There is an increasing number of patients suffering from health ailments daily. Despite being fit and active, you cannot diagnose health issues before they arrive. Your body starts degrading, and your bones become weak as you grow older. Your immunity decreases, increasing the risk of chronic ailments.
Medical care costs are rising with time. Of course, prevention is better. But health ailments come without warning. Hence, it is best to remain prepared with Health Insurance. It compensates for the medical and surgical expenses of the insured up to a particular limit.
Types
Several Health Insurance Plans are available in India, including hospitalisation, Critical Illness, and Family Floater Plans. Under hospitalisation, the insurance company covers only the hospitalisation costs. You bear the remaining expenses.
The Critical Illness policy covers a set of fixed illnesses specified in the documents. You receive a lump sum amount from the company for their treatment upon diagnosis of the disease.
The Family Floater Plan covers you and your family under a single policy. You receive a fixed insured amount for everybody under this Medical Insurance.
Importance
Due to hectic lifestyles and daily stress, health is an asset that people want to protect. In reality, healthcare is a sector that undergoes steady inflation. Instead of paying hefty bills for treatment and hospitalisation, you pay the Health Insurance Policy provider a small premium to get the insured amount.
Eligibility
For adults, the eligibility to buy Health Insurance in India is between 18 and 65 years. However, children enjoy the benefits from 90 days old till 18 years. Note that the premium amount significantly increases as you grow older. So, buy the policy at the earliest for maximum coverage.
Tax benefits
While buying Health Insurance Plans in India, you receive tax benefits under Section 80C of the Income Tax Act. You receive a tax deduction of Rs. 25,000 while paying a premium for yourself and the family. If your parents are below 60 years, they receive a deduction of up to Rs. 25,000 on the premium. You get a deduction of Rs. 50,000 if your parents are aged.
Hindu Undivided Families (HUF) get a tax deduction of Rs. 25,000 on their plans, where one of the members of the HUF pays the premium. If you pay for a preventive health checkup, you are eligible for a tax deduction of Rs. 5,000, part of the overall limit of Rs. 25,000.
How to buy it?
This plan is essential for all age groups. Since the medical costs are high, you need to buy insurance to protect your savings and fulfil other priorities. Visit any General Insurance provider in your locality to enquire about the inclusions, benefits, and costs.
With the help of technology, conduct all activities conveniently from anywhere. For example, online Health Insurance makes comparing and checking policies simple. Visit the insurance company website and refer to the policy documents for information. Choose an affordable option covering most of your requirements after a thorough assessment.
Conclusion
Health is wealth. Keep your bodies healthy and curb the burden on your wallets with insurance. It helps pay for immediate treatment while fulfilling your aspirations.
