In a society where diseases are prevalent, accidents are common and medical expenditure is always on a rise, not everyone is equipped to manage the stress, financial or otherwise. It is becoming increasingly important to prepare yourself and your family for the potential costs that lay ahead. The best way to go about it is to get health insurance.
A comprehensive health insurance policy will not just cover you and your family against hospital expenses but will also cover many other costs that can burn your pockets. Here are four ways in which health insurance plans save you money
Savings on Medical Expense
Although the medical world has made great progress with respect to detection, prevention and treatment of various life-threatening diseases, the causes or carriers of many of these diseases have advanced too. To add to that, our sedentary lifestyle, eating habits, stress, drinking and smoking habits have led to newer threats such as diabetes, hypertension and other cardiovascular diseases. Having an individual or family health insurance can cover the cost for a monthly premium as low as 292/month, offering cover to your entire family.
Top-ups for Extra Benefits
Your basic health insurance plan might only be able to cover you up to a limit. With increasing healthcare costs, it is possible that your medical bills surpass your assured sum. To avoid a situation like this, it is wiser to take a top-up your health insurance before you exhaust your existing cover. Top-ups are cheaper than a whole new medical insurance policy but offer most of the benefits that your basic policy provides.
Pre & Post Hospitalisation Costs
Medical expenses don’t just start and end at the hospital. There are a lot of expenditures before and after. These include tests, medication, ambulance charges and more. A comprehensive health insurance plan covers you for these expenditures that you may incur 60 days before and 90 days after hospitalisation.
Like other insurance policies, health insurance too lets you claim a deduction of up to Rs. 25,000 as per Section 80 D of the Indian Income Tax Act. You can claim an additional deduction of Rs. 50,000 in case you purchase a health insurance policy for your parents aged 60 years and above.