‘Health is Wealth’ is a well-known adage. However, in terms of insurance, ‘covering your health can even save your wealth’. But as is with most people, you may think you don’t need insurance since you are in the pink of your health. However, a health insurance policy does not mean covering just diseases. Health insurance provides a backup against medical emergencies as well. Therefore, having health insurance is crucial for all.
Here is why having medical insurance plays a vital role in your life:
Protection against medical inflation
You may have kept aside some funds, to address medical uncertainties, when they arise. However, due to inflation, the saved amount may not be enough to cover the fees. With the right kind of health insurance from Reliance Health Insurance, you can cover almost all of your medical expenses. You also have the option to cover your entire family with a floater health insurance policy. Thus, adequate health coverage can be your aid in creating sustainable financial goals.
Can cover pre-existing ailments
In addition to addressing health risks, a health insurance policy can also cover pre-existing diseases. However, pre-existing diseases can have a substantial waiting period. A waiting period is a pre-determined time for claims against pre-existing illnesses. This can range from 24-36 months. After the pre-determined waiting period is through, you can make claims against these ailments. So it’s important to get insured at an early age so that by the time you would need it, the health plan can cover it all.
Saving you from financial hassles
Medical emergency, like an accident, can shake your health and wealth. With health insurance, you can financially cover these emergencies. You can also receive other benefits such as coverage for day-care surgeries and ambulance expenses. Plus, health insurance also provides cashless hospitalisations at network hospitals. Reliance Health Insurance has empanelled 5000+ network hospitals for cashless claim. Therefore, a health insurance plan like More can provide cover for diseases and can also financially support you to meet expenses related to medical emergencies.
The premium you pay for health insurance is eligible for tax deductions under Section 80D of the Income Tax Act. You can claim this benefit for premiums paid for you and your family. Under this Act, you can claim deductions up to ₹25,000/- until the age of 60. Furthermore, you can get another ₹50,000/- deduction, if you buy insurance for your parents. Also, you can claim a deduction towards the payment of the annual premium on your policy.
Can cover both, pre and post-hospitalisation benefits
A health insurance policy is not just about in-patient medical expenses. It also covers your pre and post hospitalisation expenses. Pre-hospitalisation expenses can be claimed for 90 days before treatment and the post hospitalisation expenses can be claimed for 180 days post treatment.
Everyone needs health insurance, irrespective of his or her age, location, and gender. It is a good idea to buy a health plan online with 10% discount on premium that caters to your needs from Reliance Health Insurance website.