Reasons Why You Need To Invest In a Health Insurance Plan

Updated on November 18, 2020

With changing era, people are adapting to more sedentary lifestyles. This is resulting in increased health issues in people. And to treat these medical concerns, people end up shedding a substantial amount of money from their pockets. However, having a comprehensive medical insurance makes it easier for people to get quality treatment without spending all their hard-earned money. There are many benefits to investing in a good health insurance policy.

  • Cashless Coverage 

One of the main benefits of a health insurance policy is the cashless coverage you will receive. There are different types of health insurance plans that work to cater to the unique medical needs of the family. Whether you are taking it for yourself, your family, senior citizens, you will certainly get the coverage that you need. 

  • Customization 

When you choose the right medical insurance policy, you will enjoy customization that caters to your needs. Even if you have an individual health insurance policy, the company will allow you to add your spouse later with a little extra premium. 

  • Tons of Rider Options 

Riders are the additional coverage you get on top of the main policy. Depending on your requirements, you can add riders without at a lower cost. But the rider amount remains 30% less than your base coverage. Here are some of the common health insurance riders: 

  • Critical Illness Rider 

Critical illness insurance riders cover more terminal medical issues such as organ transplants, heart attack, kidney failure, specified cancers, among other conditions. After you have been diagnosed with the disease, the company will pay you a lump-sum coverage amount that you can use for the treatment or manage other expenses. 

  • Maternity Cover 

It covers expenses related to childbirth. Some insurance companies also offer to cover new-born babies until the next renewal  of the policy. 

  • Room Rent Waiver 

This rider allows you to choose a room without a sub-limit or higher sub-limit. A lot of insurers cap the room rent and offer semi-private or standard rooms in their plans. But this waiver allows you to rent the room of your choice without paying extra money for admission. 

  • Hospital Cash 

When hospitalized, you have to bear multiple medical expenses. The insurance company offers the hospital daily cash once during the period of the company. These can be used for a specific time period in the way mentioned in the policy. 

  • Tax Benefit

The health insurance policy offers tax benefits that make it an effective investment. According to Section 80D of the Income Tax Act, insurance holders can get a tax deduction of up to Rs. 25,000. Moreover, if you have purchased a senior citizen health insurance policy, you can claim a tax deduction of up to Rs. 50,000. 

Final Thoughts 

With the above benefits, the need and prominence of taking a health insurance policy become imperative. When taking medical insurance coverage, make sure that you take care of all the important factors. Assess your needs, evaluate the coverage provided by different companies, and read through all the documents carefully before signing the contract. 

The Editorial Team at Healthcare Business Today is made up of skilled healthcare writers and experts, led by our managing editor, Daniel Casciato, who has over 25 years of experience in healthcare writing. Since 1998, we have produced compelling and informative content for numerous publications, establishing ourselves as a trusted resource for health and wellness information. We offer readers access to fresh health, medicine, science, and technology developments and the latest in patient news, emphasizing how these developments affect our lives.