You have heard that health Insurance provides you with the cover against the hospitalization costs during the treatment of a disease or an accidental injury but you aren’t quite convinced to buy one yet. You are skeptical of whether it is really worth your investment.
But there may be some facts which you don’t know of. Read on to know about all the benefits of having a Health Insurance:
Addresses Medical Inflation:
It buttresses against Medical Costs, an urgent need given their inflationary trend.
Protection against unforeseen health spends in future:
Today the cost of medical treatment is on the rise and it will definitely take a toll on your finance. You need something that will provide a security against expenses following probable health problems that can burn a hole in your pocket.
Shock proofs your current lifestyle:
Health Insurance provides you the cover against the medical costs arising from hospitalization, ensuing medication, etc. So it is necessary for every individual of any age group to insure oneself. Sometimes the treatments are so costly that they make a person go bankrupt! Today something as simple as a 24 hour hospitalization alone can cost you in thousands! It is better to bank on a health insurance policy that will take care of your hospitalization expenses. You can therefore be in a more relaxed state of mind.
Every Health insurance Company has tie-ups with a large number of hospitals in each city through their Third Party Administrators (TPAs). These hospitals are known as network hospitals and the hospitals that are not in such a list are usually called the non-network hospitals. Cashless service is an arrangement where expenses on a valid claim are settled between the Health Service Provider and the Insurance Company/TPA, keeping you out of the payment process, provided the treatment is done in a listed network hospital.
Makes quality treatment affordable:
While resorting to any medical treatment we always have the concern of how much it will cost. But with Health Insurance, when there is an emergency and you have to be hospitalized, arranging for liquid cash can be kept out of your mind as you can avail this cashless facility (in a network hospital).
No need to risk your health by postponing treatment to garner money to pay for hospitalization or compromising on quality of care:
It also means that medical relief will reach you faster without anxieties for money, and you can avail the facilities of good hospitals, which you might not have otherwise been able to afford to pay from your own pocket.
Personal health insurance policy will also entitle you to a health insurance tax benefit available under Section 80D of The Income Tax Act, 1961. You can avail an annual deduction of Rs. 15,000 from taxable income for premium payment of health insurance policy. For senior citizens, this deduction is Rs. 20,000. (Section 80D benefit is in addition to the Rs 1,00,000 exemption under Section 80 C which is for life insurance).
So to avail these benefits buy a health policy at the earliest, one that will keep you and your family well protected and happy.