5 Importance Of Health Insurance In 2021

Having a health insurance policy is not about covering healthcare costs; it brings a lot more than that. Especially, the peace of mind it offers has no comparison. Nonetheless, the importance of a healthcare plan does not end here, and one should know about them in detail to make the most of availing one.

5 Important benefits of health insurance

It covers more than just hospitalization expenses

Modern health insurance plans offer more than just hospitalization expenses; the focus here is to provide a comprehensive yet affordable policy. In this regard, they pack-in coverage against pre and post-hospitalization expenses, doctor’s fees, diagnostics tests, etc.

Opt for a cashless facility

Usually, insurance providers have affiliations with different hospitals, and if an individual decides to get admitted to that particular hospital for treatment, he/she will receive the benefits of cashless treatment. Here, patients will get their necessary treatment without worrying about lengthy paperwork and paying the bills out of their pockets. The insurance company will reimburse the hospital once policyholders file a claim.

Increase coverage limit with no-claim bonus

For each year that individuals do not file an insurance claim, they receive a bonus from the company. This bonus adds to their total coverage amount, and individuals can receive financial assistance of a higher amount.

Save big on income tax filing

Another notable benefit of opting for a healthcare insurance policy is to save on the income tax payment. According to Section 80D of the Indian Income Tax Act, 1961, individuals can apply for a tax exemption on the amount they pay as a premium.

Works as a safety net

Last but not least, policies work as a safety net for individuals. It safeguards a particular policyholder’s financial interests from an array of unforeseen incidents.

The importance of having a healthcare insurance plan is well known. Especially with the rising cost of healthcare, it has become indispensable.

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