When the year 2020 started, like most people you would have never considered spending the majority of the year at home under lockdown. The pandemic resulting due to coronavirus(COVID-19) again shows the importance of having a health cover.
If you still do not have a health insurance plan, here are three reasons why you should not further delay your purchase decision:
1. Financial security
Technical development in medical science has increased life expectancy. However, medical inflation has been in double digits, which has resulted in skyrocketing healthcare costs. Moreover, lifestyle-diseases like hypertension, diabetes, and high cholesterol have risen due to stress and unhealthy habits.
An unforeseen medical emergency requiring hospitalization may leave you in a financially distressing situation. If you do not have comprehensive health insurance coverage, you may face a severe liquidity crisis and erode all your savings. You may have to borrow in case of prolonged treatment (as necessary with chronic conditions), which further causes financial distress.
A health insurance plan provides monetary stability if you are diagnosed with an unexpected ailment. Moreover, it allows you to focus on seeking treatment at a good hospital without worrying about the expenses.
2. Tax savings
The premium paid to avail of health coverage is eligible for tax deductions under section 80D of the Income Tax (IT) Act, 1961. The total benefits available under this section are as below:
· If you and your parents are below the age of 60: INR 50,000
· If you are aged below 60 but your parents are over 60: INR 75,000
· If you and your parents are aged over 60: INR 1 lakh
3. Multiple types of policies
Insurers offer different types of health policies to suit your various requirements. You may choose between individual plans or family floater policies. Additionally, you may include riders, such as critical illness, room rent, and hospital cash, among others. Insurers also offer medical insurance for senior citizens based on their health conditions. You may get insurance coverage for pre-existing diseases as per the terms and conditions.
Insurance companies also offer flexibility in premium payment modes, which ensures you do not have any financial difficulties. The claim procedures are also simple and quick with cashless treatments within network hospitals. The wide range of policies ensures you find one that best suits your requirements. Nonetheless, it is recommended you compare health insurance policies offered by various insurers to make the right choice.
In the face of the current pandemic, health insurers now offer specific coronavirus plans. Before you opt for this, it is advisable to check if your current mediclaim policy covers COVID-19. The special coronavirus health plans cover hospitalization and other related expenses if you test positive for this infection.
