Why finance pundits suggest opting for a health insurance policy!

It is safe to say we live in an unpredictable and pretty much unsafe world, anything can go wrong! Hence it is always better to have a financial protection if you have to face an emergency medical expense. You might have ignored the advertisements or suggestions by loved one to buy a health insurance policy for yourself. There are many insurance companies in India that offer you various Medical insurance products that act as a financial aid at the time of medical emergencies.

Hands-down, the Health Insurance policies are the best finance instrument that covers medical and surgical expenses! And whether you already bought a life insurance policy or not, it is always ideal to have Medicaid support, just in case if you need it! Even most develop countries advise their citizens to have Medicare protection so they wouldn’t have a hard time paying medical bills. While there are many reasons to opt for a medical insurance, following pointers would be sufficient to define its importance.

Medicaid at prompt speed:

Knowing the intention of an individual to buy a health insurance policy, most insurance providers settle Medicaid as prompt as they could. Most insurance companies offer two modes of medical claim settlements either via cashless or reimbursement method. The cashless method will settle medical bills within 24hrs of admission in a hospital, upon submitting health card and an ID proof. And if in case of emergency, if you are admitted to a hospital unfamiliar to the insurance provider, then the claim will be settled through reimbursement method. In such case, you have to submit required documents and request reimbursement within 7days of discharge from the hospital.

Aid for Critical illness:

It is a good feature that a health insurance not only covers emergency medical expenses but it is Medicaid against some of the critical illnesses too. Medical ailments like

·         Cancer in early stage

·         Kidney failure

·         Bypass surgery in case of Coronary artery diseases.

·         Major Organ transplant

·         Paralytic cerebral stroke

·         Loss of limb in an accident and so on

Although it depends upon the insurance provider opt for, as the list of illness covered might differ. It would be better to refer the prospectus of such policy provider carefully. We all know the cost of medical attention for such illnesses can be expensive or unbearable in some cases. Although we can’t predict which illness could possibly occur, you can be prepared for it.

And yes, it offers Tax Benefit also:

You will be at a win-win situation of buy a health insurance policy, as it offers tax benefits under Section 80D in Income Tax Act, 1961. Most insurance providers offer rebate amount of ₹25,000 approximately if you are below the age of 60 and it could increase up to a certain amount if you are a senior citizen. Some insurance companies offer a deduction of ₹55,000 approx., if your parents are senior citizens and dependent on you. Still, it would be advisable consult with the insurance executive before applying for a Medicare policy.

There are many insurance companies in the market that also provide comprehensive health insurance policies at affordable rates. And now you can also apply for a Medicare policy online, making it convenient for you!