A Health Insurance policy has become a quintessential need in today’s era, especially after the pandemic showed that emergencies can be unpredictable. Even if you are healthy, injuries and infections are unforeseen and can wreak a financial havoc in the absence of a health insurance plan.
That is why having a health plan has become the need of the hour.
A Health Insurance Plan has the following benefits-
1. Coverage against expensive Medical Costs
Medical treatments have become expensive. A simple hospitalisation can incur a considerable amount of money. If the illness or injury is severe, the expenses multiply exponentially. Furthermore, medical inflation is rising steadily. Affording the increasing medical costs is, thus, a financial nightmare. Health insurance plans cover the cost of hospitalisation and medical treatments.
Furthermore, you can avail of coverage for–
- Ambulance costs
- Day-care treatments
- Organ donor treatments
- Domiciliary treatments
- AYUSH treatments
- Free health check-ups
- Sum insured restoration
- Maternity coverage, etc.
These coverage benefits protect your pockets in a medical emergency by covering the medical bills.
2. Coverage for the Whole Family
Family floater health insurance plans allow coverage for all the members of your family. You can insure your spouse, children (both biological and adopted), dependent parents and parents-in-law. Moreover, many plans extend coverage for grandparents, uncles, aunts, grandchildren, nephews and nieces too. Thus, you can insure all your family members so that if any member faces a medical emergency, you would be spared the financial burden of the treatments.
3. Lifelong Renewability
You can renew health insurance plans lifelong provided you renew them on time. There is no cover ceasing age allowing you to enjoy the coverage even in the golden years of your life when the chances of illnesses and injuries increase considerably.
4. Tax Benefits on the Premiums
The premiums payable for health insurance plans also earn tax benefits and helps in lowering your tax liability. You can claim a deduction of up to Rs.25,000 on the premium paid for self, spouse and children. If you are a senior citizen, i.e., aged 60 years and above, you enjoy a higher limit of deduction of Rs.50,000.Furthermore, if you insure your parents, you can avail of an additional deduction of up to Rs.25,000. This limit also extends to Rs.50,000 if your parents are senior citizens Thus, with health insurance plans, you can lower your taxable income by a maximum of Rs.1 lakh. If you are in the highest tax bracket of 30%, this reduction in taxable income converts to a tax saving of Rs.30,000 (30% of Rs.1 lakh).Thus, health insurance plans not only help cover your medical costs, they help in tax planning too.
5. Financial Security
Lastly, health insurance plans provide a sense of financial security in the face of medical emergencies. When you know that unexpected medical costs would be handled by the health insurance plan, you can be financially secured. You can plan for your goals without fearing that a medical emergency might wipe out your savings. An optimal health insurance plan keeps your financial assets intact and helps you plan your finances effectively.
With these benefits, a health insurance plan becomes a must. Moreover, modern-day health plans have become innovative and offer coverage for a wide range of treatments and illnesses like air ambulance cover, cover for HIV/AIDS, bariatric treatments cover, OPD expenses cover, etc. So, opt for a comprehensive health insurance plan that has all the coverage benefits that you need. Choose an optimal sum insured so that your medical expenses are shouldered by the health plan while you can take care of your other financial goals.
