2021: The Year of Health Insurance Why you should sign up for one right away

MUMBAI, India - Aug. 9, 2021 - PRLog -- The second wave of COVID 19 has put people on high alert. Social distancing, double masking, hand hygiene now take more precedence over anything else. With vaccinations rigorously sought after & hospitalizations on the rise, it's important to add an extra layer of protection in the form of health insurance to cover medical emergencies.

Since medical expenses are often high, it's better to go for health insurance that only requires paying a small premium while offering a multitude of benefits. Have a look:

1.Cashless hospitalization:
The requirement of the deposit amount while seeking admission is often a hassle and leads to financial stress in difficult times. With good health insurance, you can skip paying the cash deposit and opt for the treatment right away. Insurance companies tie up with several hospitals for cashless treatments and if your hospital is not included in the list, then the treatment cost is usually reimbursed.

2.Coverage for COVID expenses
Covid treatment expenses and oxygen ventilation costs are quite steep, especially in private hospitals. Insurance policies usually cover COVID treatment costs so that one can easily avoid financial distress in an emergency.

3.Tax benefits
Section 80D of the Income Tax Act, 1961 provides tax exemptions for health insurance. A policy for the family including parents and spouse will fetch you a total tax exemption of Rs. 50,000/-. If parents are above 60 years of age, a tax exemption of Rs. 50,000 is allowed taking the total to Rs. 75,000/-.

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4.Pre & post hospitalization expense
A health insurance policy often covers medical check-ups including blood tests, blood sugar, doctor visits and so on.  So one doesn't have to worry about the health expenses occurring before hospital admission as well as post-discharge. The threshold is usually 45-90 days pre & post-hospitalization.

So how does one choose a health insurance policy?

Make sure to check a few figures like the sum assured, no claim bonus, minimum entry age and benefits amongst other things and compare the same across different companies. Seek clarification where terms sound vague and consult a professional if required. Depending on your needs, choose from individual health insurance, family health insurance, personal accident insurance, maternity plans and so on.

With a solid health insurance policy, you need not worry about the future as most medical expenses are generally covered. Sign up for one today.
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