How to save money with a health insurance plan?
Good health is boon for everyone, and many people work towards achieving or maintaining a healthy life. However, specific individuals do not ponder on having a healthy lifestyle; they actually take it for granted and do not pay much attention to the medical expenses they might incur during medical emergencies. With soaring costs of treatments, hospitalisations and medicines, a significant part of our savings goes into managing these. Therefore, in such a situation, the role of health insurance is inevitable. If you want to know why so? Then let’s understand the benefits of health insurance.
Benefits of Health Insurance policy
Many people consider health insurance as an add-on expenditure. But health insurance helps in saving your hard-earned money. Here is how you can do it.
- Save on Medical costs: In the past ten years, the medical expenses have been witnessed a substantial increase and still rising day by day. In fact, the essential hospitalisation cost has been increased above 10 percent, which implies that the medical expense will be on the higher side in the near future. And this increase can deplete all your savings. If in case you do not have any investment plan in place to manage your medical expenses, then your entire savings can go into the cost of medical treatments. Here come the benefits of health insurance plan. With health insurance, you can help in securing your savings from being going into medical costs. Apart from covering hospitalisation expenses, health insurance also covers domiciliary expenses, daycare procedures, and ambulance charges, besides many others. And you can just focus on your speedy recovery rather than worrying about the costs.
- Helps in retirement planning: Retirement planning is one of the primary benefits of health insurance. Health insurance is renewable until you are alive, which means it will be there with you even when you retire. As you grow old, the risks associated with your health increase and your income decreases. Therefore, health insurance can help you meet all your medical expenses while ensuring your savings are untouched and you get proper treatment. With this lifelong renewability feature, you can plan your retirement and save expenses for an illness or medical emergencies.
- Cashless claim benefit: The cashless benefit of health insurance saves your money from going into medical expenses as the hospitalisation charges get directly settled between the insurer and hospital. However, to avail this benefit, you need to be admitted in the insurer’s network hospital.
- Save on your taxes: Another benefit of health insurance is tax benefit and monetary benefits for medical treatments. If you are looking for an investment plan for tax deductions, then you can opt for health insurance. The premium that you pay for yourself and dependent family member is eligible for tax deductions under Section 80D of the Income Tax Act, 1961.
Describing Health Insurance
Health insurance protects your savings from draining into medical expenses. It saves your hospitalisation costs and other medical expenses. It is necessary to understand that health insurance is an ideal investment plan and not an expenditure, which helps you save more in the long run. However, you must carefully choose a health insurance plan, considering your health condition, affordability, and financial requirements in mind. In case you want to gather more knowledge about the benefits of health insurance and look for the right health insurance plan for yourself, you can visit BimaKaro.in.