Adversities come without knocking; the biggest example of this is the coronavirus pandemic. Therefore, irrespective of your current health status, it is important to stay covered under a medical insurance plan to keep your health and finances safe. Once you catch hold of any critical disease, you might have to spend all your savings on your treatment. Especially if you are the sole breadwinner of your family, it is important to buy one of the best medical insurance plans with comprehensive coverage for yourself. Otherwise, such an event might put you and your family in a very challenging situation.
There are several benefits of investing in a medical insurance policy, apart from just health coverage.
Benefits of Investing in a Medical Insurance Policy
Check here about the lucrative benefits of a medical insurance plan:
1. To Protect Yourself and Your Family
While buying a health insurance plan, you can either have individual or family floater medical insurance. Under the family health insurance plan, you can get all your family members covered, which usually includes your spouse, children and parents. With rising uncertainties, it is important to keep all your loved ones covered, as they are equally vulnerable to contract any disease.
2. To Cope With Medical Inflation
Due to a surge in the number of diseases and improving medical technology, the healthcare treatment cost is rising. Apart from just the treatment cost, there are many expenses such as hospitalization expenses, ambulance charges, day-care expenses, etc., that you might have to incur if you are diagnosed with an acute disease.
However, if you are covered under medical insurance with adequate coverage, most of your expenses are covered, and you need not worry about the funds for your treatment and other related miscellaneous expenses.
3. Tax Benefits
Under Section 80D of the Income Tax Act, 1961, you can avail of a tax deduction on the premium paid for the medical insurance. The amount of deduction varies according to the type of insurance chosen and the age of the policyholder(s). Therefore, investing in health insurance leverages dual benefits, i.e. health coverage and tax benefits.
4. Cashless Claim Service
If you are diagnosed with any disease that is one of the listed diseases of the insurance provider, you can avail of a cashless claim. Under this, you need not pay anything out of your pocket, and the insurance provider will directly settle the bill with the network hospital.
While applying for the insurance policy, the provider will assist you with a list of network hospitals, and to avail of a cashless claim, you just need to get your treatment done from any of their network hospitals.
5. To Safeguard Your Savings
You save money to accomplish your short-term or long-term goals. But what if a medical emergency arises and you are not covered under any insurance? You will be left with no other option apart from spending your savings, and, despite doing that, you might not be able to meet the treatment cost and your regular expenses. However, while covered under medical insurance, if you are diagnosed with an acute disease, you need not strain your finances or savings.
6. To Fight Against Critical Illnesses
If you have signed up for comprehensive medical insurance, you need not worry even if you suffer from kidney failure, heart attack, stroke, etc. The insurance provider will offer compensation for expenses incurred for the treatment and other hospitalization expenses. A few medical insurance policies even cover organ donor expenses, as, under organ transplant, a donor is also involved.
Prioritize Investing in Medical insurance
It is important to keep yourself and your family covered under medical insurance irrespective of their age. If you cannot invest a considerable amount currently, you can begin investing in basic medical insurance and broaden the coverage in the later years.
It is advisable to choose trustworthy insurance providers as they provide unparalleled services and benefits to their clients. Their executives assist you in choosing the best medical insurance while keeping in mind your requirements and financial capacity.