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How Health Insurance Can Reduce your Father’s Financial Stress?

Posted On : 22 February 2021, 3 Years Ago. Health-Insurance Total Read 135

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The breadwinner of a typical Indian family is usually the father. Having the responsibility of supporting everybody financially on one’s shoulders is incredibly taxing, especially when inflation, rising education costs, and more are considered. In case of any medical uncertainties, not only can your father’s careful financial planning be completely derailed, but the strain can result in significant stress. Luckily, there exists a financial instrument to protect families from this exact outcome: health insurance. Here are the various ways in which health insurance can reduce the financial burden experienced by fathers.

Different ways in which health insurance can reduce your father’s financial burden:

1. Cashless Hospitalization

When one opts for a health insurance policy, they get the benefit of instant cashless hospitalization in case of any health emergencies. Without having to pay any cash from one’s pocket, one can avail of the best possible services, provided they are admitted into any of the network hospitals. This facility makes health insurance incredibly easy on one’s pocket.

2. Coverage Against Medical Costs

Through one’s health insurance policy, the insured and/or their family is covered across all sorts of medical costs. These medical costs include things like in-patient and out-patient hospitalization, pre and post-hospitalization medical costs, domiciliary hospitalization, and alternative treatment costs. Your father/family can receive treatment for any pre-existing, life-threatening, or critical diseases such as cancer, kidney failure, coronavirus, heart diseases, stroke, and more.

3. Tax Benefits

A key way in which health insurance can reduce the financial burden of a family’s breadwinner is through its tax benefits. According to the Income Tax Act’s Section 80D, any premiums paid towards health insurance for oneself, one’s parents, children, spouse, or grandparents, is exempt from taxation subject to certain terms and conditions. Income tax can take a huge financial toll for families each year, so it is always recommended to pack away one’s money in tools that can reduce its burden.

4. Added Benefits of Health Insurance

A slew of other benefits come with health insurance. Apart from covering one’s hospitalization needs, one can also get added benefits such as a no-claim bonus, a drop in one’s PED waiting period, a double sum insured, an international second opinion, ambulance cover, and much more. For fathers who may already be struggling with the impact of financial stress, these benefits can help them avail comprehensive health care for themselves and their family.

5. Encourage Savings

Any insurance helps secure one’s hard-earned money in places where it will serve some benefit during an emergency. The art of saving money is a crucial one. Without the worry of having to pay hefty hospitalization bills that can arise anytime due to an increase in pollution, one’s medical history, an unforeseen accident, aging, or an ill-fitting lifestyle, one can do whatever they desire with their leftover income. One of the core benefits of health insurance is that it encourages people to save more so they can use their income for other financial commitments in the future.

6. Blissful Retirement

Many chronic illnesses like hypertension, kidney disease, diabetes, cancer, and more, are covered by health insurance policies, which is one of the main benefits of health insurance. These illnesses both require long-term medication and regular medical screenings so they can be managed. The recurring costs for on-going treatment are covered by health insurance so your father can avail any of these even after they retire. Even in his twilight years, he will not have the stress of having to depend on anybody financially. This will ensure a blissful retirement life.

Conclusion:

Financial stress comes with being a breadwinner of a household. However, financial instruments like health insurance have been created to take away some of that load from you. By finding a policy carefully that covers you against illnesses that you or family members may be prone to, you are taking a step towards a more financially fit lifestyle.

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