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Protecting the “Never Know” Situation
Medical insurance plays a pivotal role in safeguarding individuals and families against the financial burden associated with healthcare expenses. In an era where medical costs are escalating, having a robust insurance plan is crucial for ensuring access to quality healthcare without jeopardizing one’s financial well-being. This article aims to provide a comprehensive guide to help readers navigate the complex landscape of medical insurance.
Individual Health Insurance:-
You can purchase an individual health insurance policy to provide cover for yourself, your spouse, your children and your parents.
Family Floater Health Insurance:-
A family floater plan allows you to cover your family members under a single policy and everybody shares the sum insured amount.
Senior Citizens Health Insurance:-
These health plans have been designed specifically keeping the medical needs and requirements of senior citizens in mind.
Critical Illness Insurance:-
There are a number of lifestyle-related diseases that are on the rise. Health issues such as cancer, stroke, kidney failure and cardiac diseases can be very expensive to deal with and manage long-term.
Group Health Insurance:-
Unlike individual and family floater policies, group health insurance plans can be purchased by a group manager for a large number of individuals.
Helps Deal with Rising Medical Costs:-
People purchase health insurance policies to safeguard their finances against ever-rising medical costs. An accident or medical emergency could end up costing you more than a few thousand rupees.
Critical Illness Cover:-
Many health insurance policies will also offer cover for critical illnesses at an additional cost. You will be provided with a lump sum payout in case you are diagnosed with any of the covered critical illnesses.
Easy Cashless Claims:-
Every health insurance provider will tie-up with a number of network hospitals where you can enjoy cashless claims. This makes the entire process of receiving emergency medical care much easier. At a network hospital, you aren’t really required to pay for any of the covered treatments.
Added Protection:-
If you enjoy cover under a group health insurance plan, you may wonder why you should purchase your own health insurance policy. Well, individual health insurance plans offer provider more and better cover than group plans.
Tax Savings:-
Under Section 80D of the Income Tax Act, 1961, premiums paid towards the upkeep of health insurance policies are eligible for tax deductions. For a policy for yourself, your spouse, your children and parents below the age of 60, you can claim a deduction of up to INR 25,000 per year from your taxable income. If you’ve also purchased a policy for a parent who is over the age of 60, you can claim an additional deduction of INR 50,000
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