Health Insurance
What is Health Insurance?
Health insurance is an insurance policy wherein the insurance company covers medical expenses for an individual in exchange for a premium.
Health Insurance Companies cover the insured with the facility of cashless hospitalization at a network of partner hospitals or provide a reimbursement for the expenses incurred due to hospitalization or domiciliary treatment.
Why do you need Health Insurance?
Coverage Against Rising Medical Expenses
As we all know, medical expenses are increasing day by day. Thus, everyone needs to have a health insurance policy in order to avoid the financial strain in case of any mishaps with your health. These plans provide protection against high medical costs like hospitalization expenses, day care procedures, domiciliary expenses and ambulance charges etc.
Coverage Against Critical Illness
Insurance providers nowadays offer critical illness cover to policy holder after a waiting period of minimum 24 months, it varies from company to company. Some pre specified illnesses like Cancer, Kidney failure, COMA, major burns, blindness, open heart replacement etc are covered.
Additional protection over and above your employer cover
Many organization provide health insurance to employees but these policies are not tailor made and you might be left uninsured in case of job loss. In order to be secure you must have a separate health insurance plan.
Why do you need Health Insurance?
Cashless Claim Benefit
Under this benefit the insured person does not need to make any payment to the hospital. All expenses related to hospitalization will be settled between the insurer and the hospital.
Provides Protection to your investments
Health insurance policy will help in reducing the possibility that you break your investments for treatment. It will help in reducing financial strain on you and your family.
Tax Benefits
Premium paid towards health insurance is also tax deductible U/S 80 D. This is up to a limit of Rs 25,000 for a person under the age of 60 year and Rs 30,000 for senior citizens.
Conclusions
Medical expenses are increasing day by day. In case of any mishap with your health leading to hospitalization, this will put considerable financial strain on you and your family. Health insurance provides safety to you and to your family against these increasing expenses.
It is very difficult for any person to arrange the required amount of cash instantly for treatment. Insurance companies provide cash-less claim benefit for treatment.
No Claim Bonus, Free health checkups and tax deductions are other benefits that health insurance provides.
Importantly, Health Insurance provides safety to the financial investments that you have done for your future.
We at SMFS would like to help you find the best health insurance plan for you and your family.Please feel free to contact us to know more about health insurance.