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Unexpected medical events can occur anytime in life. No one can ignore the fact that each one of us needs medical care at some point in life. Sudden accidents can become a terrible tale with a whopping hospital bill, and it is impossible to meet such cost on our own. Having a health insurance policy is a useful deed when it comes to pay unexpected medical expenses and secure financial protection against large medical bills. Just opposite, lack of health insurance will merely lead to a fiscal burden on the uninsured person or family. It can be frustrating, even aggravating, to deal with hospital bills and afford better healthcare facilities.
The concept of Health Insurance Policy
Health Insurance Policy is an insurance plan that covers medical costs and enables you to afford better healthcare facilities for oneself and family. As an admiring factor, you can enjoy tax benefits while availing health insurance plan. Alongside, it offers many other significant benefits such as:
•Treatment of illness and accidents with coverage by the insurance plan.
•Protection from any unexpected and high medical cost.
•Coverage of expenses like diagnostic tests, medicines, preventive vaccines, screenings, and some check-ups.Many new features in latest health insurance policies will make payment of a sky-high hospital bill easier.
Here are some important features of the health policies available in the market at present.
1. Cashless Hospitalization Benefit
None of us wants to imagine a need for cash in time of medical emergency. What if you run to various ATMs and bank branches to arrange money when your near and dear one requires immediate medical attention? The cashless benefit of health insurance policy in such situation is like a boon. This feature relieves you from arranging money to lend loan in that tensed situation. The insurance provider will directly settle the medical bills of the hospitals and allows the admission of the patient in any of the network hospitals.
2. Health coverage worldwide
You can get a healthcare facility across borders through international health plans. Currently, many medical plans offer you the access to the finest doctors and medical facilities around the world. The right insurance plan will not only provide you worldwide emergency benefits but also medical coverage during travel with benefits like 24*7 emergency assistance, medical evacuation, and preventative services to the patients. You can choose the best international health plans that are affordable and beneficial.
3. Tax Benefits
In addition to covering the mounting hospital bills in case of a medical contingency, a health insurance policy also enables you to enjoy a maximum deduction from the taxable income. Under the current rules of Income Tax Act 1961, Section 80D, people can claim a tax deduction of up to Rs. 25 thousand a year for the health insurance premiums paid for self, spouse and children. You can reduce annual income tax liability up to Rs. 25,000 if you are making premium payments for the health insurance of your parents. Moreover, if they are 60 or above and your ages is less than 60 years, you qualify for a deduction of up to Rs 30,000 every year. No wonder, medical policies are an efficient tax saving tool for the lifetime.
4. Healthy Lifestyle Rewards
Nowadays, insurance provider companies give an offer to customers to earn bonus or rewards by completing a proper lifestyle assessment. One of the other attractive features is getting discount on the premiums or increment in the total sum assured in case of no claim for the entire year. If the customer does not file any claim for few years, the discount rate increases every year.
5. Hassle free process
With the improvisation in the digital world, the claim process of health policies has become easy and quick. Along with that, the settlement period has become smooth without any hassle and less paperwork. You will get timely reimbursement and can keep track of each transaction through insurance apps and sites. The process of policy renewal has also become easy and timesaving thanks to the digital option. Customers can pay the policy premiums and get the renewal within few minutes.Owing to these beneficial features, investing in a health insurance policy would be a smart decision. Make sure you are aware of all the plans available in the market, compare them on various factors and single out the feasible one. Your health is essential and the same goes for the health of your dear ones. If insurance can cover the medical exigencies in case of any health problem, it is perhaps the most significant relief you could ask. So don’t wait, act today and buy a health insurance policy at the earnest.
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