Benefits are Assured with Health insured

The low penetration rate of health insurance in India shows that people are still unaware of the benefits it offers. If you are also comparing the advantages of medical insurance with the costs involved to decide if it's worth it, you're at the right place. This article aims to highlight the numerous health-assured benefits and advantages that come with being insured. You will be able to make the best choice for your health and the health of those you love after reading this article. Let's dive in!

 

SAVE TAX, HEALTH AND WEALTH

Health insurance can play a significant role in saving taxes, protecting health, and safeguarding wealth. Here's how health insurance can contribute to these areas:

 

Protecting Health

 

• Access to Healthcare: Health insurance provides coverage for a range of medical services, including doctor visits, hospital stays, medications, preventive care, and specialist consultations. It ensures that you can access necessary healthcare services without incurring high out-of-pocket costs.

• Preventive Care Coverage: Many health insurance plans cover preventive services at no additional cost. This includes vaccinations, screenings, annual check-ups, and preventive treatments. By utilising these services, you can detect and address health issues early, potentially reducing the risk of more serious and costly conditions.

 

 

Safeguarding Wealth

• Financial Protection: Health insurance protects you from large and unexpected medical expenses. By paying a premium, you transfer the risk of high healthcare costs to the insurance provider, which can prevent significant financial strain on you and your family.

• Coverage for Major Medical Events: Serious health conditions or accidents can lead to substantial medical bills and long-term healthcare needs. Health insurance can help cover the costs associated with hospitalisations, surgeries, specialised treatments, and ongoing care, preventing a substantial drain on your wealth.

 

Saving Taxes

• Section 80D: For taxpayers, health insurance acts as an excellent tool to reduce the tax burden. A taxpayer can claim a deduction of up to ₹25,000 for premiums paid on the policy taken for self, spouse, and dependent children. For policy taken for parents, an additional ₹25,000 is available.

• Assistance for Senior Citizens: For parents aged above 60 years, taxpayers can claim a deduction of ₹50,000. Additionally, for senior citizen assessees, the total deduction allowed increases to ₹1,00,0000 (₹50,000 for self/spouse/dependent children + ₹50,000 for senior parents). 

 

Additional Benefits

• Employer Contributions: If your health insurance is provided through your employer, they may contribute a portion of the premium, reducing your out-of-pocket expenses.

• Wellness Programmes: Some health insurance plans offer wellness programs and incentives for adopting healthy behaviours. These programs can encourage you to lead a healthier lifestyle and may result in reduced healthcare costs over time.

 

There you have it! The above health-assured benefits make a strong case in favour of medical insurance. They provide you with security in the area of health, wealth, as well tax liabilities. So get insured and keep your health assured to enjoy peace of mind and overarching protection.

 

So, What's the Right Pick for You? 

Well, there are many health insurance plans out there. However, there are 4 main types of health insurance policies. These are mainly: 

 

• Individual health insurance policy, which is targeted at individuals or one person.

• Family floater policy, which is Ideal for a couple or a nuclear family.

• Mediclaim policies provide hospitalisation cover due to disease, illness or accident.

• Critical illness policy provides coverage for a pre-existing critical condition. You can increase the health coverage by adding a critical illness rider too. 

 

The right insurance plan will depend on your particular requirements. For instance, if the median age of your family members is low, you can opt for a family plan. Similarly, a critical illness policy can be purchased to deal with expenses related to a severe ailment like a stroke. Make sure that you go through all policy documents and analyse factors like premium, coverage, network hospitals, claim settlement ratio, customer service, etc., before investing your money.

 

Regularly assess your health insurance needs and compare different options to ensure you have the most appropriate coverage for your situation. Consulting with a licensed insurance agent or healthcare financial advisor can also provide valuable guidance. Though every plan is unique, you can trust reputed insurers like Niva Bupa to deliver excellent coverage options along with a superior customer experience. Browse through our plans here.