To change lifestyle
There are plenty of reasons for a health insurance policy. The tectonic shift in our lifestyle has made us more vulnerable to a wide range of health disorders. Commuting, hectic work schedules, incorrect eating habits, food quality and increasing pollution have increased the risk of developing health problems.
Increased medical costs
Medical costs have increased dramatically lately. In the event of a medical emergency, consumers end up spending their savings, which will bear a toll on their future plans. Reports show that Indians depend primarily on their own savings when it comes to tackling health emergencies.
Benefit of income tax
Payments made in respect of health insurance premiums are also eligible for tax deductions under section 80D of the Indian Income Tax Act. Individuals up to 60 years of age can claim a deduction up to Rs. 25,000 for the health insurance premium paid for themselves or their spouse or children. You can also claim another Rs. 50,000 deductions if you buy health insurance for your parents 60 years of age and older.
This deduction is available in respect of payments to an annual premium for a senior citizen ‘s health insurance policy or preventive health check – up or medical expenditure on each senior citizen. Therefore, in general, if you pay the health insurance premium for your senior parents, you can get a total deduction up to Rs. 75,000 (Rs. 25,000 Rs. 50,000), Rs. 55,000 (Rs. 25,000 Rs. 30,000) earlier.
Pre- and post- hospitalization coverage
Not only mainstream medical costs, but also the cost of OPD (out-patient department) expenses, diagnostic tests have also increased in recent times, making it even more important for one to purchase a health insurance policy. It is worth noting that the medical policies cover not only the costs of hospitalization, but also the expenses incurred for OPD and diagnostic tests before and after a specified period of time as prescribed by the policy.
One also receives benefits such as ambulance coverage, day care surgery coverage, health inspection coverage and health insurance vaccination expenses. Currently, insurance companies also offer Ayush health insurance.
Right age for buying health insurance
There is a common dilemma among people about the right age to purchase a health insurance policy. However, there is no right age to buy one . But if you buy health insurance at an early age, you will have to pay less for the policy. The premiums for a health policy increase with one’s age, because the associated risk increases. Health plans premiums are determined by age, medical history, city of residence, etc . The insured. So, if you buy a health plan early, it will help you to save on the premiums you will pay.
Important coverage for buying health insurance
When you purchase a health insurance, you are also suggested to purchase critical health insurance. A critical disease policy is a coverage that offers you a fixed amount once you have been diagnosed with a critical disease covered by the policy. You can choose to purchase a critical health policy as a standalone insurance, or you can purchase it as a rider when you purchase your regular health insurance. Critical disease insurance is a very valuable addition to the basic health insurance if you are diagnosed with a serious disease. While you can use your regular individual or family health insurance to cover your hospitalization bills, the lump sum you receive from the critical disease cover can finance other essential expenses associated with your critical disease.
Companies like IFFCO Tokyo offer a whole range of insurance policy. Family Health Protector Policy, Individual Health Protector Policy, Health Protector Plus Policy Coverage are some of the policies they offer for health insurance.