A health insurance policy covers medical expenses for illnesses or injuries. A reliable health insurance plan protects you from sudden medical expenses. It reimburses your bills or pays the medical care provider directly on your behalf. A comprehensive medical insurance plan covers the cost of hospitalisation, medical procedures, medical care at home, ambulance charges, amongst others. Health insurance helps you stay covered against various diseases. Additionally, it helps you boost tax savings. Under section 80D of the Income Tax Act, 1961, you can claim tax benefits against your health insurance premium.
Health Insurance

What is Health Insurance?
What does Health Insurance cover?
- Medical Expenses
- Cost of Hospitalization
- ICU Charges
- Ambulance Cost
- Day Care Procedures
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Benefits of having Health Insurance:
- Covers pre and post hospitalisation expenses.
- Covers pre-existing diseases
- Covers you for a pre-existing disease once you have completed the waiting period in the certificate.
- Provides cashless treatment.
- At the time of hospitalisation, you don’t have to worry about arranging cash to pay your hospital bill.
- Lets you claim tax benefit.
- You can claim a tax benefit on health insurance premium under section 80D of the Income Tax Act, 1961.
- Covers ambulance expenses.
- Comprehensive health insurance also pays for your ambulance expenses during a medical emergency.
- Provides additional sum insured.
- You can enjoy additional sum insured for every claim-free year as per the policy certificate of your health plan.
- Medical advancements help in wrapping up important surgeries and treatments in less than 24 hours, and guess what.
- Cover the medical and surgical expenses of the organ donor while harvesting a major organ from the donor’s body.
Importance of 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.
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