BENEFITS OF HAVING A HEALTH INSURANCE POLICY
A robust health insurance policy typically covers a spectrum of expenses, encompassing doctor consultation fees, medical test charges, ambulance fees, hospitalization costs, and even post- hospitalization recovery expenses to some extent.
WHAT IS HEALTH INSURANCE?
Health insurance is a contractual arrangement in which an insurance company commits to providing financial coverage for medical expenses should the insured person become ill or experience an accident necessitating hospitalization. Typically, insurance companies establish partnerships with prominent healthcare facilities to offer insured individuals the benefit of cashless treatment. In cases where the insurance provider lacks affiliations with specific hospitals, they reimburse the insured for the expenses incurred. Additionally, the government encourages health insurance by offering income tax deductions as an incentive.
ADVANTAGES OF HAVING A HEALTH INSURANCE POLICY ARE AS FOLLOWS
Pre and Post Hospitalization Cost Coverage
Health insurance policies extend coverage to pre and post-hospitalization expenditures, often for a duration of up to 60 days, depending on the specific insurance plan.
Transportation Charges
Ambulance expenses for insured transportation are also covered by the insurance policy.
No Claim Bonus (NCB)
NCB is a bonus feature where the insured receives a reward if no claims have been filed for medical treatment in the previous
Medical Checkup
Health insurance policies often offer options for health checkups, and some insurers even provide free health checkups based on your previous
Room Rent
Room expenses during hospitalization are covered by the insurance policy, and the extent of coverage depends on the premium paid by the
Tax Benefit
Premiums paid for health insurance are eligible for tax deductions under Section 80D of the Income Tax
TAX BENEFIT OF HEALTH INSURANCE
The tax benefit of health insurance is a notable incentive. You can claim a tax-saving deduction of up to ₹25,000 annually for a health insurance policy covering yourself. Additionally, if you pay premiums for your parents’ health insurance policies, you can claim up to ₹30,000 for the same.
It’s essential to remember that earning money loses its significance if you or your family’s well-being is compromised. Prioritizing your health and the security of your loved ones is of utmost importance. Understanding the value and advantages of having a health insurance policy is crucial. If you haven’t already, consider taking this vital step to protect your financial and physical well-being.