The fast-paced, modern-day lifestyle brings its own set of anxiety and stress. Whether you blame the mushrooming junk of food corners or the rising level of pollution, modern-day lifestyle is taking away healthy living from individuals. It has taken life threats and health risks to another level. Additionally, the cost of medical treatment is high like never, and it will keep on increasing. Such scary health conditions have made people more vigilant about their lifestyle choices and health. People now are devoting more time to holistic living and wellness campaigns. They also invest in comprehensive medical insurance plans to safeguard their family’s health and provide a financial backup during a health crisis.
Below are certain reasons why having a health insurance policy for yourself and your family is necessary.
Expensive Medical Services
Good medical treatments are getting costlier by the day and are perhaps the first reason for you to have the best Mediclaim policy like from IIFL Insurance online. Remember that having the Mediclaim policy would only be helpful and honest to your insurance provider while purchasing the policy. Make sure to answer all the questions with complete details and include your prior medical history.
Flexible Health Insurance Plan
There are a vast number of insurance providers and insurance policies available today. Suppose you have a family of four; you can either invest in individual health insurance policies for everyone or take a family floater plan. The existence of such a vast number of policies makes it difficult for the policyholder to choose the right policy. Hence, market experts often recommend being fully aware of the various aspects of a particular policy and understanding whether it fulfills the individual’s insurance needs before purchasing it.
No Claim Bonus/ Cumulative Bonus
Suppose the policyholder does not file a claim in a particular year in the case of medical insurance. In that case, the insurer pays the insured a bonus in the form of the additional cover. Best Mediclaim policy may not provide substantial cover in the first year, but the cumulative benefits provided in the following years can become very useful. Certain insurance providers also give a discount on the premium paid for the subsequent years. There is also a type of insurance provider that provides both the benefits mentioned above.
Pre- And Post-hospitalization Coverage
Most medical insurance plans in today’s time provide both pre and post hospitalization expense cover. This means that the policy will cover the treatment expenditure and the costs that arise from the medical situation, for example, medical expenses, education coverage for children, transportation charges. But there is a waiting period involved in availing of this benefit.
The additional advantage of investing in a medical insurance policy like IIFL Insurance Online is that the assesses is entitled to receive a deduction of Rs 25000 under section 80d of the income Tax Act. If you invest in an insurance policy for your parents, you get a benefit of another Rs 25000. your parents are above 60 years of age, then the deduction limit will increase to rupees 50000 years.
Today, there are many health insurances plans like individual health insurance, family health insurance, personal accident insurance, and critical illness insurance, etc. If you cannot decide the most beneficial plan for yourself and your family, consult financial experts.