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Posted by Royal Sundaram on 04 Feb 2013
In recent times medical insurance is the most popular non-life insurance that individuals are showing more inclination than before . And an appealing factor to the most of the salaried section was for so long ignored. Essentially, a health plan is an insurance to keep you financially sound in case of a any medical emergency. In case of any planned or an unplanned hospitalization need with a health insurance you can be rest assured that the expenses will be covered without you shelling out the entire amount. However, this is not the only reason why individuals seek this policy, there are other reasons too.
Tax benefit is a major advantage that health insurance lends you. This is in fact, many a times, is the key reason why customers tend to purchase a health policy. Tax benefits on medical insurance is an incentive that the government has offered to encourage spending on a medical plan. This initiative has been welcomed with open hands.
Earlier, section 80D allowed Rs. 15,000 to be claimed on the health insurance plan. However, with recent revisions in the policy every person is allowed to claim Rs. 15,000 for the medical insurance premium paid towards self and family, plus an additional amount of Rs. 15,000 paid towards dependent parents
To add to the existing benefits of medical insurance, few companies offer you a special policy for your parents in case they are senior citizens. As per the plan, if one or both of your parents are senior citizens, you can claim an additional deduction of Rs. 20,000. This means that you are eligible to claim a deduction of Rs. 35,000.
The growing popularity and demand of the product has led to the introduction of many innovations in the regular health insurance plans. Today we have health plans that do more than just covering the cost incurred in hospitalization. Health plans offer cover for post hospitalization, pre hospitalization, renewal offer discounts etc,free health check up. The basic facilities one can expect with medical insurance plan include –
- Cashless facility across a wide range of reputed hospitals in India
- Pre and post hospitalization charges reimbursement
- Cover for day care procedures
- Increase in Sum Insured (or) Decrease in Premium for claim free years
- Coverage of Pre existing diseases after defined period of continuous insurance
The above mentioned features form an additional attraction along with the tax saving factor that encourages consumers to buy a medical insurance. There are several health plan providers in the market today that offer products with different features. All you have to do is select one that suits your requirement the most. Moreover, it is easy to avail the right medical insurance, thanks to the online purchase option every leading provider offers without any medical documents. The online purchase helps you to research well, save time and skip the hassle of huge documentation process.
To sum up, health insurance makes an excellent securityoption as it gives you the benefit of safe guarding you and your family in case of a medical exigency and the opportunity to save tax as well.
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