What is a health insurance?
I assume that most of us are all familiar with life insurance but when it comes to health insurance people just hesitate to think about it. Health insurance will basically help you in your medical expenses.
If you or your loved one are hospitalized due to serious illness or lifestyle diseases such as diabetes, heart attack, high blood pressure etc, having a health insurance can be of a huge help.
Why health insurance is important?
Increasing medical costs is one of the prime reasons why we all should take a health insurance. Imagine you have saved 50 Lakh by working hard for so many years and suddenly one of your family members fall ill and hospitalized due to some serious illness. Now, you have take a dip in your hard earned savings to take care of the medical expense incurred.
Your hard earned money will vanish in seconds. Please don’t be foolish to think that nothing will happen to me because I am young. I have seen young people getting diabetes these days. We all were confident that covid will not affect young people but WHO says the other way round and we can’t predict what new diseases might pop up in future.
Be wise to protect you and your loved ones by paying a reasonable premium amount for health insurance.
Tax benefits on health insurance?
You can also save taxes under section 80D for the premium paid towards health insurance.
80D - Premium towards health insurance and the medical expense incurred for preventive health checkup by you and your family(spouse, children and parents).
80DDB - Treatment of critical illness. (max benefits 40k -80k depending on the age of the person taking treatment)
80DD - Treament of dependent with disability. (max benefits 75k and 1.25L for severe disability)
80U - Person(yourself) with disability. (max benefits 75k and 1.25L for severe disability)
If you are interested about tax saving on health insurance you can read more about it on policy bazaar.
Important points to consider while taking a health insurance
Think rationally rather than emotionally.
Ideally, you should buy a health insurance policy when you are in the pink of your health.
Avoid choosing the policy just because it has lowest price.
Sum insured must be at least 5 Lakh.
To avoid any rejections at the time of claim, fill in the document by yourself and read the document carefully about the inclusions and exclusions.
Always have a second opinion with experts.
How to choose the right health insurance?
Choosing the correct health insurance plan can be trickier and this topic needs a separate post. I am planning to write about it in detail after a thorough research. So stay tuned by subscribing to our newsletter.
Did you learn something useful?
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