Ways to Secure your Savings by Investing in Health Insurance

We all have been listening to the popular saying ‘health is wealth’ from our childhood. In this day and age, living a healthy life and staying fit has become an important aspect of everyone's life. Regardless of age, gender, and occupation, every individual is focused on improving their personal health and maintain a healthy lifestyle. While every person should be health-conscious, it is equally important to protect oneself with a health insurance plan against any type of medical emergencies. Thus, purchasing a health insurance policy is a must for every individual.

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      The health insurance policy secures an individual against any type of financial loss that may arise due to any medical emergencies. Apart from providing coverage against the growing costs of medical treatment, there are numerous other benefits offered by the health insurance policy. To cater to the requirements of the insurance buyers, there are different types of health insurance plans offered by the insurance companies. Further in this article, we have listed some reasons as to how a health insurance policy helps to secure your savings in times of distress.

      Provides Coverage Against the Medical Expenses

      In case of any medical emergency in the family, the last thing a person would want to worry about is the costs of medical treatment.  One of the major perks of having a health insurance policy is that it provides coverage against any unwanted medical expenses that occur during an emergency. Thus, with the right insurance plan, all the medical costs like ambulance charges, post-hospitalization cost, doctor’s fees, etc are all covered.

      To ensure that the policyholder gets adequate coverage against any type of medical emergency, many insurance providers offer riders along with the base plan to enhance the coverage of the policy. These riders are offered to cover the excluded medical conditions like personal accident insurance, maternity benefit, critical illness cover, etc. With all these costs covered by the health insurance policy, one does not need to worry about financial loss in case of any medical emergency.

      Cashless Mediclaim Facility

      In case, if an individual is undergoing treatment in a hospital, then it might get difficult for the family members to arrange immediate cash to pay the bills of the hospital. To avoid such situations many health insurance companies offer the facility of cashless Mediclaim at the network hospitals. Under this facility, the individual can receive the best treatment without worrying much about the finances. To avail of the cashless benefits at the network hospitals with the insurance company, all one needs to do is to fill the Mediclaim form.

      Tax Benefits

      Another lucrative way a health insurance policy can contribute towards the savings is by providing the benefit of tax exemption to the policyholder. If a policyholder is under 60 years of age, then he/she can claim for tax exemption up to the maximum of Rs.25,000 on the premium paid towards the policy under Section 80D of the Income Tax Act, 1961. Moreover, the policyholder can claim an additional tax deduction of Rs.25,000 for paying the premium for the parents.

      Financial Protection Against Critical Illnesses

      Almost, every health insurance companies offer coverage against critical illnesses like stroke, cancer, kidney failure, heart attack, etc.  The coverage against critical illnesses comes either inbuilt with the policy or is offered as an add-on cover to the health insurance policy. In case, the insured person is diagnosed with any of the critical illnesses as stated in the policy document, the insurance company will provide a lump-sum amount to the insured so that he/she can meet the treatment cost and can deal with other financial obligations.

      Option the right plan with an adequate amount of coverage, thereby helps an individual to prepare for the worst. Rather than waiting for the illness to happen, it is wise to be proactive and secure yourself and your loved ones beforehand. Moreover, purchasing a policy at a young age not only provides an advantage of a lower premium but also offers much comprehensive coverage and thus helps to contribute more towards the savings in the long-term.

      No-Claim Bonus

      A No-Claim Bonus is a special inducement given by the health insurance providers for every claim-free year. The benefit of No-Claim Bonus is offered to the policyholder in form of a discount on the premium if the policyholder completes a year without making any claim for the medical expenses. If an individual does not file a claim for the consecutive policy tenure, then he/she can enjoy a discount of up to 50% on the premium amount. Moreover, some of the insurance providers also offer an increase in the base insurance amount for every claim-free year. This not only works for the advantage of the policyholder but also helps them to add to their savings. 

      Protects the Long-term Savings

      A health insurance policy acts as a financial safety net and secures an individual from unwanted expenses that may arise due to any medical emergency. In case, an individual needs a lifesaving surgery or any other type of medical treatment then he/she does not need to compromise on their retirement savings or their children’s education fund. By purchasing the right health insurance policy, one can secure quality medical care for themselves and their family without burning a hole in their pocket.

      The Bottom Line!

      With the above-mentioned points, as it is clear that a health insurance policy helps to protect the savings, make sure that you purchase a health insurance plan for yourself and your family.

      Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

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      *We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881. Product information is authentic and solely based on the information received from the Insurer. Policybazaar is acting only as a facilitator and claims settlement shall be at the sole discretion of the Insurer. As per the Insurance guidelines, you are allowed to cancel the policy with-in 15 days from the date of Issuance of policy. For more details, please read the Plan Brochure carefully or talk to our advisor at the time of purchase.

      *All the health insurance plans cover hospitalization expenses including COVID-19 treatment cover up to the specified limits. You can also buy specific COVID-19 health insurance policies such as Corona Kavach Policy and Corona Rakshak policy.

      **All savings and online discounts are provided by insurers as per IRDAI approved insurance plans. #Tax Benefits are subject to changes in tax laws. GST Exemptions depend on fulfilment of qualification criteria and submission of relevant documents.

      *₹1748/month is the starting price for a 1 crore health insurance for an 18-year-old male, with no pre-existing diseases. Discount on renewal premium is subject to the number of wellness points earned in the health insurance policy. For more details about the plans, please read the sale brochure carefully to get upto 100% discount on renewal premium.

      *₹400/month is the starting price for ₹ 5 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

      *₹541/month is the starting price for ₹ 10 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

      *₹762/month is the starting price for ₹ 1 Crore Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

      *₹243/month(₹ 8/day) is the starting price for a 5 lakh health insurance for a 20-year-old male, non-smoker, living in Bengaluru with no pre-existing diseases

      *₹2020/month is the starting price for ₹ 1 Cr Health insurance for a 50 year old male & 50 years old female, living in Bangalore with no pre-existing diseases rounded off to nearest 10.

      *₹390/month (₹13 per day) is starting price for 1 cr. Health insurance for 25 years old male, with pre-existing diseases, residing from tier 1 city rounded off to the nearest 10.

      *No medical tests are required unless requested by the insurer’s underwriter. In-case of pre-existing diseases relevant medical proof would be required as per the terms and condition of the policy opted.

      *The values taken for effective cost calculation are indicative values and may change as per the selected plan.

      *Coverage upto double the amount of Sum Insured is available on certain covers for a minimum plan of Rs. 5 Lakh on the first claim only to an individual of upto 45 years of age with no pre-existing diseases. The benefit is available with or without extra cost depending on the plan chosen.

      *Coverage of pre-existing diseases is provided by insurer as per their underwriting policy.

      *The scope of coverage may vary from plan to plan.

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