You must go through these Vital Health Insurance Tips

Vital health insurance tips

When someone asks “Is health insurance necessary?” – the answer would be a simple “Yes”. With the current situation and high rising medical costs, health insurance has become one of the priorities for today’s generation. What kind of insurance and how much to spend will depend on an individual considering the family size, medical history, and income? It is advisable that you have at least a small amount of your income spared for health insurance.

The benefits of getting covered are many. You have your hospitalization and medical benefits covered by 80% – 100% of your expenses in case of any kind of health issue. For emergencies, you have cashless policies where you need not bother to run around to arrange funds. You can attend to your or your loved one’s health without any stress. This will definitely help in a speedy recovery. A general health policy will cover most of the surgical and hospital expenses for any of the diseases. There are a number of players offering you health benefits with various monthly, quarterly, or yearly plans. A good health policy has saved many from the additional stress and led to better recovery.

“But I am young and healthy. Why do I spend on health insurance?”

Start planning today – there is no minimum or maximum age to buy health insurance. In fact, young will be the correct time to invest in a good health policy. You will have an advantage of higher benefits at a lower premium rate. Developed countries invest in the public health sector however since the same is not up to the mark in our country, it is advisable you yourself make these small investments which will cover a majority of your medical expenses god forbids if something goes wrong.

Today’s lifestyle and the stress level at work are affecting many alike with life-threatening diseases. Check if your parents already have existing health insurance for you or your family. If yes, check if it can be upgraded at a minimum cost.  Go for family medical insurance plans which can cover all of you. It can be used multiple times in a year for the total of sum assured.

How do I choose the right Health Insurance Plan?

“There are so many kinds of insurance I don’t understand what to buy!!”. Do not worry. Connect with friends or colleagues who already have some kind of insurance. Weigh your options and decide considering your and your family requirements. You can connect with the support provided by experts on the internet and they can guide you. The last generation invested a lot in life policies where the families of the insured benefited in case of untimely deaths. However today with advanced medical facilities and higher life expectancy, it has become imperative to get yourself insured. This will help you and your family take advantage of the improved medical facilities without any worries.

“I already have a medical policy”.

Yes, but have you checked the benefits and restrictions of a medical policy? It will be limited up to a certain amount, will need hospitalization for at least 1 night, and limited to listed diseases. Whereas health insurance will have daycare benefits, ambulance charges, pre and post medical checks depending on the kind of health insurance you opt for and the policy terms.
None of us had imagined a pandemic situation like the current COVID 19 in our lives let alone getting exposed to the most vulnerable disease of the century.

Yes, you are taking precautions, you have a great immunity, you are going out only for groceries and necessities however the spread of this virus is such a mystery that you can be affected by someone else’s negligence. Imagine all those affected had health insurance, the said industry would have been loaded with claims and reimbursements. Although a health policy does not have any returns it does not mean it’s a bad investment. It is crucial for oneself to prepare for the worst possible situation.

Good health facilities in our country are expensive. The doctor’s fees are rising by the day. A medical emergency will not only have hospital expenses but there are a lot of pre and post hospitalization expenses and tests which are not too pocket friendly. Young or old everyone is exposed to health risks in today’s world. You can get your family covered with as low as INR 150 per month.

Use popular websites and applications for the best-suited policy. The policy charges will differ considering your age, pre-existing illness, and your place of stay. Say premium will be higher for a senior citizen compared to a young adult with no pre-existing illnesses. It will be lower for a 2 tier city as compared to a metro city.

“My office provides me with health insurance”.

Many corporate organizations today cover their employees with a group mediclaim. However, the amount will be limited and may not cover all your expenses. Also, these kinds of policies are not considering your personal health requirements. It may or may not include your spouse or family. In case of change in organization or loss of a job, you may not have any kind of health insurance as these policies are discontinued once you quit. Better have your own personal policy to help you during such unforeseen situations.

“Do I get any tax benefits?” Yes, the health insurance premium is eligible for tax benefits up to INR 25000 per year for an individual, spouse, and dependent children under section 80D of the income tax act. If you or your spouse is a senior citizen (60 yrs and above) the deductions can go upto INR 50000. There are additional benefits for guardian parents health insurance premium paid by children upto INR 25000 per year which goes upto INR 30000 if the parents are senior citizens.

“Is health insurance different from life insurance?”

Yes. Life insurance is an amount you pay monthly / half-yearly / yearly for certain years or a one-time premium. The returns/sum assured is received after a stipulated time by the insurer or to the nominee after the death of the insured whichever is earlier. Health insurance is just like your vehicle insurance which will have to be renewed yearly and can be paid in easy EMI as per the terms of the policy. It will cover the medical, surgical, and hospital expenses within the year or validity. It will lapse once the policy expires. However, the monetary benefits you receive are much higher than the premium paid.

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The government has made insurance for vehicles mandatory. Guess you will have to make health insurance mandatory for yourself. The awareness of a health policy is limited to a certain segment of society. Next time when someone talks about health insurance, lend him/her an ear. Hear out the benefits and think thoroughly. Most of the government health policies are restricted to poor people, labor class, individual state health policies, or the Central or State government employees. Any other individual will have to be self-dependent for his health cover. Prepare yourself for a carefree tomorrow. This does not mean you give up on your lifestyle or fitness. Stay fit. Stay healthy.

Health is life
Getting yourself and your family health insurance is to have security for the mounting cost of medical expenses when you have an emergency. The cost of this security is reasonable for the benefits you receive when needed. Do your research before buying health insurance so that you do not feel it a burden or waste.  Health insurance will help you preserve all your other savings for a better and happy cause. Buy a house, get yourself a new car, go for a family vacation, and let all your medical emergency expenses be taken care of by your health insurance.

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