Livewell: Health Insurance & Wellness Blogs | Max Bupa
Health Insurance Benefits
14 May 2019
Benefits of health insurance
The cost involved in healthcare today is extremely high making health insurance a part and parcel of our life. Medical emergencies can approach us any time and turn our world upside down, leaving us shattered and broken. Health insurance policy is a saviour in such cases and can cover the financial loss during such an emergency to a great extent. Health insurance policies may not provide coverage for emotional loss however, are great supporters for people during medical emergencies and especially when they are dependent on funds for survival.
India currently is one of the fastest growing economies in the world and this positive situation has thereby increased the earning potentials of Indians. Though we are at a better state in life, no human being would want to shell out money excessively when it comes to medical expenses. At the same time depending on relatives or seeking help from friends during emergencies may not be a good idea. This is where a Mediclaim policy comes into picture and is a great support. This assistance insures your family thereby assuring complete peace of mind for the affected and his/her family.
Medical expenses are sky rocketing these days and during a medical emergency every individual wants to get the best treatment and does not compromise in seeking anything that is inferior. This leads to a situation where you lose all your savings and are most likely to end up in a financial crisis.
Health Insurance & Tax Benefits in India
As a measure to propagate the idea of health insurance, the Indian government has come up with great tax benefits of health insurance under the 80 D section of the Income Tax Act, on health insurance policy premiums. Though health insurance policies are great measures to saving tax, they are still perceived as only risk covers majorly.
Choosing the right health insurance
Health insurance policies are of two major types. The ones for the individual are called ‘Individual Health Insurance Policy’ and the ones for the family is called ‘Family Floater Policy’. We also have other policies like ‘Mediclaim Policy’ & ‘Critical Illness Policy’. Mediclaim policies provide cover when the patient is hospitalised due to disease, illness or accident. Critical illness policy provides coverage when the patient is diagnosed with a pre-existing critical condition. There is also an option of including critical illness rider to the existing health insurance to increase risk cover.
India is witnessing the boom in the health insurance sector these days and most of the health insurance providers are competing in the market to bring out various health insurance policies for the betterment of the people. It is thus important for us to choose our health insurance after an initial research on which policy benefits us basis our needs.