A few years ago, it was thought that health insurance is a luxury but in today’s world, it has become a necessity for every household. With the alarming rise in health risks and diseases, medical care and treatment in India have become highly expensive. To have financial backup during such medical emergencies, it has become very important to have a medical insurance plan. It must become an important aspect of your financial plan. Health insurance offers several benefits such as hospitalization costs, tax benefits, maternity insurance, and likewise.
Let us have a look at some of the reasons for which you must have a family medical insurance plan.
Comprehensive coverage against health-related expenses
The main benefit of medical insurance is to get financial security so that you can receive the best healthcare treatment without worrying about your finances. A health insurance plan offers coverage against various healthcare expenses such as in-patient hospitalization expenses, pre-hospitalization, and post-hospitalization expenses, ambulance expenses, daycare expenses, domiciliary hospitalization expenses, and likewise. Having an insurance plan allows you to focus on your health only instead of focusing on such high costs.
Coverage against critical illnesses
With so much rise in critical illnesses, most of the health insurance plans now include critical illness insurance. You can choose either standalone critical illness insurance or can add it to your basic medical insurance plan. Critical illnesses are the most life-threatening diseases such as stroke, heart attack, kidney failure, organ donation, and likewise. Treatment of such diseases is highly expensive and therefore, having an insurance plan is a must. If you are diagnosed with any of the critical illnesses mentioned in the predetermined list of your policy, you can receive a lump sum amount to cover all your illness-related expenses.
Many family medical insurance plans include a cashless claim facility, where you do not have to pay a single rupee from your pocket. In such cases, all the hospitalization costs are settled between the insurance company and the hospital. To avail of this offer, you have to get admitted to one of the network hospitals of your insurer. This further simplifies the procedure of hospitalization. The only thing you have to do is to fill up a pre-authorization form and show your health insurance card while hospitalized.
Income tax benefits
Another important advantage of medical insurance is the deduction in your taxable income, thus reducing the tax liabilities under Section 80D of the Income Tax Act. If you are below 60 years of age, you can claim a deduction of Rs. 25,000. In case, the family medical insurance plan includes your parents (below 60 years), you can claim an additional deduction of Rs. 25,000, thus getting a total deduction of Rs. 50,000. If your parents are above 60 years, the additional deduction becomes Rs. 50,000. You can also claim a deduction of Rs. 5,000 for health checkups.
Security against lifestyle diseases
Lifestyle diseases such as diabetes, PCOD, obesity, stress, back pain, and likewise have affected mainly the people under the age of 45. This is mainly because of our unhealthy and undisciplined lifestyle. Though these diseases have become very common, there are several expenses incurred to treat these conditions. Having medical insurance can cover all your expenses against such diseases.