Despite the rapidly inflating medical care costs, many people are still not covered under a medical insurance policy. Medical insurance not only covers your medical care costs but also provides several other benefits. Illnesses and accidents occur without any warning and can leave you emotionally and financially drained. A health insurance plan gives you the much-needed peace of mind to focus on your recovery rather than worrying about the expenses. Hence, it is only prudent to buy a health insurance plan as soon as possible. If you are still having second thoughts about buying health insurance, here are five reasons that will aid your decision.
Corporate health covers are not enough
Health insurance coverage provided by corporates do not provide adequate protection to cover all medical needs. Besides, when you retire from the company or switch to another company, the corporate insurance plan will not be valid. Hence, buying a separate health insurance plan is worthwhile.
Increasing incidences of health problems and diseases
The incidences of both lifestyles and infectious diseases are on the rise, one is bound to fall ill sooner or later. Hence, taking up an insurance policy is going to be beneficial eventually. Also, individuals who fall under the middle income and low-income group can avail top quality medical care services.
Avail tax benefits
Health insurance policy holders can avail tax benefits under the section 80D of the insurance Act. You can claim deductions for health insurance premium up to Rs25, 000 and senior citizens can claim up to 30,000.
Protection from critical illnesses
Treatment of critical illnesses such as cancer, stroke, paralysis and kidney failure, can be extremely expensive. By taking up a health insurance plan, you can protect yourself from the financial burden caused by the treatment of such illnesses.
Progressive health insurance companies offer cashless health insurance plans for its policy holders. Under cashless facility the insurance company makes the payment directly to the hospital, hence the policyholder does not have to pay anything out of his pocket.