A health insurance cover isn’t just a financial tool or a yearly deduction. It is something that should be held beloved as a friend in times of need.
No one plans on getting injured or falling sick. These things just hit you out of nowhere and, when they do, health insurance is just the right thing that you can avail of to relieve yourself from the financial burdens. Hospitals across the country are improving on healthcare. Technical and medical advancements can now solve many critical diseases. But, all these come at a cost. During such unavoidable and unpredictable situations, health insurance cover works as a financial umbrella.
There is no doubt that you hate it when premiums are paid from your salary annually and think about all those holidays you could have taken instead. But, there are many more reasons to love your health cover than hate it. Let’s look at a few of them.
Complimentary Health Checkups
Most insurance companies mandate pre-policy medical checkups, or a regular check up done prior to an insurance policy’s sanction. Along with this, there are many other complimentary health checkups designated for you when you plan on investing in health insurance. When it comes to routine tests, most people make excuses but, the earlier a disease is diagnosed, the higher are the chances for a successful treatment.These complimentary checkups can be a part of your regular insurance cover.
Reduced Financial Burden
You can complain about health insurance premiums if you have made no claims in a few years. However, have you tried doing the reverse math on this equation? Take, for instance, you don’t put aside Rs.20,000 – 30,000 annually for health insurance, you don’t have any financial protection. What happens to you and your family if tragedy strikes and you would not be able to continue earning for your living? Now, there is no financial plan you can fall back on, and if you are the sole breadwinner in your family, the situation will surely get worse.
In such cases, we cannot anticipate nor put off the idea of nothing happening to us at any time or place, therefore, with a timely planning in health insurance, your financial woes with respect to healthcare will be sorted. Your family can opt for cashless hospitalisation, or as per policy guidelines. Even if you had to break the bank, you would be reimbursed. So, on the whole, it saves you from being burdened with medical expenses.
Tax Benefits
As per Section 80D, premiums paid towards insurance are exempt from tax deduction.
- It offers tax benefits of up to Rs. 25,000 on premiums paid. This applies for the preventive health checkup. It can be for individual taxpayers, their spouses and children.
- Rs. 20,000 tax benefits are applicable on premiums for parents of the taxpayer (preventive checkups only).
- Rs. 25,000 for contribution to the central government health scheme.
- Rs. 30,000 for expenditure on health of taxpayer, their spouse, children or parents and so on.
Fights Rising Cost of Healthcare
Each year, your insurance company provides you with good advice on renewing your policy for a higher coverage. It basically secures you against rising cost of healthcare. For a small increase in premium, you are overcoming inflation and rising medical costs. Also, you get many benefits alongside like perks and bonuses. There is a No Claim Bonus for every claim-free year you have and, there are also loyalty bonus benefits involved. In some cases, the insurance company provides you with an extra sum insured, giving you a higher coverage for the same premium as a benefit.
If you carefully evaluate these factors, you would realise the first four letters of the word health are HEAL! And that’s why you should love and value your health and your health insurance as well.