Article by Jenny Mary
Why should I spend money on health insurance? Has this question ever crossed your mind? If yes, you are not alone. Most people tend to think that Health Insurance is something that they need to think about only when they grow old.
However, the truth is that health insurance protects you in case you become seriously ill or meet with an accident. A sudden accident, loss of health or natural disaster can happen to anyone. Such situations can drastically alter a person�s life, causing loss of income and inability to pay bills. Sudden death can cause serious financial hardship to the spouse and children left behind. Over and above the emotional turmoil, it can throw their regular life out of gear due to lack of finances.
A health insurance policy not only covers the cost of financial losses when disaster strikes, but also helps you tide over emergency medical bills due to hospitalization. If you think your health insurance premium is expensive, just wait till you receive a medical bill.
Even if someone is down with jaundice or malaria and requires hospitalization for a couple of days, his hospital bill could range from anywhere between Rs 15,000 and 25,000 depending on the hospital. And in these days of rising health care costs, imagine a chronic diabetic who needs insulin injections everyday, some one who needs frequent dialysis/chemotherapy or someone who needs continuous medication to keep living. How long will the person be able to pay out of his own pocket without any support from an Insurance company?
So think, can you really afford to go without health insurance? If the unimaginable does happen, you will certainly want to have an insurance policy covering a portion of the extremely expensive cost.
What are the benefits of taking a Health Insurance policy?
The immediate benefit of taking up a family health insurance policy is the Tax benefit that you can enjoy under section 80 D of the Income Tax Act.
Do not worry if you do not have adequate money to pay for sudden hospitalization or surgery. Your health insurance policy offers a cashless hospitalization facility. This facility is a great help since one doesn't have to run around in the middle of the night to collect cash for paying up large deposits prior to admission.
If a person gets hospitalized all his medical expenses 30 days prior to hospitalization and 60 days post hospitalization will be covered. This includes nursing expenses, diagnostic and medical expenses, surgery, anesthesia cost, doctor's expense, specialist fees, scanning, x-ray, ambulance expense, oxygen, operation theatre expenses, cost of surgical appliances, room expenditure, day care expense and similar expenses.
There are few treatments which due to technological advancement are done as an outpatient, that is, you need not have prolonged hospitalization. These treatments are also covered under health insurance.
If you are a non-claimant don't think that your money is wasted. In fact, a Health Insurance policy is most advantageous to you when you do not claim for the first few years and stay insured continuously. You will not only enjoy the Income tax benefits under Section 80D of the IT Act, but also your sum insured gets increased without paying any extra premium by way of cumulative bonus. Also, you will get covered for medical conditions diagnosed over the years. Since accidents, natural disasters and sudden loss of health can happen to anyone, it makes sense to stay insured in spite of not claiming in any given year or for a series of years.
How do I get the best out of my health insurance policy?
Health insurance premium tends to increase with age more the age, higher the premium. So insure at a young age.
Always carry your health card with you. This might save you in case you are alone in a situation and you require immediate medical attention.
If your current employer provides you with health insurance cover, check whether your dependents are also included in the plan. If that is not the case, it makes sense to take a separate insurance plan for your dependents.
Also, remember your current employer will provide you health insurance cover only till the time you are employed with them. If you are in-between jobs or if you retire there is a possibility that you and your loved ones might be stranded in case of a medical contingency.
Hence, it makes sense to invest in a personal health insurance policy.
It is not only important to be insured, but also important to ensure that you are adequately covered. Please choose the right kind of plan to get maximum coverage in case of any eventuality. Also, due to rising health care costs, it is better to get individual cover for all the members in your family.
About the Author
Jenny Mary is an Independent Insurance Agent in Chennai.
0 komentar: