Why one should have personal health insurance?

Nowadays are many companies are available in the market offering health insurance. The health insurance provided by companies is also of various types like individual health insurance, family health insurance etc. Some companies cover only spouses and their dependent children some cover their parents. But as the name suggest personal health insurance covers only a person who is taking the policy. Only the insured is covered under this contract and not his family members. If one wants to have cover for his family members one can take an individual health insurance policy for every member. If any member who wants more coverage or his medical expenses can be more than the other members of the family then the amount of coverage for the family member should be more. It is only available in the case if you take the personal health insurance of each member separately. It will be advantageous both in terms of money as well as health to the person. Insurance is an important need in today’s scenario. Because of the unpredictable occurrence of events, diseases that consume a lot of money and high hospitalization costs and expenses could become a problem if one does not have insurance cover.

Here are discussed few benefits of having personal health insurance:-

1) Full coverage for an expense-The health insurance policy provides you with full coverage for the medical expenses. It helps us and protects us from unexpected medical expenses and hospital costs that can arise in any case of emergency or uncertain events. It provides mental peace and the person can focus on himself and recover from the disease or accident as soon as possible.

2) Cashless payment of hospitalization costs-In case of a medical emergency or uncertain event arise One can use this method to avail of the service. The insurance provides you with a cashless benefit. One is not required to pay out of his pocket in the form of cash at the hospital counter for the medical expenses or the cost of bed or surgery. It all lies on the insurance company to make the payment at the end after the availing of the service by the policyholder. But the hospital needs to be empanelled with that company so that the company can make payment directly to the hospital account.

3) It provides tax benefit-Insurance policy is available for deduction under section 80D of the income tax act. The amount available for deduction for one person is RS 15000. It is one of the best advantages for the policyholder. As he gets policy as well as deduction under the income tax act. That’s why one must think of having one because of the dual advantage provided by it to the person who is getting insured.

4) Pre and post medical expenses covered-The health insurance policy covers both pre as well as post medical expenses of the insured. Pre hospitalization expenses of 60 days and later on post-hospitalization expenses like routine check-ups, tests, etc up to 180 days are also covered. It helps in relieving the huge burden of medical expenses of the insured which he may not be able to bear if he does not have any insurance coverage.

5) Multiple claims-It also provides his policyholder with the benefit of multiple claims. If one gets injured one can claim the amount later on after a few days if he is suffering from any disease he can still claim the amount from the company. But the amount can be claimed only till the period of the policy is exhausted. After exhausting the period one could not claim any benefit till that time one can have any number of claims as he wants.

Personal health insurance is the need of today’s era. If you are not having health insurance it will become difficult for you to pay the amount of hospital. Many people even panic when they get to know the medical expenses that are required to pay. It is also harmful to your mental health. It also leads to the person coming under a huge amount of loan and interest payment if he is not holding any kind of policy. Care insurance is one of the insurance companies providing personal health insurance. One should read the terms and conditions before making any agreement. It provides you with a lot of benefits like pre and post hospitalization and medical costs, low-cost premiums and various other kinds of flexibility. So, one must think of having health insurance if he is not having one presently. It is important for both the insured and the dependents of the insured that contains his children, parent’s wife or husband. It will help you in keeping your savings intact and you will not be required to pay anything from your pocket.

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