Medical Insurance policy play a vital role in your life

Quality medical care is a very costly expenditure in India. According to reports many people in the country tend to avoid hospitals and doctors unless it becomes an absolute necessity. The primary reason behind doing so is the cost incurred while visiting a doctor or getting admitted to a hospital. However, no one can really predict when bad health strikes. These are the times when one has to necessarily seek professional medical attention, which can absolutely squander one's savings. This need not happen and can be easily avoided by simply having a health insurance policy. There are numerous financial service providers that offer great medical insurance plans at very affordable rates. Read on to find out why these policies are vital to have in your life.

1. Cashless service at hospitals

Typically most health insurance service providers these days offer a cashless facility to their customers. This means the insurance company collaborates with a network of hospitals where all expenses incurred by the customer is paid directly by the insurer. The policyholder need not pay anything at all for the entirety of his stay or procedures in the hospitals. Not only does this save the policyholder much hassle, but it also ensures that the customers do not have to pay anything out of their own pocket for their medical needs.

2. Pre and post hospitalization expenses coverage

Hospitalization is a major expense in India, but often the expenses that are incurred before and after hospitalization is ignored. In reality, these expenses can be equally costly and make a big dent in the bank balance of an individual. Thankfully, most medical insurance policies these days offer complete coverage of both pre and post hospitalization expenses ensuring that the policyholder always gets all that is required for his/her medical needs and are never in need of money to undergo any procedure that is necessary or any medication that is required.

3. Tax Saver

Medical Insurance is among the best tax savers there is. In India, you are allowed to make a tax deduction of Rs. 25,000 per economic year towards your medical insurance premium payments. That is a lot of money to save off taxation and implemented towards your healthy being. You can find multiple Insurance Policies that will allow you to claim the entire Rs. 25,000 enabling you to not only save off tax but to also secure your health.

4. No claim bonuses

Most medical insurance plans in India offer bonuses after a year of no claims. This means part of the amount you spent on premiums over the year where you did not avail any of the claims gets added on to the next year. If you are someone who does not get sick often these bonuses can add up and be essentially vital if you find yourself suddenly in need of critical medical attention. So not only is medical insurance helpful for people who need medical care often, but even healthy individuals have a lot to gain from having the safety of a health insurance policy.

Apart from these, there are multiple other benefits of having health insurance. These policies are vital to have in everyone’s life to prevent emergency medical expenses to be a burden in their life plans.

I am Dipti Goel, Working in Digital Marketing Field from last 5 years. Expert in Finance field.