Why should you buy medical insurance for yourself?


Inevitably, due to the rising costs of healthcare in India, and to the rise in infectious diseases, medical insurance today is imperative. It provides people with the financial support they need in case of an emergency medical situation. We all face health risks and uncertainties in life. Although one can never prevent getting sick, one can be prepared for the financial impact via medical insurance. Medical insurance is one method to prepare against financial risk from uncertain health risks. The definition of medical insurance is a type of insurance coverage that pays for medical expenses incurred by the policyholder, either directly or through reimbursement from the insurance company.

The benefit of medical insurance plans for individuals is that they can provide you with a wide range of financial coverage. It can cover international treatment as well as treatment in India and includes hospitalization costs, diagnostic expenses, ambulance expenses, and medicines expenses, and provides instant payouts for greater financial stability. Purchasing a medical insurance plan is essential to financial planning. Numerous types of medical insurance plans are available, such as individual medical insurance plans, family medical insurance plans, critical illness insurance plans, etc. The cost of medical treatment in our country has kept medical insurance rates high, and people who obtain medical insurance throughout the year have financial security at times of medical emergencies.

Despite the government’s focus on health schemes and new initiatives such as Ayushman Bharat Yojana, India still has the lowest medical insurance penetration in the world. However, the government’s investment in healthcare and new initiatives may help improve the situation. A medical insurance plan can benefit you in a variety of ways, and if you have a family, you can choose to purchase a family policy to cover their health-related costs. It is however important to note that medical insurance premiums for people can differ greatly, as well as depend on several factors.

Reasons to buy medical insurance:

  1. Rapid lifestyle changes: The tectonic shift in the way we live has made us more prone to a variety of health problems, which is why medical insurance is an expense that should never be avoided. Several lifestyle factors, including commute times, work schedules, food quality, and pollution levels, are contributing to a rising rate of health problems. Children and teens are meeting with doctors and specialists more often than ever. In addition to physical ailments, mental illness is also on the rise, which is why it is important to ensure your family.
  2. Ever-increasing medical costs: Recently, medical costs have risen dramatically. This causes consumers to spend their savings in case of a medical emergency, affecting their plans. Health emergencies present some of the greatest challenges that Indians face. The majority of Indians rely on their savings for coping with them. In general, medical insurance ensures that a portion or all of your medical expenses are covered by the insurance company whenever you get ill or injured. When you do not have enough cash on hand, it is extremely helpful.
  3. Benefits on tax: According to section 80D of the Indian Income Tax Act, healthcare premiums can also be deducted from income tax. For each insured individual up to the age of 60, the premiums paid for themselves, their spouses, or their children may be deducted up to Rs 25,000. A deduction of Rs 50,000 is also available if you purchase a medical insurance policy for your parents who are 60 years old or older. The deductions apply to payments toward premiums for medical insurance policies, or preventive health check-ups of seniors, or medical expenses of seniors. Therefore, if you are paying the eldercare insurance premiums for your parents, you can avail of a deduction of Rs. 75,000 (Rs. 25000 + Rs. 50000), as opposed to Rs. 55,000 (Rs. 25000 + Rs. 30,000).
  4. Pre & post hospitalization expenses included: The cost of mainstream health care, as well as that of outpatient departments, diagnostic tests, have all increased in the past few years, which has made purchasing medical insurance even more essential. As noted, the policies don’t only cover hospitalization expenses, but also the expenses incurred for outpatient care and diagnostic tests within a stipulated timeframe as stipulated in the policies. You may now seek medical treatment without worrying about where to stash cash during and after admission to the hospital since most family medical insurance policies provide cashless hospitalizations.
  5. Other benefits: Medical insurance also offers benefits such as reimbursements for ambulance services, daycare surgeries, and health check-ups and vaccinations. These days, many insurance companies offer coverage for Ayush medical treatments.Now, if you frequently suffer from a stroke, heart attack, cancer, kidney failure, paralysis, multiple sclerosis, cardiac arrest, or other critical illness, it is possible to buy a critical illness cover in addition to a standard medical insurance policy.

To buy medical insurance for yourself, contact Care Health Insurance and avail the best insurance policies and customer service at your convenience.