Even the fittest of people can become ill unexpectedly, and thus necessitating costly medical attention. Being financially unprepared to cover the price of surgical treatments is not an option in such a situation. This is where extensive health insurance plans come into play, ensuring your family’s and your financial security. Here’s a closer look at this useful financial instrument that’s helped countless people breathe a sigh of relief in their time of need.
What are health-care plans?
Vital Health Cover either repays insured customers for medical expenditures incurred as a result of accidents or diseases, such as treatments, surgeries, hospitalization, and the like or pay a pre-determined sum directly to the consumer. A health insurance policy provides coverage for the customer’s future medical bills.
This is a contract between the insurance company and the client in which the former pledges to cover medical expenditures if the latter gets wounded or unwell in the future, resulting in hospitalization. In most situations, insurance companies have agreements with a health care system, allowing patients to receive care without having to pay cash.
What is the purpose of having health insurance?
The following are some of the reasons why you should get health insurance:
- Health insurance protects you from future diseases and medical procedures without draining your resources or jeopardizing your family’s financial stability.
- Medical expenses are continuously rising, making it difficult for people without adequate funds to pay for medical care in an emergency.
- Within network hospitals, cashless treatment is allowed, while insurance companies compensate in other circumstances.
- Health insurance policies cover a variety of illnesses and operations, as well as other areas of medical treatment.
- Health insurance protects you and your family worry-free; all you have to do is pay a reasonable price.
- You may also be covered for hospitalization, ambulance charges, consultations, drugs, tests, and post-hospitalization expenses in many circumstances.
Why should you purchase health insurance?
Lumpsum amount payment Payout
When an illness or ailment covered by a health insurance plan is diagnosed, the insurer pays out a lump sum amount. This allows you to take care of medication and other charges straight away without having to worry about money. Regardless of the expense of therapy, payments are made.
Sub-limits Are Not An Issue.
Many health insurance policies have sub-limits for hotel rent, hospitalization costs, and other charges. When you get a health insurance plan, you get a lump sum payment after you’ve been diagnosed with a certain condition. You don’t have to worry about sub-limits or anything like that.
Premiums that are both affordable and predictable
You may receive more coverage for less money by paying lower rates. The premium levels are similarly set for the life of the insurance.
Benefits from Taxes
The premiums on Income Tax Planning is that you pay on this insurance are eligible for tax benefits* under Section 80D of the Internal Revenue Code. If you are under 60 years old, you and your family (children and spouse) can deduct up to 25,000 from your taxable income. If all of you are above the age of 60, the maximum deduction can be increased to $50,000. The same rules apply to premiums paid for your parents, with a maximum deduction of 25,000 if they are under 60 years old and 50,000 if they are over 60 years old.
There are no hospital bills to pay.
Fixed benefit health insurance plans, unlike other types of health insurance, payout immediately when an illness is diagnosed, eliminating the need to submit hospital bills.