When the year 2020 started, like most people you would have never considered spending the majority of the year at home under lockdown. The pandemic resulting due to coronavirus(COVID-19) again shows the importance of having a health cover.
If you still do not have a health insurance plan, here are three reasons why you should not further delay your
purchase decision:
1.
Financial security
Technical development in medical science has increased
life expectancy. However, medical inflation has been in double digits, which
has resulted in skyrocketing healthcare costs. Moreover, lifestyle-diseases
like hypertension, diabetes, and high
cholesterol have risen due to stress and unhealthy habits.
An unforeseen medical emergency requiring
hospitalization may leave you in a financially distressing situation. If you do not have comprehensive health insurance
coverage, you may face a severe liquidity crisis and erode all
your savings. You may have to borrow in case of prolonged treatment (as
necessary with chronic conditions), which further causes financial distress.
A health insurance plan provides monetary stability
if you are diagnosed with an unexpected ailment.
Moreover, it allows you to focus on seeking treatment at a good hospital
without worrying about the expenses.
2.
Tax savings
The premium paid to avail of health coverage is eligible for tax deductions under section 80D of the Income Tax (IT) Act, 1961. The total benefits
available under this section are as below:
·
If you and your parents are below the
age of 60: INR 50,000
·
If you are aged below 60 but your parents are
over 60: INR 75,000
·
If you and your parents are aged over 60: INR 1 lakh
3.
Multiple types of policies
Insurers offer different types of health policies to
suit your various requirements. You may choose between individual plans or
family floater policies. Additionally, you may include riders, such as critical
illness, room
rent, and hospital cash, among others. Insurers also offer
medical insurance for senior
citizens based on their health conditions. You may get insurance coverage for pre-existing diseases as per the terms and
conditions.
Insurance companies also offer flexibility in premium
payment modes, which ensures you do not have any financial difficulties. The
claim procedures are also simple and quick with cashless treatments within
network hospitals. The wide range of policies ensures you find one that best
suits your requirements. Nonetheless, it is recommended you compare health
insurance policies offered by various insurers to make the right choice.
In the face of the current pandemic,
health insurers now offer specific coronavirus plans. Before
you opt for this, it is advisable to check if your current mediclaim policy
covers COVID-19. The special coronavirus health plans
cover hospitalization and other related expenses if you test
positive for this infection.
