Health Insurance In India: A True Saviour
A recent survey conducted by the Indian Council for Research on International Economic
Relations has revealed that the gradual boom in the corporate world followed by higher salaries is actually only one side of the coin. The other side of the coin is darker, showing the bitter truth about growth in workplace stress and diseases which is dogging every second of an individual's life. In India, the most common diseases include heart disease, stroke and diabetes, have wiped out over $9 billion of this country's economy since 2005 and are estimated to wipe out more than 100 billion over the next decade. Health insurance in India has therefore come as a huge saviour to Indians in their time of need.Anybody at any age can be faced with any type of emergency situation like an accident, a natural disaster or a communicable disease. Such kind of situations can abruptly alter one's life and cause a huge financial burden due to medication, hospitalization, bed fees and much more. Pollution and indiscipline shown towards eating habits have had an effect on the health of youngsters too. Diseases such as cataract and diabetes which were earlier found only in older people are now being observed in people in their 30s.
A health allowance is a kind of agreement wherein an insurer gives an assurance to provide reimbursement to the insured during his/her hospitalization or any other health related expenses. The following are some of the reasons that justify why one should go for a health insurance policy:
Uncertainties in health conditions: Health is unpredictable and can knock on our doors at any time and leading to a huge financial burden. In such cases, health allowance comes to our rescue.
High-end medical expenses: Today it is quite difficult for a common man to face adverse conditions when it comes to hospitalization. Everything related to the medical field has become very expensive so it is better that one has a financial backup at the time of need.
Tax benefit: Under the Income Tax Policy, an individual is offered a tax benefit and can save on the tax payable if he/she holds a health policy. This is done to encourage investments in Mediclaim.
Mediclaim in India is mainly of two types: Individual and the family type. An individual plan enables the person to choose an amount to be reimbursed whenever he/she requires. This chosen amount will offer coverage to that person until the expiry of the policy. The family plan insures a person's entire family under a single plan. However, there is no discount available in the family plan.
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