limitations, and you may not be able to avail the benefits as per your needs as they are not tailor-made according to individual needs. Also, you are eligible for the benefits only until you have the job, so there are chances that you may not have the insurance coverage at the time of need. So it is advisable that every individual should purchase the best health insurance policy for their healthy life.

5) Tax benefits:

You also get tax benefits when you have health insurance. Under section 80D of the income tax act, you get the benefit of a tax deduction if you pay a premium for a health insurance plan. The amount deducted is as follows:

  • For an individual, it is Rs. 25,000 for himself/herself and their family.
  • A deduction of Rs. 50,000 is applicable in case the person or the spouse is 60 years old or above.
  • In the case of an insurance plan for parents (whether dependent or not), an individual avails of extra tax deduction benefits. The deduction amount is Rs. 25,000 if the parents’ age is less than 60 years, and a deduction of Rs. 50,000 is availed when the parents’ age is 60 years or above.
  • In case super seniors (age 80 years or above) are not insured, then the medical expense of up to Rs. 50,000 is allowed.
  • Under this section of the income tax act, you get a deduction of Rs. 5000 if you make payment for the primitive health checkup for yourself or your family members. Family members include spouses, parents, and dependent children. However, this benefit is not in addition to the deduction of Rs. 25000/50000 as mentioned above but is a part of it.

Importance of Health insurance

Nowadays, with the increase in medical problems among almost all age groups and almost all sections of society, it is very much important to protect your health from all aspects. Financial security should be the prime factor. So having the best health insurance in India is of utmost importance. Below are some of the prime advantages of health insurance plans:

  • Safety for the family: In case you are an earning individual and have financial dependents, then health insurance plans play a major role, as they will keep you prepared for medical emergencies for the family, though not able to prevent them completely. So your near and dear ones can be secured from medical conditions without much financial stress. 
  • Savings are protected: All earning individuals aim to maximize their savings eventually with time, but any unforeseen medical emergency can create a hurdle in your saving process as medical expenses are usually higher than expectations. Here the best insurance plans in India help you at the time of medical condition, and you can continue with your savings.
  • Mental peace: If it costs you peace of mind, the cost is too high. This is what medical expenses do; they affect your mental peace to a greater extent if any medical emergency occurs in the family. So health insurance provides you with a priceless thing in life which is the mental peace and courage to handle the medical condition calmly without being stressed about the finance.

From the above description, it can be concluded that health insurance has many advantages and plays a significant role in everyone’s life. Hence, it is advisable to choose the right health insurance plan as per your requirements and get all the above benefits to make your and your family’s life easy going at the time of need.