The COVID-19 pandemic taught us that a health insurance policy is a crucial part of every financial plan. Every good health insurance plan offers financial protection in medical emergencies and provides tax breaks when you opt for preventive check-ups to stay in good health. Let’s look at five reasons why you should get a health insurance plan today.
5 Reasons to Buy Health Insurance Today
In 2017, the Centre for Science and Environment conducted a study that attributed 61% of all deaths in the country to lifestyle diseases. As more people get desk jobs and work from home, our lives have become sedentary. We sit for over eight hours a day, which causes weight gain and a plethora of other health issues such as diabetes and heart attacks. Additionally, rising pollution could lead to higher cases of cancer than ever before. We are living in a world where you may end up facing a severe medical issue in your 30s or 40s. Given this, getting a good health insurance policy has become crucial. Your medical insurance plan will help pay for your treatment. It will also encourage you to stay fit and healthy, by offering tax deductions on preventive health check-ups.
Rising Medical Costs
In December 2019, health inflation was pegged at 3.8%. By June 2021, it rose to 7.7%. Health insurance plans can help you deal with ever-increasing medical costs. If you buy medical insurance when you’re young and healthy, you can get a high sum insured amount for an affordable premium. Over time, if you do not make any claims in a year, you benefit from the No-Claim Bonus (NCB). After every claim-free year, you can increase your sum insured without impacting your Mediclaim premium. With an increased sum insured, you do not have to worry so much about rising medical costs.
Pre and Post-Hospitalisation Benefits
When people think about getting hospitalised, they worry about the medical expenses during their stay. What they do not realise is that tests and other health issues leading up to the hospitalisation may also increase their bill. Your health insurance policy will help take care of pre-hospitalisation costs in the 30 days prior to the hospitalisation. Once you are discharged, the cover will continue for another 60 days, ensuring that the finances for your recovery are taken care of as well.
Domiciliary Hospitalisation Benefits
Most health insurance plans today offer domiciliary hospitalisation benefits, which means that you can get coverage even for home-based treatments. With domiciliary cover, you do not have to worry about the unavailability of hospital beds or moving to a hospital after a severe injury. Your Mediclaim policy will help cover the costs of treatments you receive at home. Check your health insurance policy terms to find out if there are any limitations on claims for home treatments.
Income Tax Benefits
When you buy a medical insurance policy, you have to pay a premium. You can claim deductions from your taxable income against the premiums you pay under Section 80D of the Income Tax Act. For policies that cover you, your spouse and your dependent children, you can enjoy a deduction of up to INR 25,000 from your taxable income. If you pay the premium for your parents who are senior citizens, you can claim an additional deduction of INR 50,000 per year.
When you choose to buy health insurance, you must do your research. Always check the inclusions and exclusions before you make a decision. If you’re looking for a particular coverage, such as domiciliary hospitalisation benefits or critical illness cover, ensure your chosen insurance provider offers what you require. At Edelweiss General Insurance, we believe in taking care of you at all costs. We have multiple medical insurance plans that offer various levels of coverage at costs that fit your wallet. Our coverage extends to domiciliary treatments and critical illness benefits. If you’re looking for one of the best health insurance in India, check the Edelweiss General Insurance website today.