With the increasing number of diseases that have come up due to the increased pollution levels, unhealthy lifestyle and the ongoing pandemic, it has become challenging for people to tackle such medical uncertainties. Therefore, staying covered under a health insurance policy has become important more than ever.
There are several benefits of keeping yourself and your loved ones covered under a health insurance plan. It usually covers cashless treatment, pre and posthospitalization charges, in-patient hospitalization, and much more. Nevertheless, while buying a health insurance policy, ensure that you carefully check the policy’s benefits, inclusions and exclusions.
Here are a few significant reasons why you should buy a health insurance plan for yourself and your loved ones:
- Cashless treatment
A health insurance policy enables you to avail of the cashless treatment, implying that you would not have to pay for anything out of your pocket; instead, the insurer will settle the medical bill directly with the hospital.
It is important to stay covered under health insurance in these uncertain times, as you mightn’t even realize, and a medical emergency might become a financial emergency. So in order to ensure the safety of your health and finances at the time of such contingencies, an exhaustive health insurance plan can be an appropriate solution.
- Tax benefits
According to Section 80(D) of the Income Tax Act of 1961, the insured is allowed certain tax deductions on the premium of their insurance policies. So, if you buy a health insurance policyfor yourself and your family, you can avail of a tax deduction of up to ₹25,000. And if you are also paying the premium of health insurance on behalf of your parents, you can claim an additional tax deduction of up to ₹75,000.
Nevertheless, if you are a senior citizen paying the premium for yourself and your spouse, you can claim a tax deduction of up to ₹50,000.
- Prevents and protects from sickness
A health insurance policy offers free annual check-ups, lab and blood tests, helping you know in advance about an upcoming medical complication. As a result, you can take preventive measures and get your treatment done in time. Therefore, timely diagnosis and medical assistance provided under an insurance plan can prove to be beneficial.
- Lifetime Renewability
While researching and collating information about the health insurance plans available in the market, you must also consider checking the terms and conditions related to the renewability of policies. A plan that has lifetime renewability can keep your health and finances secured throughout your lifetime. Thus, you might not have to buy a fresh policy; instead, you can stay covered under the same comprehensive policy for your lifetime. On the other hand, the policies with an age limit might become obsolete after reaching a certain age. Therefore, it is preferable to go for a lifetime policy and pay affordable premiums to get cashless treatment at any point in your life.
The reasons mentioned above are enough to establish that a health insurance policy is a must for every individual.
After contemplating all the benefits and restrictions of a health insurance policy, it is recommended to choose a reliable insurance provider such as TATA AIG. You can choose from their range of health insurance plans and stay assured about speedy claim settlement and exceptional services, helping you stay worry-free in case of an unexpected medical event. In case of any queries, you can contact their customer care executives for prompt and immediate resolution.