Were you prepared the last time when you sought out health services at a hospital near you? Everyone dreads hospitalization and worry about the expense of treatment. Do you save money or make a fund for a medical emergency, keeping in mind that you might land in any health-related issues?
Over time the cost of treatment has been mounting. In India, we see the structure of the medical sector being dominated by private hospitals. They charge comparatively higher for the better facilities and services they provide. Not everyone can spare a huge amount of money instantly. The best way to bear the unexpected financial expenses is to buy health insurance policy in India.
Here are 9 reasons to buy Health Insurance in 2020.
- To save income tax: Do you know that health insurance policy premium gives you benefit under Section 80D of Income Tax Return? If you do not have a policy, buy one to not only get deductions but also save expenses incurred for health services. Under Section 80D, the limit of deductions is Rs.15000/- per annum.
- Sooner the better: The cost of medical treatment is going to mount up in the future. Right now, in 2020, is the best time to buy the policy. Further delaying this decision can increase the premium costs down the line and can put you in the risk of having to pay a huge lump sum of money at the hospitals. As the cost of treatment may arise in the future, the insurance companies will increase the health insurance premium. IRDA allows insurers to increase or decrease the premium 15% considering the cost and loss-ratio in their last 3 financial years of business. You can avoid paying that extra cost by buying health policy as early as possible.
- Better health facility: Without a health insurance policy, you may hesitate to choose between the treatment types. But when you know that a limit or the whole expense of your treatment will be covered, it will be a breather.
- Lifestyle-related diseases on the rise: Recently, lifestyle-related diseases are reportedly on the rise. Poor routines and lack of exercise contribute more to diseases like thyroid and diabetes. These may become bigger in the future leading to hospitalization. If you are suffering from either or have a poor lifestyle, it is better to buy the health policy in 2020.
- Insurance policies are online: With the internet boom, everything has become easier and so has buying an insurance policy. You can easily purchase insurance online. You can compare the quotes and coverage benefits from different companies online, research more about the best option available and come to a well-informed conclusion at the end.
- Future Planning: If you will be planning for a family soon, then buying a health plan would be a wise decision. Health Insurance products have a waiting period. For maternity, you will have to wait for 2 years for the benefit. But once the waiting period is over, the mother and the newborn will stand covered. There are companies which provide you benefit to cover the vaccinations also.
- Premium allowed in instalments: IRDA has allowed paying the health insurance premium in monthly, quarterly or half-yearly instalments. The policies are affordable in the shape of instalments. But note the free-look period will be reduced when the premium is paid in portions.
- You can choose your TPA: When the policies are sold online, you have the choice to analyze the pros and cons. As confirmed by IRDA, the insurance company will provide you the list of Third Party Administrator (TPA) at the time of buying the policy. And you have the option to choose a TPA. But this will not change at the time of renewal.
- Cover from your employer is not enough: Your employer may have covered all the employees under a Corporate Health Insurance Plan. But, the moment you leave the company, you will be uncovered for health benefits. For any medical emergency, you will have to bear the expenses yourself. Buying a health cover personally for you and your family in 2020 will be the best gift. Even if you leave the company, your bonus and benefits of the waiting period will not be affected.