Play It Safe with Medical Insurance
Health problems often occur without any warnings and have the potential to wreak havoc in one’s life. It is a proven fact that everybody needs medical attention at some point in their life. In the present times of sky-high inflation rates, health problems can prove to be a major finance disaster. This in turn leads to poor health care because of non-affordability and pushes an individual into financial distress due to high medical bills.
Buying a health insurance policy saves you from all worries of health related expenses. Having health insurance is important for several reasons. It covers essential health expenses which are critical to maintaining your health and treating illness and accidents. Certain medical insurance plans also cover preventive medical care such as vaccines, screenings, and some check-ups. It is often seen that people without health insurance tend to postpone preventive care due to the extra costs involved. But this only leads to delayed diagnosis of illnesses and costs even more in the long run.
Buying a health insurance policy is highly cost-efficient while one is young and healthy. As a person ages, the cost of the cover increases because the risks of developing health issues is substantial. The policies offered for the young and healthy individuals are comprehensive in terms of coverage as compared to the older people. By taking up a medical insurance plans ,one can also avail the tax benefits associated with it. Payments made towards health insurance premiums are eligible for tax deductions under section 80D of the Indian Income Tax Act.
A standard health insurance policy provides cover for expenses such as:-
• Medical Tests, Doctor Fees
• Cost for ambulance
• Hospital expenses including room charges, surgery charges, diagnostic tests etc.
- Post hospitalization expenses such as follow up doctor visits, diagnostic tests, medicines etc.
To determine the value of medical insurance, it is advisable to seek the help of a qualified financial advisor in order to ensure adequate financial protection. Always go through the policy documents carefully before signing, so that you are crystal clear about the coverage provided by the policy.