In this era of the Coronavirus, the world has realized that medical crises can be unpredictable and could lead to unbearable financial burdens. With a very high infection rate, and no cure or vaccine, people are starting to appreciate the importance of a health insurance plan. Also, with the rising cost of medical bills, access to quality hospitalization can be financially strenuous. Therefore, getting a medical cover for your family can relieve the worry in times like these. Besides the obvious benefit of knowing your loved ones can access quality medical care, here are other benefits of a health insurance plan.
Safeguard your Family
With the Coronavirus on the rise, it is essential to go for a medical plan that does not require you to take medical tests before determining the premiums. You don’t want to be caught off-guard. Some covers do not require medical tests and examinations before setting premiums for you. If you are afraid of the needles, see more insurance options that cover you without traditional underwriting requirements. When looking for an ideal medical plan, you can go for one that includes your entire family under one policy, rather than buying several policies. A perfect health insurance plan should feature your aging parents, who are vulnerable to illnesses, and the children.
To Combat Lifestyle Diseases
Diseases and disorders such as diabetes, heart diseases, respiratory problems, and obesity are on the rise, especially among young people. Some of the factors that lead to such illnesses include poor eating habits, sedentary lifestyle, pollution, stress, and gadget addiction. An unfortunate incident can be challenging to cope with financially. Investing in health insurance that covers regular medical examination is an excellent plan to help you catch these illnesses early.
Protects you from Medical Inflation
Opting for an affordable health insurance plan will ensure your access to quality medical care and relieve the burden of medical inflation. During a pandemic like the Coronavirus, it is likely for medical costs to inflate. You should note that medical expenses are not limited to the treatment costs incurred in a hospital. They include the costs for consultation, ambulance charges, medicine, diagnostic tests, and operation theater costs. If not well-prepared, these expenses could strain your finances.
The premiums you pay towards a health insurance cover for yourself, dependent children, spouse, and elderly parents are eligible to get tax relief under Section 80D of the income tax act. The deduction is available based on the annual premiums of the health policy.
An unforeseen illness not only leads to stress and mental anguish but also drains your savings. With the suitable health insurance cover, you can better manage your medical expenses without wasting your savings. This way, your savings can be used for their intended purposes, such as your child’s education, buying a home, or retirement.
A health insurance plan is an essential requirement for every household. Protecting yourself and your family from any unforeseen eventuality that could leave you bankrupt is a must. Instead of taking a traditional healthcare plan, go for health insurance covering you during foreign travel, dangerous adventures, and funeral expenses.