All about Health Insurance
Health Insurance is one of the insurance firms that are rejected by most of the people. It is considered as the most expensive Tax Saving Tool with no monetary gains. People consider it as incurring any additional expense with a view that they have already saved for a rainy day.
The following are some of the features that will throw light in understating whether Health Insurance is an additional form of expense.
Why this form of insurance should be given due consideration?
- Rising medical Inflation: With the rise in the prices of medicines and treatments, it is very difficult to rely on personal savings during any medical problem.
- Lifestyle Issues: Stressful environment leads to the incidence of severe medical problems.
- Bad Eating Habits: Taking meals at irregular hours and consuming fats foods.
- Irregular sleep patterns.
- Dependents: If you are inundated with the responsibility of your dependants, the Health Insurance scheme comes to your rescue.
Tax Advantage- An incentive
According to Section 80 D of the Income Tax Act following deductions are available:
| Up to Rs 15,000 | For self, spouse, and dependent children |
| Additional Rs 15,000 | for parents |
| Additional Rs 20,000 | For Senior Citizens |
Types of Health Insurance:
An Individual Plan:
This is often referred to as the Mediclaim Strategy. The hospitalization costs are paid for only one day under this cover. Pre-existing conditions are not included under this package, and claims for serious illnesses for the first and second years may not be made.
Family Floater Policy:
It is a strategy created for all the members of the family. For every whole family, a single premium is charged. The amount pledged can be used by all of the members of the family. Therefore, it is an insurance scheme where two individuals’ premiums are covered by one plan.
Critical illness Plan:
It is not a medical plan of any kind, but it is a rider that can be applied to the medical program. For illnesses of a severe nature such as cancer, strokes, and many others, the organization pays the amount, assured of any vital illness.
Senior Citizen Health Plan:
For senior citizens between the ages of 60 and 80, it is accessible. It can be extended to 90 years of age.
Unit Linked Plan:
It is a strategy that covers dual goals, such as coverage and returns. The premium goes into the coverage and the remainder is invested directly in funds such as Mutual Funds.
Things that matter
- Read all of the printed documents carefully.
- Read all of the product details and the diseases that are excluded from the plan.
- Documents: Please ensure that all of the documents are kept safely and also keep a look at the premium tabs(monthly, quarterly, semi-annually, and annually).
Remember Health is Wealth. It is wise to start acting wisely right now.
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