The high medical costs are no secret. Medical science is making tremendous progress. Newer and developed procedures have been invented to treat common and complicated diseases. While this is good news, one cannot ignore the cost implication of such treatments. Medical treatments have become expensive and if the increasing rate of inflation is any evidence, the treatment costs are expected to rise further. In these situations, falling ill and requiring hospitalization is a financial nightmare. This nightmare has only one solution – a health insurance plan.
A health insurance plan covers your medical bills and hospitalization costs in a medical contingency. Besides saving your finances, a health insurance plan also has other major benefits. Do you know what they are? Let’s decode them:
- The plan provides a comprehensive coverage
Your health insurance plan not only pays your hospital bills, it also covers various other associated expenses. You get coverage for pre and post hospitalization, day care treatments, domiciliary hospitalization, organ donor expenses, ambulance expenses among others. Moreover, there are some plans which also cover maternity-related expenses, restore your Sum Assured if it is exhausted in any policy year, provide coverage for alternative course of treatments, etc. Thus, a health insurance plan provides an all-round coverage for all your health-related expenses.
- You get the benefit of lifelong renewability
Thanks to IRDA’s new regulations, health insurance plans offer you lifelong renewability. While earlier your coverage ceased after 65 years or 70 years of age, today, you can renew your plan for as long as you are alive. This lifelong renewability feature ensures that you have coverage in those golden years of your life when ailments are more likely.
- You can cover your family members too
Another benefit provided by a health insurance plan is that you can avail coverage not only for yourself, but for your family members too. Your spouse, dependent children and dependent parents can be covered in a family floater health insurance plan.
- You get free health check-ups
Doctors always advise that you should undergo routine medical examinations regularly. However, due to the expenses involved, most of you avoid undergoing regular health check-ups. Health insurance plans provide you the facility of free health check-ups. You can undergo health check-ups free of cost if you continue your health insurance coverage. Some plans allow annual check-ups while some allow free check-ups after a period of 2, 3 or 4 continuous years.
- Health plans motivate you to stay healthy
Believe it or not but it is true! There are many health insurance plans which allow you premium discounts if you stay healthy. Since many individuals love discounts, it motivates them to lead a healthy lifestyle.
- Health plans help you save tax
How can you ignore the tax benefit provided by a health insurance plan? Under Section 80D of the Income Tax Act, premiums paid for a health insurance plan qualify for tax exemption. Here are the maximum exemptions you can avail through a health insurance plan:
|Premiums paid for yourself and your family||Up to Rs.25,000||Total exemption available = Rs.25,000|
|Premiums paid for yourself, your family and dependent parents||Up to Rs.25,000 for premiums paid for self and family and up to Rs.25,000 for premiums paid for dependent parents||Total exemption available = Rs.25,000 + Rs.25,000 = Rs.50,000|
|Premiums paid for yourself and your family if you are a senior citizen||Up to Rs.30,000||Total exemption available = Rs.30,000|
|Premiums paid for yourself, your family and dependent senior citizen parents||Up to Rs.25,000 for premiums paid for self and family and up to Rs.30,000 for premiums paid for dependent senior citizen parents||Total exemption available = Rs.25,000 + Rs.30,000 = Rs.55,000|
|Premiums paid for yourself and your family if you are a senior citizen and for dependent senior citizen parents||Up to Rs.30,000 for premiums paid for self (senior citizen)and family and up to Rs.30,000 for premiums paid for dependent senior citizen parents||Total exemption available = Rs.30,000 + Rs.30,000 = Rs.60,000|
Thus, you can avail a maximum exemption of Rs.60, 000. Amazing, isn’t it?
Did you know about these benefits bestowed by health insurance plans?
A health insurance plan has become a necessity in today’s age when medical costs are touching the roof and individuals have become more prone to ailments and diseases. The plan not only covers your medical bills but also provides the above-mentioned benefits. So, if you have not yet availed of a health insurance plan, it is time you do it immediately to enjoy these benefits.