The proper time to buy a medical health insurance plan is NOW. The earlier you buy it, the more healthy you might be and the most profit you’re going to get when you really need it. But if you happen to haven’t purchased it earlier, then there is no want to maintain pondering on the identical. Simply get up and odor the espresso. Health insurance coverage is not a luxurious anymore. It has turn out to be a necessity. So, it’s time to lastly activate your medical health insurance plan!
The demand for medical health insurance calls for had gone up in the post-covid world with greater consciousness and rise in hospital payments. In truth, demand for complete medical health insurance plans has additionally gone up from the pre-pandemic stage and certainly one of the key contributors to this is the excessive healthcare prices.
Despite the obvious consciousness, in accordance to authorities statistics, greater than 70% (Source: Economic Times, Jan 2022) of the total healthcare prices is paid out of pocket. So, whereas COVID has elevated the consciousness about medical health insurance and motivated many to buy a plan, many are nonetheless hung in the center. This raises a query – What is the delay all about?
Benjamin Franklin stated, ‘Don’t delay till tomorrow what you are able to do as we speak’. While lots of you might need heard this quote, what number of of you truly emulate it?
A medical health insurance plan has turn out to be a necessity, particularly in as we speak’s age when the a number of waves of the pandemic are wreaking havoc on life and well being. The relevance of getting a medical health insurance coverage has elevated manifold in the post-COVID world.
Even if you happen to take the pandemic out of the equation, you can not ignore the burgeoning healthcare prices and the fast improve in the incidence of diseases. Diabetes, hypertension, bronchial asthma, and even dreaded most cancers has turn out to be a typical incidence. While you possibly can’t stop these diseases, you possibly can positively make provisions for masking their bills. How? Through a medical health insurance coverage, how else!
A medical health insurance coverage covers your medical prices when you might be hospitalised. You get protection for –
Pre and submit hospitalisation prices
Cost of surgical procedure
Organ donor therapies, and so forth.
The checklist goes on….
So, with a medical health insurance coverage, you possibly can relaxation assured that your medical emergencies wouldn’t injury your monetary well being. The coverage would cowl your payments and enable you avail of high quality healthcare therapies.
Add to the protection is the tax benefit. The premiums that you just pay for a medical health insurance plan qualify as a tax deduction beneath Section 80D of the Income Tax Act, 1961. You can declare a deduction of up to INR 25,000 if you’re insuring your self and/or your loved ones members. Add one other INR 25,000 to the deduction restrict if you’re a senior citizen. Furthermore, if you happen to additionally insure your senior citizen mother and father, you get an extra deduction restrict of INR 50,000 for claiming a deduction on the premium paid for his or her coverage. So, do the maths. The most deduction that you could declare is INR 1 lakh which converts to a tax saving of INR 30,000 if you happen to fall in the highest tax bracket of 30%.
Coverage, monetary safety and tax benefit, what extra are you able to ask for?
Still, questioning about shopping for medical health insurance?
Stop questioning and turn out to be energetic. Buy a medical health insurance coverage as we speak. You by no means know what tomorrow holds – one other wave of the pandemic or another sickness that may want medical consideration!
Why depart your funds to likelihood when you possibly can safe them with medical health insurance?