How Does a Perfect Health Insurance Plan Rescue You from Soaring Medical Expenses

April 25, 2023

Covid-19 has made everyone comprehend the seriousness of having a Health Insurance plan. It is not always possible to anticipate medical expenses and it can cause financial turmoil that can drain your savings. With a rise in lifestyle diseases and medical costs, access to reliable medical facilities and hospitalization costs can be financially grueling. Consequently, getting a health insurance plan for yourself and your family can help you build a safety net. Besides the apparent benefit of having the financial stability to take care of your loved ones, a health insurance plan plays a quintessential role when it comes to thrashing medical treatment inflation. Keep reading further to grasp the benefits of a perfectly devised medical insurance plan.

To beat lifestyle diseases

It is no longer a doubt that lifestyle diseases are continuing to affect people, especially people under the age of 45. Conditions like diabetes, obesity, respiratory problems, and heart disease, all of which are dominant among the older generation, are now pervasive in the younger generation as well. Some factors that cause these conditions are a sedentary lifestyle, stress, pollution, unhealthy eating habits such as binge eating, gadget addiction, and recalcitrant life  

Preventive measures can enable you to combat and manage these diseases but an unfortunate incident is enough to make you struggle financially. Investing in a health plan that covers common medical tests can assist in detecting these illnesses at an initial stage and make it relatively comfortable to manage medical expenses, leaving you to focus on recovery.  

To surpass medical inflation

With the advancement in medical technology, the cost for treatment also increases. And it is imperative to comprehend that medical expenses are not restricted to only hospitals. You also need to spend money on doctor's consultation, diagnosis tests, ambulance charges, operation theater costs, and more. All of these are enough to snatch away your peace of mind. By paying a somewhat affordable health insurance premium each year, it is possible to deal with medical inflation while getting quality treatment. You can focus on getting better instead of worrying about how much the treatment will cost you. A well-crafted medical insurance policy can help you feel better both physically and financially.

Sufficient insurance cover

There are many people who already have health insurance but they don’t know whether it's enough for them? Do not forget to review what it protects you against and how much coverage it delivers. Usually, chances are it will only offer basic coverage. If your current policy does not deliver cover against possible dangers - such as diseases or illnesses that run in the family - it will not be enough during a crisis. As it is no longer a doubt that medical treatments are advancing extensively so having a higher sum assured can guarantee your every medical need is managed financially. If you cannot afford a higher coverage plan, begin with low and slowly increase the cover. After all, slow and steady wins the race.

Cashless hospitalization:  

Majority insurance providers include tie-ups with several hospitals across the country, and if you obtain medical care at any of those hospitals, your treatment will be cashless.

Tax Benefits:

In today's unpredictable times, health insurance is a crucial investment. It can be your asset as it equips you and your family with financial security to tackle a medical emergency. Be it an emergency or a scheduled hospitalization, a health insurance policy guarantees complete coverage by allowing you to pay for medical expenses cited in the policy.

In addition to defending you from increasing medical costs, a policyholder can also reap tax benefits on the premiums paid towards your health insurance under Section 80D of the Income Tax Act, subject to terms and conditions. According to the Income Tax Act, 1961, you will be eligible to avail tax deductions* for the premium you pay for your health insurance plan under Section 80D.

Unquestionably, health insurance tax benefits are excellent for your financial planning. Health insurance plans, including family floater plans that cover your spouse, children, and dependent parents, make you qualified to acquire tax benefits.

The sooner you get, the better it will be:

If you are dubious about the right age to buy a health insurance plan, you would be surprised to know there's no right age to buy one. But, if an individual buys a health insurance policy at an early age, he will have to pay less for the policy. Premiums for a health policy increase with one's age; that's because the health risk also increases.

As you age, you are more susceptible to struggle with health problems, that’s why getting health insurance at a young age can be quite helpful.

When it comes to one of the best health insurance tips, make sure to compare. Comparison can steer you to the best deal.

What are the documents requested by an insurer to offer health insurance?

  • Age proof
  • Pan Card
  • Identity proof
  • Address proof
  • Passport size photograph

Health problems, accidents, and other medical issues do not just affect your physical health but also brutally vandalize your mental and financial health. When the only breadwinner gets unwell, it can get even more strenuous for the family. An excellent health insurance policy can help you navigate through the tricky waters while saving you from draining your finances. These days, a potential seeker can compare deals online and purchase the plan that best fulfills your requirements. An excellent health insurance plan can prepare you to tackle eventualities so don’t wait more and buy it right away.

Besides buying a health insurance plan, it is also recommended to buy critical illness insurance too. A critical illness policy is a cover that delivers a fixed sum after you are diagnosed with a critical illness that is covered by the policy. You can either buy a critical illness policy as standalone insurance, or you can purchase it as a rider while buying your standard health insurance. 

It is a practical addition to the basic health cover. While you can use your regular individual or family health insurance to manage your hospitalization bills, the lump sum amount that you get from the critical illness cover can be used to take care of other necessary expenses that are linked with your critical illness.

Find your suitable insurance plan

Speak to our advisor

Full Name
Email id
Mobile No

Top Insurance Companies