Why Medical insurance important for all and its benefits?

1. Why Medical insurance important for all and itsbenefits? • In today’s age, new and unexpected medical illnesses have become rampant among individuals. Add to it the rising cost of healthcare and it becomes challenging for the average middle-class man to manage his finances. A medical emergency threatens to wipe out most of your savings and that is why you need a medical insurance policy in your armour. If you have medical insurance coverage, the policy would pay for your medical expenses thereby sparing your savings from being wiped out. Here are some benefits which a medical insurance policy provides– • Coverage for medical costs • The expensive medical treatments are sure to blow a hole in your pockets and cause a financial strain. A health insurance policycovers these medical costs right from hospitalisation to the post-care needs of the patient after discharge. You get coverage for ambulance costs, inpatient hospitalisation, daycare treatments, pre and post hospitalisation expenses, etc. Thus, the plan provides an inclusive scope of coverage against medicalcosts. • Coverage for the wholefamily • Family floater medical insurance plans allow you to cover your entire family in one plan. You can cover yourself, your spouse, dependent parents and dependent children under the plan ensuring that all the members enjoy coverage against medical costs. • Different types of plans for differentneeds • There are different types of medical insurance policies available in the market besides the one which covers your medical costs. You can buy critical illness plans to get financial assistance in major illnesses or top-up plans for increasing the coverage at an affordable premium rate. Similarly, diabetics, heart patients and senior citizens can find a health plan suiting their needs. Thus, with the different types of medical insurance plans available, all your medical needs can be taken careof. • Taxbenefits • Lastly, medical insurance policies also give tax benefits. The premium paid for the policy is allowed as a deduction under Section 80D of the Income Tax Act, 1961. The deduction limit is INR 25,000 which becomes INR 50,000 for senior citizens. Moreover, if you buy health insurance online for your senior citizen parents, an additional deduction of up to INR 50,000 can be claimed. • Read here: Everything you need to know about tax-saving under Section 80D • A medical insurance policy is, therefore, the need of the hour given the increased incidence of medical contingencies and the costs associated with them. You should buy health insurance online for yourself and your family so that you can avail quality healthcare without draining yourfinances.