subject: Pros of Health Insurance [print this page] Pros of Health Insurance
Health insurance in India has become indispensable for every individual keeping in mind the rising medical cost. Medical emergency can strike anyone, anytime leaving you devastated emotionally as well as financially. Though one cannot provide coverage for emotional loss, financial losses during a medical emergency can be certainly covered with a medical insurance policy. Simply put medical coverage provides financial security to individuals during the most critical time when he/she requires funds for survival.
India- today is one of the fastest developing economies and people have enough amounts at disposal and savings. However, no rational individual will be willing to shell his/her hard earned money as medical expenses. Also depending upon the generosity of your friends and relatives during such trying times might just prove to be a costly affair. Thus it is in times like these that a medical coverage provides a financial helping hand and assures complete peace of mind for the insured and his family.
Medical treatment cost has reached an all time high and is further expected to rise. During a medical emergency, life is always given priority over money and thus no half measures are taken to avail the best possible treatment to the patient. Thus in absence of a medical insurance, your hard earned money is drained in no time and many a times results in a financial crisis situation.
Tax benefits
In order to promote health insurance in India, the government has introduced impressive tax benefits under sec. 80D of the IT Act on premium paid for the policy. Though tax benefits are available with medical coverage, people should be inclined towards buying health insurance with the sole aim of risk cover.
Choosing the right medical insurance
Medical Insurance can be either purchased for an individual known as Individual health insurance policy' or the entire family known as Family Floater policy'. This is further classified into a Mediclaim policy' and Critical illness policy'. A mediclaim provides coverage to the insured when he/she is hospitalized due to sickness, disease or accident. However, a critical illness policy provides coverage to the insured only if he/she is diagnosed with a pre-defined critical illness. An insured has an option to include critical illness rider in his/her mediclaim policy to further enhance the risk cover.
Health insurance in one of the most booming sectors in India as more and more people are becoming aware of the advantages associated with it. This has invited many potential insurance providers in the market introducing health insurance policies with impressive features and benefits. Thus one should select policy with maximum benefits and which fulfills most of the requirements.
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