There is always a chance that we will fall ill without warning and have to pay for expensive treatments. There is little chance that someone close to us could need long-term care due to a chronic ailment. Thankfully, you have the choice to avail the best health insurance in India.
Health insurance ensures that any long-term medical treatment does not put a family in financial peril. You can enroll in a comprehensive health insurance plan by paying a nominal fee to the insurer. With the best health insurance in India, your savings will be protected from the unexpected shocks of medical procedures, so you and your loved ones can continue to enjoy life. The best health insurance policy serves as a protective shield for both funds and healthcare. But why do you need health insurance? Let’s find out.
Why Do You Need Health Insurance?
There are 3 major reasons why you need health insurance, especially the best health insurance in India:
1.Lack of Saving for Health Emergency: When a loved one is given a terrifying diagnosis, people find it difficult to manage their finances. It is expensive to receive care at a premium hospital.In India, around 44% of the population lacks health insurance. In these circumstances, people borrow money, sell assets, or take out savings loans to pay for medical procedures. But they often forget to invest in health insurance plans. It is always prudent to invest in the best health insurance in India that will assist you in simultaneously securing your income and health.
2.Inflation in Healthcare Costs:Health insurance is required due to the rapid increase in medical costs. The medical trend rate is also known as the rise in cost per person brought on by medical inflation. This rate is anticipated to increase by twice the rate of inflation in India. In India, a 10% medical trend rate is anticipated, compared to a 5% inflation rate. Most insurers continue to state that the two most common claims are still cancer and circulatory system illnesses, which are then followed by gastrointestinal disorders and respiratory problems. You can successfully tackle crucial illnesses like cancer and heart issues with a fixed benefit health insurance policy.
3.Hospital Costs includeSeveral Elements: Hospitalization involves more than just surgery. The costs associated with medical exams, doctor visits, and medications may exceed the actual costs associated with being hospitalized. Separately, there are expensive diagnostic testing and post-operative care options like having a nurse at home.
All these factors can compel you to plan your finances well and obtain one of the best health insurance in India.
Benefits of Purchasing the Best Health Insurance Plan
1.Money Readily Paid for Medical Bills – When an illness is diagnosed, fixed benefit health insurance plans pay the whole sum. It provides total coverage for before- and after-hospitalization costs. There are no set time limitation or duration either. The insurer will pay the policyholder the money without further inquiry if the policyholder is found to have a condition that is covered by the policy.
2.Treatment at Best Facility – You may receive medical care anywhere in India and the world with the best health insurance plan in India. You do not need to compromise on therapy if you have enough health coverage. When diagnosed, you receive a lump-sum payment from a fixed benefit health insurance plan, which eliminates the inconvenience of being admitted to a network hospital for cashless treatment. You can choose to receive treatment wherever you like using the money from your health insurance claim.
3.High Cover at Low Cost – Plans with fixed benefits for health insurance offer substantial coverage for a relatively cheap payment. This helps you save money and gives you peace of mind, even if you are diagnosed with a serious illness. The premium is entirely waived in the event of a modest claim or upon the diagnosis of permanent disability resulting from an accident.
4.Fixed Premium Cost –Plans for health insurance provide set benefits at a set cost. In such unique plans, the premium amount is fixed for the term of the policy. This means that the increasing cost of health insurance won’t have a significant impact on your household budget. Some plans even provide you and your spouse a discount on the first year’s cost if you are both covered.
5.Tax Benefits – Plans with fixed benefits for health insurance have tax advantages. If you pay the premium, you can deduct the cost of your health insurance premiums from your taxable income up to a maximum of INR 25,000. If you are less than 60 years old, you may be eligible for this amount of benefit under Section 80D of the Income Tax Act. The most that can be deducted is INR 50,000 if you and your family members are all over 60. The premiums you pay for your parents’ insurance will also be eligible for the same benefit.
After knowing the above-mentioned reasons for why you need health insurance and the benefits they entail, you must take a step towards getting the best health insurance in India.