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We have all grown up with people saying that health is wealth, which reiterates the ideology that one of the world’s most luxurious luxuries is living a healthy life with the best health insurance policy.
Although these claims have always helped cherish well-being, health’s real money complexities have done little to understand.
We generally put little to no thoughts into it, whether it’s keeping fit or tackling an illness. We have been accustomed more often than not taking an over-optimistic attitude that nothing negative can happen or depending on the basic corporate health cover.
But we do not consider that healthcare is costly in India, especially afterour country went through the Coronavirus pandemic. Your workplace medical cover won’t be enough for many problems you and your family will have to face.
So, how can you secure your health while not spending much?
The answer is simple – get a health insurance policy. Not only does health insurance policy help to safeguard you and your family against risks, but it will also cover your savings!
Read these seven points to learn how investments in a health insurance policy will protect your savings:
Reimbursement
You get coverage for pre-and post-hospitalization costs up to the amount insured under a health insurance policy. To collect the petition, you have to apply for your medical bills within 30-60 days of hospitalization.
Claim settlement is a hassle-free operation, and from your pocket, you do not need to pay big medical bills.
Cashless Hospitalization
You can use cashless hospitalization facilities if it is included in your health insurance policy when your family faces any medical emergency. You should search the hospital list on the network and get admitted to a hospital near your house.
In order to begin the procedure, you do not need to bring a lump sum cash. You will be hospitalized immediately, and we will pay the costs directly to the hospital.
Tax Savings
Health insurance policies provide tax advantages as well. You obtain a tax exemption of up to Rs. 50,000 under section 80 D on the premium charged for health insurance for yourself, dependent parents, children, and spouse. Using the health insurance premium calculator to recognize the correct premium, you can measure the premium online. The taxable number, however, is subject to your earnings and age.It also decreases the taxable income, representing a lower degree of tax liability.
Cover for Recurring Costs
Diseases such as kidney failure, stroke, diabetes, and cancer require on-going medication, chemotherapy, and treatment. Owing to on-going procedures, the health insurance policy covers recurring medical expenses. You will ensure that the most effective care is offered in the present and even after your retirement with essential disease cover. It means that you do not spend any money on your medical treatments.
No Claim Bonus (NCB)
The No Claim Bonus (NCB) is a credit you earn for not claiming during your contract term from the insurer under your health insurance policy. That is the bonus amount for each claim-free year that is accumulated to the amount insured. You will use this double incentive on your health insurance policy. It makes you strong in the future to face any medical emergency.
Better Life
Covers such as daycare treatments, organ donor, second opinion, and health insurance policy domiciliary hospitalization allow you to cover your investments to a great degree. For children’s future and happy retirement life, you are free to use these benefits and keep your hard-earned money.
The sky-rocketing hospitalization costs, costly preliminary examinations, all testify to the fact that a massive hole in our wallets can be burnt by going through a medical emergency, if not for the right health insurance policy. However, the low premium charges on policies from reputed brands like Tata AIG offers us a way to remain covered and prepare. They also offer specialized health insurance COVID plans to ensure that you and your family remain safe. You can check out the policy details on their website for detailed information.