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.

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