6 Good Reasons To Have Health Insurance
Health insurance is a contract between an insurance company and an individual or group in which the insurer agrees to pay the covered medical expenses of the insured person.
The main types of health insurance are private, employer-sponsored group, government-sponsored health insurance (such as Medicare and Medicaid), and medical expense reimbursement plans. Within each type, there is for-profit and nonprofit insurance.
But the question is, why should anyone care about a health insurance policy?
- To Safeguard Your Family’s Health
You pay a monthly premium, and if any of your family members get sick or need medical attention, the insurance will cover a certain percentage of the expenses.
So, you’re paying for peace of mind. And that’s important because no one knows when an accident or an illness might strike.
With family health insurance in place, every family member is automatically covered. This way, you don’t have to worry about each person in your family buying an individual policy, which can be expensive.
However, it’s always good to gather enough information on the insurance plans available. For instance, for Medicare or Medicaid, hover online for expert advice on the premiums and terms.
According to the MediGap Insurance team, making good comparisons of the options is fundamental. This helps you identify the plan which suits your insurance needs well. It’s also good to know about the requirements of the insurance provider.
- You Get Tax Benefits
In India, the premium amount you pay towards your health insurance policy is exempt from taxes under Section 80D of the Income Tax Act.
Apart from the premium, if you make any payments towards preventive health check-ups, those expenses are exempt from taxes up to Rs 5,000 in a financial year. This means that you can save on taxes by investing in a good health insurance policy.
- Covers Pre and Post-Hospitalization Charges
Your health insurance policy will also cover your expenses before and after a treatment or procedure. These are called pre and post-hospitalization charges, respectively.
For example, if you need to undergo surgery, your policy will cover the cost of consultations with the doctor, tests, and other such charges incurred before the surgery.
Similarly, your policy will also cover those expenses if you need to undergo post-operative care or take medication after being discharged from the hospital.
Thus, a health insurance policy gives you complete coverage and protects you from incurring out-of-pocket expenses.
- Covers Expenses for Day Care Procedures
Nowadays, there are a lot of medical procedures that do not require hospitalization. These are called daycare procedures. Daycare procedures include cataract surgery, chemotherapy, dialysis, and radiation therapy.
Since these procedures do not require hospitalization, they are not covered by most health insurance policies.
However, some policies do cover daycare procedures. So, if this is important to you, then you should check whether your policy covers it or not.
- To Deal With Medical Inflation
This is a real thing, and it is only increasing with each passing year. This means that the cost of medical treatment will only increase in the future.
Thus, it is vital to have a health insurance policy to be prepared for any unforeseen medical expenses. With a health insurance policy in place, you don’t have to worry about how you will pay for your medical treatment if you ever need it.
Besides, you can get better quality health care services with health insurance. This is because insurance companies have tie-ups with the best hospitals and doctors in town. So, if you’re insured, you can be sure that you’ll get only the best treatment.
In addition, most insurers offer a wide range of health care services, such as preventive care, dental care, and mental health care. So, you can be sure that you and your family will be well-taken care of.
- A Health Insurance Policy Is Like an Investment
A health insurance policy is not just a piece of paper that you buy and forget about. It is an investment that can help you in times of need. So, it is crucial to choose a policy that suits your needs and budget.
There are many different types of health insurance policies available in the market. You can choose a policy based on your requirements.
For example, if you are a senior citizen, you can buy a policy covering all the medical expenses typically associated with old age.
Similarly, you can buy a family floater health insurance policy if you have a family. This type of policy covers the entire family under one single sum assured. It protects your savings as a good investment would.
A health insurance policy is a must-have for everyone. It provides financial protection in need and ensures that you get the best possible medical treatment.
So, if you don’t have a health insurance policy yet, then it’s time to get one.