Usually, the first thought that comes to mind when entering a hospital is how much lighter your wallet will be when you leave. In a high-tech world, medicine is at the forefront, and technology comes with a cost. It's not uncommon for routine check-up bills to run into the thousands of dollars. And lengthy hospital stays inevitably cost hundreds of thousands of dollars. Having reliable comprehensive health insurance can save you a day and your wallet, at least if you're in the hospital for treatment.
What is health insurance?
If you choose health insurance, your medical costs will be covered by your insurance company, and you will instead have to pay an annual fee called a "premium". This can also be paid in monthly installments. Depending on which policy you choose and who provides it, health insurance protects your wallet by covering medical bills, hospital bills, ambulance bills, test bills, and other related costs. . Some policies also cover lost earnings compensation.
Why should I have health insurance?
Outlining the need for expanded health insurance coverage in India, a WHO report found that 68% of India's healthcare costs are out-of-pocket (OOP), which is staggering. Also, only 18% of urban and 14% of rural India have health insurance. Getting health insurance at a young age is a wise decision as premiums are much lower. Please note that many policies do not cover pre-existing illnesses or illnesses that occur within 30 days of obtaining the policy, except for accidents.
If you don't have health insurance yet, or are thinking about getting one, here is a list of reasons to make you aware of the importance of health insurance.
Cashless support:
All major health insurance companies have many popular hospitals within their networks, so-called network hospitals. When seeking treatment at one of these hospitals, all you have to do is present your health insurance card (or just your insurance number), and after filling out a few forms if necessary, you are all set. However, if you decide to go to an out-of-network hospital, you will have to pay for treatment and later apply for a refund. Cashless treatment is therefore one of the biggest benefits of health insurance. Because few people can arrange a large amount of money in a short period of time for medical purposes.
Free Health Checkup & Ancillary Services:
Many insurance companies offer free health checks to their customers every year (although some offer a free test only if you haven't filed a claim in a few years). You are also eligible for a No Claim Bonus (NCB). This means that, with the exception of outpatients, if you do not make a claim during the policy period, the policy amount will increase by a certain amount. In addition, ambulance costs, pre-hospital and post-hospital costs are some of the other benefits offered by insurance companies.
Tax benefits:
Section 80D of the Income Tax Act allows tax incentives to be claimed for health insurance contributions. If under 60 years of age, she will receive INR 50,000 in total if her parents are under 60 years of age (Self-employed, spouse and dependent children will receive INR 25,000 from her, parents will receive from her INR 25,000) ) can be claimed. Parents over 60 years of age (self-employed, spouse and dependent children Rs 25,000 for her, parents Rs 50,000 for her). If both the individual and the parents are above her 60 years of age, a deduction of Rs 1,00,000 may be claimed for her in total.