Health Insurance – Healthcare is most expensive, plan a Health Insurance Today

It is rightly said that health is wealth. Changing lifestyle habits, increase in pollution levels, and many other factors have a severe impact on an individual’s health. This may cause various health conditions and medical diseases. 

Health Insurance – Healthcare Is Most Expensive, Plan A Health Insurance Today

Medical costs associated with the treatment of such diseases are increasing rapidly. In order to safeguard your finances against high medical bills, it is necessary to invest in health insurance plans. Such plans cover all hospitalization expenses, as well as pre-hospitalization and post-hospitalization charges.

Following are five major advantages of purchasing a health insurance plan:

1. Coverage against medical expenses

The main purpose of medical insurance is to receive the best medical care without any strain on your finances. Health insurance plans offer protection against high medical costs. It covers hospitalization expenses, day care procedures, domiciliary expenses, and ambulance charges, besides many others. You may, therefore, focus on your speedy recovery instead of worrying about such high costs.

2. Coverage against critical illnesses

Insurance providers nowadays offer critical illness insurance, either as a standalone plan or as a rider. Such an insurance policy provides coverage against life-threatening diseases such as kidney failure, bone marrow transplant, stroke, and loss of limbs, among others. Upon diagnosis of any of the critical illness from the predetermined list of your policy, you are entitled to receive a lump sum amount. This amount may be used to meet your illness-related treatment costs, daily expenses, and any other financial obligations.

3. Cashless claim benefit

Many insurance providers offer cashless claim facility. In such an arrangement, you do not have to make any out-of-pocket payments. The hospitalization expenses are settled between your insurer and the hospital. To avail of this benefit, it is imperative to get admitted at any of the insurer’s network hospitals. You may fill out a pre-authorization form and display your health insurance card to enjoy the cashless facility.

4. Additional protection over and above your employer cover

Many organizations cover their employees with a group insurance plan. However, such policies are not tailor-made according to the needs of every individual. Besides, you may be left uninsured in case of loss of job or change in employment. In order to protect yourself against such an event, purchase a health cover individually.

5. Tax benefits

Health care plans provide tax benefits. Premiums paid towards your health care policy are eligible for tax deductions under Section 80D of the Income Tax Act, 1961. If you are under 60 years of age, you may claim up to INR 25,000 tax benefits on health insurance premiums for yourself, your spouse, and dependent children, and an additional tax benefit of INR 25,000 for parents. If either of your parents is a senior citizen, you may claim up to INR 30,000 tax benefit.

Keep these advantages in mind and choose from numerous medical insurance plans available in the market. Based on your personal needs and requirements, select the best plan and do not miss out on the opportunity to enjoy all these benefits.

Here are the list of Health Insurance Providers

HDFC ERGO Health Insurance Company Limited​​
Manipal Cigna
Bajaj Allianz General Insurance Co Ltd
Aditya Birla Health Insurance
Future Generali India Insurance Company Ltd
Star Health and Allied insurance Co Ltd
The New India Assurance Co Ltd
IFFCO TOKIO General Insurance Co Ltd
National Insurance Co Ltd
United India Insurance Co Ltd
Reliance General Insurance Co Ltd
The Oriental Insurance Co. Ltd
Tata AIG General Insurance Co. Ltd.​​
Royal Sundaram Alliance Insurance Co Ltd
HDFC ERGO General Insurance Co Ltd
Cholamandalam MS General Insurance Co Ltd
Universal Sompo General Insurance Co Ltd
SBI General Insurance Company Ltd
MAX Bupa Health Insurance Company Ltd
Bharti AXA General Insurance Co Ltd
Religare Health Insurance Co Ltd
ICICI Lombard
Liberty General Insurance
Raheja QBE General Insurance Co Ltd
ECGC Limited
Shriram General Insurance Company
Agriculture Insurance Co. of India Ltd.
Magma HDI General Insurance Company Limited

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