Guide » Finance & Insurance » Find Out Why Individual Health Insurance Plans are a Must-Have
Find Out Why Individual Health Insurance Plans are a Must-Have
Posted on May 28, 2021 | by Joseph Williams
For all the people who are covered under the corporate health insurance policy, it is important to have a personal health plan as well. The first reason people do not go with this is the company’s health plans will always offer certain benefits which the personal health policies do not. And on the other hand, people think that if they are already covered under a single plan then why they should increase their expenditures by purchasing a second one. But these two misconceptions have to be dealt with by the people which is the main reason that they do not have to only rely on the corporate health policy rather they must have an individual health plan as well.
Purchasing individual health insurance plans is a very wise decision on the behalf of people because of several kinds of advantages associated with it.
- There will be Proper Coverage for the Medical Expenditures: The most important reason why people should go with the option of purchasing the individual health insurance is that it will allow the people to remain protected against unexpected medical expenses and will help the people to remain protected from the financial crisis because of health issues in life. It will relieve the burden of medical expenditure on the behalf of people which will further allow them to focus on their recovery and speed it up.
- There will be Cashless Claim Services: Into the unforeseen event of medical emergencies or situations whenever the people are supposed to be hospitalized, they can avail the cashless benefit provided by the policy. The cashless hospitalization facility offered by the health insurance company under the policy will always allow the individual to avail of the medical treatment without actually paying for the same to the hospital. However, this particular facility is only available for the network hospitals of insurance companies which have to be checked by the people at the time of purchasing the insurance plan. Under this particular category, the insurance company will settle the claim directly to the hospital or the nursing home.
- People will Avail of the Hospitalization Daily Allowance: Several kinds of insurance companies also pay a specific allowance to the insured for every day he or she will spend in the hospital. This is only applicable after the insured has already spent some of the days in the hospital. The number of days spent will always be redecided into the policy and will vary from one company to another. If the individuals are primary earning members of the family then this particular allowance will be proving to be a very beneficial factor at the time of emergencies.
- It will Come with Different Kinds of Tax-Related Advantages: The premium of health insurance will be eligible for deduction under section 80 D of the Income Tax Act 1961. The amount of deduction available is up to Rs.15,000 for individuals and 20,000 for senior citizens. There will be an additional amount of Rs.20,000 available for exemption towards the premium paid for the dependent parents as well. So, people can very easily reduce their tax liability by purchasing all these kinds of products.
- This is the Best Way of Fighting Lifestyle Diseases: Lifestyle diseases are normally on a very big rise especially among the people of the age group of 40-50. Several kinds of problems like heart disease, respiratory problems, obesity, diabetes, and several other kinds of things are becoming more and more common because of lifestyle changes, pollution, gadget addiction, and various other kinds of reasons. So, as a precautionary measure to help fight such diseases, it is very much important for the people to move with proper planning and invest in a health insurance plan that will provide the people with complete coverage of the regular medical testing which will help in catching the illnesses early and make it very easy for the people to take good care of the medical expenses without any kind of thing to worry about.
- This is the Best Way of Safeguarding the Family: Having a health insurance plan is a very good idea to secure the entire family under the same policy rather than purchasing separate policies. This will be the best possible way of ensuring that every family member will be getting the best possible medical treatment if something happens and further it is very much advisable for the people to research thoroughly and talk to the experts about the unbiased opinion of the whole process to ensure that perfect decision-making will be there.
Hence, the health insurance policy is the most essential investment in today’s fast-paced lifestyle which is the main reason that people must depend upon companies like Care health insurance so that people have proper access to the right kind of products which will suit their overall needs very well.
