Health insurance is a type of insurance that covers the medical and surgical expenses of the insured person. It is an essential policy that provides financial assistance for healthcare expenses. In today’s world, where medical expenses are skyrocketing, health insurance has become necessary. Health insurance policies offer various benefits, such as covering hospitalization, medical check-ups, ambulance charges, and many more.
In this blog post, we will discuss the reasons behind the necessity of a health insurance policy
1. Rising Medical Costs
The cost of medical treatment is increasing day by day. As per the World Health Organization (WHO), the global healthcare spending is expected to reach $18.28 trillion by 2040. In such a scenario, having a health insurance policy can be a lifesaver. It can help you cover the high medical costs and provide financial security for you and your family.
2. Protection Against Critical Illnesses
Critical illnesses such as cancer, heart attack, and stroke can be life-threatening and require extensive medical treatment. The cost of treatment for such illnesses can be exorbitant, and it may drain your savings. A health insurance policy can provide coverage for critical illnesses and help you get the best possible medical treatment without worrying about the costs.
3. Provides Tax Benefits
Health insurance policies offer tax benefits under section 80D of the Income Tax Act, 1961. You can claim a tax deduction up to Rs. 25,000 for the health insurance premium paid for yourself, spouse, and dependent children. If you are paying the premium for your parents, you can claim an additional deduction up to Rs. 25,000. The tax benefits offered by health insurance policies can help you save money on taxes and at the same time offer healthcare coverage.
4. Offers Cashless Hospitalization
Most health insurance policies offer cashless hospitalization, so you don’t have to pay the hospital bills out of your pocket. The insurance company settles the bills directly with the hospital. In case of emergency hospitalization, cashless hospitalization can be a lifesaver, especially when you don’t have enough funds to pay the hospital bills.
5. Provides Coverage for Pre-Existing Conditions
Pre-existing conditions such as diabetes, hypertension, and asthma are not covered under most health insurance policies. However, some policies provide coverage for pre-existing conditions after a waiting period of 2–4 years. If you have a pre-existing condition, it is essential to disclose it while buying a health insurance policy. A health insurance policy that covers pre-existing conditions can help you save a lot of money on medical expenses.
6. Offers Coverage for Maternity Expenses
Maternity expenses can be significant, and it can put a strain on your finances. A health insurance policy that offers coverage for maternity expenses can be beneficial for expecting mothers. It covers the hospitalization expenses during delivery and expenses incurred during pre and post-natal care.
Conclusion
In conclusion, a health insurance policy has become necessary in today’s world. It provides financial security and ensures you get the best possible medical treatment without worrying about the costs. MSIG offers a range of health insurance policies that provide comprehensive coverage for medical expenses. If you are looking for a health insurance policy, consider opting for MSIG’s health insurance policy.
