Health Insurance is one of the most popular forms of insurance that allows any individual to opt for a policy that suits them as per their preference. In times like this when a pandemic has surrounded us from all sides, health insurance is the need of the hour. The unpredictable nature of diseases has left us with panic and paranoia. That’s where health insurance comes in handy and helps save a lot of money when something unfortunate happens to you or your loved ones. There are a lot of speculations regarding health insurance that sometimes confuse a layman. That’s why we decided to break it down to the most asked questions that befuddle most people.
How does one benefit from health Insurance?
In today’s time when our lifestyles do not allow us to focus on health properly, we tend to ignore our health and get involved in things that affect our health, smoking, drinking, eating unhealthy or junk food, irregular sleeping patterns. Diseases knock on our doors without any prior warning that why health insurance or even medical insurance is a must for every individual.
Is there a difference between Medical Insurance and Health insurance?
In short, Yes, there is a basic difference between Medical Insurance and health insurance. On one hand, medical insurance provides you with a pre-decided amount of coverage, which may vary from company to company and your medical Plan. Health insurance takes it up a notch and provides complete health care including hospitalization charges, medicines, and accident coverage as well. The limit for both is different, for medical insurance, it is up to 5 lacs and for health insurance, it is nearly 5-6 Crores.
Opting for buying a health insurance policy online is quite common these days. All you have to do is simply search for a health insurance plan online and choose the one that suits you the best. By filling their form you agree to their terms and provide details about your health history, which involves habits, family health history. For those who are into a lifestyle that involves smoking, drinking, and too much fieldwork, health insurance is important. In fact, most people should get health insurance in their 20s.
Do I get any Tax benefit if I opt for a Health insurance plan?
Yes, health insurance is tax-deductible up to INR 25,000 under Section 80D as far as the insurance is taken for yourself, your spouse, or your children. However, tax deduction should not be the motivation to go for a health insurance policy, as it is definitely helpful in times of crisis.
That being said, Health insurance even medical insurance is something you should not ignore even if you live a healthy lifestyle. Choosing the right insurance plan is the key to a healthier and safe life. While at first, it might seem like you are spending too much, but when something unfortunate happens, health insurance not only saves you a lot of money but also, gives you the comfort of proper health care and safety.
