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Why Health Insurance Is Important

By Finserv MARKETS - Jan 29,2019
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Why is Health Insurance Necessary?

Medical emergencies do not come with a warning sign but, when they arise, they not only impact your health and wellness but also significantly impact your financial situation. There is no escaping from such emergencies. The best you can do is take the necessary precautions and measures to protect yourself and your family better.

As it is popularly said that, you must exercise regularly and eat healthy to ensure your good health, it is advisable that you buy a health insurance policy to protect the well-being of your wallets!

In India, where healthcare costs are increasing quite rapidly every year, a health insurance policy becomes an effective equalizer for anybody experiencing the pinch. Without a policy, you would have to suffer silently or settle for poor healthcare options that do more harm than good.

What are some of the benefits that you can enjoy with a health insurance policy? Let’s take a look.

  • It helps you seek treatment at hospitals without payment

Health insurers have tie-ups with hospitals where they have a direct bill settlement facility or arrangement. If you choose a hospital that has a tie-up with your health insurer, you will not have to pay a single rupee towards any treatment which your insurer has approved. Just show your cashless card to the hospital billing desk and your insurer will take care of the rest. At Finserv MARKETS, we offer health insurance policies that have a wide network of 6,000+ enlisted hospitals.

  • However, it doesn’t start or end at the hospital

Did you know health insurance plans cover costs incurred pre and post hospitalization? You must have incurred medical expenses before hospitalization such as medical tests etc. The same goes for routine doctor check-ups and medicines once discharged. You can ask your insurer to reimburse you the cost for all these pre and post hospitalization bills, provided that they have occurred within a certain timeline, which is 60 days for most insurance companies.

  • You can add more protection

Sometimes, your base health policy isn’t exhaustive enough to cover medical expenses. During such moments, health insurance add-on covers can come to your rescue. For example, if a doctor diagnoses you with a critical illness and the add-on covers it, the insurer will pay you an immediate pre-decided lump-sum amount regardless of the medical expense. Such options are available at an additional cost and are more cost-effective than buying a separate policy.

  • You get to save on tax money as well

Many people buy health insurance online because it is easy and they do so in the first three months of the year, which is also known as the tax season. Why? Because you can claim deductions on the premium you pay towards your and your family’s health policy under Section 80D of the Income Tax Act, 1961.

Individuals can claim a deduction up to Rs. 25, 000 for the health insurance premium they pay for themselves, spouse, and children; provided every member of the family is below the age of 60. If the premium paid by an individual is towards a health policy for his parent who is a senior citizen above 60 years, then a tax deduction is capped at Rs. 30,000. A taxpayer can, therefore, maximize tax benefit through deduction under section 80D to a total of Rs. 55,000 if his age is below 60, while his parents’ age is above 60.

In case you have not bought a health insurance policy then it is highly recommended that you buy one right away. The old saying ‘prevention is better than cure’ is what this policy does best.

For more details on health insurance, you can also read about the PMJAY scheme initiated by the Indian Government.

Read our top blogs to know more about health insurance in India:

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522