Health Insurance

Most of us may require medical treatment at some point in life. Hence, it is essential to have a good health insurance plan that caters to rising medical expenses. It is vital to have a comprehensive health insurance cover to meet these expenses and avail of quality healthcare facilities.

A health insurance plan covers your medical expenses and offers tax benefits so that you can save up to ₹ 75,000 under Section 80D of the Income Tax Act 1961. Hence, it plays an important role in planning your finances. In addition, you can also claim tax benefits on preventive health check-ups annually under Section 80D of the Income Tax Act. Therefore, you can claim up to ₹ 5,000 every budgetary year as expenses incurred for preventive health check-ups. So, if you are young, hale, and hearty, you should now buy a health insurance plan to get lower premiums.

Secondly, if you do not make claims post purchasing a health insurance cover, you get a cumulative bonus, which gives you a hike in the sum insured without charging an extra premium as a reward for staying fit.

Thirdly, every health policy comes in with a waiting period, so if you buy health insurance while you are young, your waiting period gets over during the initial years. Later, if you have any disease, your policy covers you seamlessly. Lastly, looking at the pandemic situation, it isn’t wrong to say that anyone at any point in time may need hospitalisation if not due to ailment may be due to an accidental injury; hence it’s crucial to stay prepared.