We always ignore insurance companies and their insurance agents, which tells us about the benefits of insurance. So probably we never take their words seriously. And start thinking about when this boring lecture will end. But when the same things are related to your health, then you cannot ignore their words. and you should take them seriously. So we have to try to understand why health insurance is an essential thing in our lives.
Some of the benefits of health insurance are listed below.
- Peace of Mind
- Cashless Treatment
- Tax Benefits Under Section 80D of the Income Tax Act, 1961
- Financial Security Against Rising Medical Costs
- To protect your savings
How will you get peace of mind by taking health insurance?
Just think a minute. Your existence on the whole earth is in the form of the human body. Consider a human body as a politician, prominent actor, businessman, high-ranking officer, or rich man. This kind of rich person having more than ten guards to protect just their own human body. It means that only your body exists here for you and the others connected with you.
I hope everyone wants to live a long life. However, some of the big problems occur in the long journey of this life. Like any sudden illness or a sudden accident of your body. In which you spend a lot of money. And there is no possibility of recovering that money you will spend on the illness or accident. In this situation, if you are covered with good health insurance then, you do not need to think about the expenses of hospitals, doctors, and physicians. Because at that point, your health insurance will cover all your medical costs.
So you will not have to worry about money in such a serious situation. Having health insurance can give you peace of mind in such a critical situation.
Take health insurance for cashless medical treatment.
Whenever we fall ill, we all sure go to the hospital at some point in time. And as soon as you reach the hospital, the hospital charges you millions of rupees for every facility like medicines, doctor’s fees, bed charges, etc. Due to which your accumulated capital starts getting exhausted fast. And because of this you and your family get into big trouble regarding money.
If you have perfect health insurance, whose small instalment you pay every month in the same situation. Then that health insurance plan can act as strong financial support during medical emergencies. Sometimes significant Diseases like cancer, heart attack, corona can badly affect your financial condition. But small health insurance can save you from all these troubles.
Tax Benefits Under Section 80D of the Income Tax Act, 1961
Health insurance and tax benefits under section 80D of the Income Tax Act
Health insurance is an efficient tax saver. Why? That is because it provides substantial tax exemption to the person taking the insurance on the premium paid for health insurance under Section 80D of the Income Tax Act, 1961, to protect himself and his family members.
Under section 80D of the Income Tax Act, any person can avail of a tax deduction. If he has paid a premium for:
Parents (not required to be hanging)
types of deductions
On health insurance premiums paid for parents
preventive health checkup expenses
Medical Expenses of Very Senior Citizens
Note that HUF or Hindu undivided families are also eligible to claim deduction under this section. Premium payment made by any member in Hindu Undivided Family can be used for a tax deduction, subject to the upper limit as per the Act.
Financial Security Against Rising Medical Costs:
Today where new infections are spreading across the country and the world. And the prices of medicines are increasing day by day. In this era, going to the hospital of anyone in your family puts a new burden on your pocket. So health insurance is very beneficial to protect you from rising medical expenses every day.
Health insurance keeps you and your family worry-free. Because you only have a small premium to pay every month. And some health insurance policies also offer cashless treatment options with network hospitals. Whereas in other cases, reimbursement is given by some insurance companies.
To protect your savings.
The expenditure of money on a severe illness can increase a lot more than you think. And it’s important to understand that medical expenses aren’t just limited to hospitals. The cost of doctor’s consultation fee, diagnostic test, ambulance fee, cost of operation theatre, medicines, room rent, etc., is also increasing continuously. In such a situation, health insurance is an excellent option to spend less money on illness.
At the end
Today health insurance is not a luxury but a necessity for every one of us. You can read the above-given points carefully to understand their importance, which shows the importance of health insurance plans in India. From now on, it becomes easy for you to understand the importance of investing in a suitable health insurance plan early in life.