Amidst the ups and downs of life, investing in your health should be at the top of your priority. Besides, the ongoing medical inflation has made health insurance the need of the hour. It not only provides you with financial assistance but also assures your financial security during medical emergencies.
Apart from that, investing in health insurance plans can also help you save a substantial amount of your earnings. If you are wondering how, keep reading further to discover more about the same.
What is Health Insurance?
Health insurance refers to a type of insurance policy that provides you with financial coverage to let you afford quality medical treatment and other expenses related to medication. Such policies work within a policy period against monthly premium amounts that are based on the coverage you have applied for.
Apart from receiving coverage for medical expenses, you can also get several related benefits like annual health checkups, online consultations with doctors and many other additional services.
Health insurance policies come in several types to suit the varied health preferences of people. You can opt for the right health insurance plan for you once you successfully evaluate your healthcare requirements and budget. Click here to learn more about health insurance policies in detail.
How Can Health Insurance Help You Save Money in the Long Run?
There are various ways through which you can save a considerable amount of money through a suitable health insurance plan. Some of these have been listed below:
● Opt for a Health Insurance Plan Early
When you apply for a health insurance plan at a young age, you are eligible to get special discounts. Along with that, your young age as a policyholder can also let you save a lot on the premiums you pay every month.
● Purchase a Family Floater Plan
Opting for a family floater plan is always better than having individual health insurance plans for every member of the family. Having a family floater health care policy can cover the expenses of all your dependents under a single premium amount.
● Claim Your 80D Deduction on Income Tax
As a policyholder, you are eligible to claim up to Rs. 1.5 Lakh of your total taxable income under Section 80D of the Income Tax Act. Thus you must not miss out on claiming this deduction while you fill your income tax returns.
● Earn Bonus for Claim-Free Years
Whenever you do not claim your health insurance coverage in a year, you are allowed to earn points on it. By accumulating such points you become eligible to enjoy a bonus, letting you save more funds than usual, as per the terms and conditions.
● Select Your Health Insurance Plan Wisely
Choosing your health insurance plan wisely is the most crucial thing to save funds. Thus try to apply for healthcare plans for a longer period, which eventually lowers your monthly premium amounts.
● Lead a Healthy Lifestyle
Keeping in mind the fact that health is your real wealth, leading a healthy lifestyle is the best way you can reduce your medical expenses. When you stay fit and cautious, you can enjoy more claim-free years, earning points and bonuses.
How Can Health Insurance Become Your Financial Security?
With the wide range of coverage health insurances provide, it enables you to save a lot of hard-earned money, letting you afford quality treatment on time. Go through the following points to learn about the same:
● Pre and Post Hospitalisation
You can get financial assistance to cover the medical expenses you need to bear for pre and post-hospital medication.
● Critical Illness
Chronic health issues like heart attack, cancer etc, that require huge investment are also covered under a health insurance plan.
● Ambulance Charges
You are also allowed to claim ambulance charges in case you need one to reach a hospital or get transported to another one.
● Maternal Care
You can have all the medical expenses related to pregnancy and childbirth covered under a suitable health insurance plan.
● Daycare Treatments
Health insurance can also help you claim the expenses for daycare medical treatments that refer to medication for less than 24 hours in the hospital.
● Domiciliary Hospitalisation
There are situations where the insured member is unable to stay in a hospital and requires treatment at home. Your health insurance plan covers all the expenses you would require to afford such treatments at home.
The Bottom Line
To conclude, you do not have to worry about the increasing medical inflation in the country when you have a health insurance plan. Investing in your health is an investment that can never go wrong. Thus, health insurance not only provides you with a sense of financial security but also enables you to increase your savings in the long run. So make sure to research and opt for a suitable health insurance plan for you at the earliest.
