Health insurance offers financial assistance in case of an unforeseen event. It can be hard for a person to pay for the medical expenses as they can be high. It gives the policyholder security from the rising medical costs.
Some health insurance plans are:
- Individual Health Plan
Lifestyle choices can have a significant impact on the health of people. The ones who live in cities have a busy life, and this can take a toll on the health. If you’re young and your parents are secured with a health plan, then you must buy a health cover to protect yourself from unexpected medical expenses. With the increasing healthcare costs, health insurance becomes imperative in such situation. A person must buy an individual health plan when they are young as the premiums can be low.
- Family Health Plan
One of the essential responsibilities of a person’s life is taking care of dependent family members. It is necessary to secure the financial needs of the family. However, a medical emergency can cause problems for them. If the family’s earning member falls ill, then it may be difficult to pay for the medical expenses, but health insurance can offer financial assistance in such a situation. Secure your family against high medical costs by purchasing health insurance.
- Parents & Senior Citizens Health Plan
Whether you’ve retired parents or grandparents, their health worries increase as age increases. Protecting them with a health cover is a prime responsibility of any individual, as they are financially dependent on you. They need good medical protection as their health can get fragile. To safeguard your parents, you can choose Parents Health Plan or Senior Citizen Health Cover if they are above 60 years
Below are some of the benefits of health insurance coverage are-
- Instant Claim Settlement
- No Room Rent Restriction
- Instant Policy Issuance
- Cashless Hospitalisation
There are different types of health insurance such as-
- Top-Up Health Insurance Policy
Many working professionals and employees get health insurance coverage through group health insurance. However, the cover can be low with employee insurance policy. People can buy a top-up insurance policy to increase their sum assured. The benefit of such a plan is that it has a low premium.
- Indemnity Health Insurance Policy
It is one of the most popular types of the health insurance policy. Indemnity health insurance plan offers financial assistance to the policyholder in case of unexpected medical expenses.
- Lump Sum Benefit Health Insurance Policy
The expenses caused due to a critical illness can be very high. Lump-sum benefit policy offers a big cover amount to the policyholders. While health insurance coverage provides financial assistance to the policyholders, it also gives them tax benefits. The premium paid for medical insurance can be claimed for a tax deduction. A policyholder can claim a tax deduction of up to Rs. 25,000 as per the Section 80D. If a policyholder or their spouse is a senior citizen, then the tax deduction is up to Rs. 50,000.
However, health insurance is more critical in situations such as Coronavirus pandemic. If a person needs medical treatment, then they can get financial assistance with health insurance.
