Health Insurance

Health insurance provides financial protection by covering medical expenses incurred due to illness or injury.

Understanding Health Insurance vs. Mediclaim Policies

Health insurance covers medical expenses due to illness, while Mediclaim policies offer limited compensation. Opting for health insurance provides comprehensive coverage including doctor's fees, medication, diagnostic tests, and hospitalization, ensuring extensive financial protection.

What is the importance of having Health Insurance?
  • A health insurance coverage should be in place for a variety of reasons, including a changing lifestyle. Our lifestyle's tectonic change has increased our susceptibility to a variety of illnesses. The likelihood of acquiring health issues has increased as a result of commuting, stressful work schedules, poor eating habits, food quality, and rising pollution levels.
  • Increasing medical expenses: Recently, medical expenses have increased significantly. Therefore, consumers wind up using their savings in the event of a medical emergency, which has an impact on their future plans. According to reports, Indians generally rely on their personal money to cover medical crises.
  • Tax benefit: Section 80D of the Indian Income Tax Act allows for tax deductions for payments made for health insurance premiums. Up to 25,000 in deductions are available to anyone under the age of 60 for health insurance premiums they've paid for themselves, their spouse, or their kids. If you get health insurance for your parents who are 60 years of age or older, you can additionally deduct an additional 50,000 from your income. This deduction will be available for contributions made for an annual health insurance premium, a senior citizen's preventive health checkup, or medical expenses related to any senior citizen. Therefore, instead of the previous 55,000 (Rs. 25,000 + 30,000), you can now receive a total deduction of up to 75,000 (Rs. 25,000 + 50,000) if you are paying the health insurance payments for your elderly parents.
  • Pre- and post-hospitalization charges are covered. As the cost of diagnostic tests and OPD (out-patient departments) fees have increased recently, it is now more important than ever to purchase a health insurance coverage. It is important that medical insurance covers not only hospitalisation charges but also OPD and diagnostic test fees before and after a predetermined time period as specified by the policy.
  • Additional advantages: Health insurance also provides advantages including ambulance coverage, coverage for day care surgeries, coverage for health check-up and vaccine costs, and more. Health insurance for Ayush therapy is now provided by insurance firms.
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