I am young and healthy; what should I do with a health insurance policy? If this is the question that often comes to your mind whenever you read about health insurance, then read this article till the end.
It is the tendency; people do not understand the need for health policy until they experience any medical emergency.
The foremost important thing is that a mediclaim insurance policy keeps you and your family at bay from the financial and mental stress due to medical exigency. So, please do not delay; read below the time when you can buy a mediclaim:
Opting for health insurance at a young age gives you several benefits:
- Lower premium with extensive coverage. If you opt for it later in life, you may need to pay a double premium due to health conditions, age, or pre-existing disease.
- You do not need to complete a waiting period of 24 to 48 months, which is for the people who have pre-existing diseases. You are entitled to file a claim even after 30 days of policy issuance during a medical emergency.
- Avail benefits like no claim bonus for not filing a claim in a policy year because of good health.
If you have recently started earning, you should buy health insurance to bear your medical expenses. You do not need to depend on your parents for your health care expenses. You can opt for affordable health insurance plans offered by trusted brands like ICICI Lombard, HDFC Ergo, Care Health Insurance, etc. Their premium is comparatively low and fits in your pocket.
If your family extended now and has a spouse or children, it is the right time to buy a family mediclaim insurance policy. It shares your financial burden; you do not need to arrange cash for immediate hospitalization and avail of the best healthcare facilities for your loved ones.
Old people are more prone to coronavirus; some have chronic diseases or even can diagnose with a critical illness at old age. You must be aware that healthcare inflation is increasing rapidly, and treatment costs are becoming out of pocket expenses. In such a situation, mediclaim brings you relief. It covers their medication, hospitalization, and diagnosis expenses and helps to avail of the best healthcare facilities for them.
The COVID-19 and resultant lockdown and layoffs created havoc. Where the world is facing an economic crisis, it is better to stay protected with health insurance. Uncertainty can knock on the door anytime. It's not only the virus that but other related diseases can also create a medical emergency. Health insurance companies offer coronavirus coverage as well, which reduces your financial stress and gives you a sense of peace.
If by the grace of God, everything is going fine in your family, you can opt for the mediclaim insurance policy for tax benefit as well. Under section 80D of the Income Tax of India 1961, the premium paid against the health insurance for self, spouse, parents, and children subject to tax exemption. So, you can reduce your tax liability and enjoy tax benefits.
So, here are some leading health insurance companies offering mediclaim insurance policy in India:
- IFFCO Tokio
- HDFC Ergo
- Max Bupa Health Insurance
- Care Health Insurance
- Star Health
You can check the details of their mediclaim policies on their official websites and opt for the best that serve your purpose at the most.