For most of us, life revolves around our loved ones, ensuring their well-being and providing the best medical care, whenever necessary. In addition, we look for unique ways to save money and live a financially secure life. Having a health insurance policy achieves these goals. It keeps us away from financial worries that often arise when an unexpected event occurs, such as illness or injury. Health coverage acts as a cushion for your hard-earned savings and is therefore one of the best investment options.
In this article, we share the reasons why a health insurance policy is a good investment option.
1. Protects you from high medical costs
Thanks to the advancements in the medical field, there is availability of high quality medical care in India. Even for serious diseases like cancer, the best medical care can be found.
Meanwhile, medical inflation has hit many families badly. In addition, the number of people with non-communicable diseases such as diabetes is increasing. In such a scenario, when a medical emergency may arise suddenly, one must prepare financially to deal with the exorbitant medical expenses. This is where health insurance policies prove to be a valuable investment, as they save you from spending a lot of money from your savings.
2. Covers various medical expenses
A medical emergency may not only involve hospital expenses, but it may also have other associated costs. Therefore, you should consider choosing a health policy that provides universal coverage. There are different types of health insurance in India. If you have a family to support, it is advisable to choose family health insurance. You will cover your family members such as spouse, dependent children and parents in one policy for a fee.
Some of the main benefits of this policy are:
Covering hospitalization expenses
Cashless medical treatment
Advantages before and after hospitalization
Daycare procedures
The option to add a new family member
Lifetime renewal
In addition to family health coverage, there are other types of plans, including sickness health plans. A suitable health insurance plan can be chosen after evaluating the individual and family's health care requirements.
3. Provides tax benefits under Section 80D
When we look for investment options, we look for options that give us the best returns and also help us save taxes. Therefore, if you have a health insurance policy, you will also receive tax benefits. One is eligible for a health insurance premium tax deduction under section 80d of the Income Tax Act. Seniors are eligible for a higher tax deduction of up to Rs 50,000.
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