What are the benefits of health insurance?

Health insurance is a type of insurance that pays for medical costs incurred during a sickness or hospital stay. Your insurer will pay the carer directly or reimburse you for any costs you incur as a result of an illness or injury. Health insurance guarantees top-notch healthcare across the nation in addition to giving much-needed financial support. There are numerous benefits to having health insurance, and if you have a family, you can choose family health insurance to cover your loved ones' medical costs.

Health insurance benefits

Financial security: The expense of healthcare has significantly increased in this nation, and in the event of an emergency, all funds can be used to pay for healthcare. Your plans could be ruined, as well as your financial budget. In the event of a medical emergency, Indians typically turn to their savings. When a medical emergency arises, having health insurance protects you from having to go bankrupt.

Income Tax Benefits: Section 80D of the Income Tax Code allows for the tax deduction of all health insurance premium payments. Additionally, a person 60 years of age or older can deduct up to INR 25,000 from her insurance premiums for herself and an extra INR 50,000 from her insurance premiums for her parents.

Pre- and post-hospitalization costs: In addition to covering your medical expenses, health insurance also covers the cost of diagnostic tests and OPD visits. For a predetermined time, it will pay for pre- and post-hospitalization charges.

Additional benefits: include ambulance coverage, coverage for a health checkup, payment for immunisation costs, coverage for child care procedures, and more when you purchase a health insurance policy.