Here are 5 big benefits of a health insurance policy

1. Here are 5 big benefits of a health insurance policy

2. Health insurance is an agreement where the insurance provider agrees to take a guarantee of compensation for medical charges and treatment costs of the insured. In return for this service, the policyholder pays a yearly premium to the insurance company. Nowadays, health insurance has become necessary for every individual due to rising medical costs and day-to-day risks. As a health emergency can attack anyone, anytime that may affect an individual mentally, physically, and financially. In situations like these, a health insurance policysafeguards your finances against unforeseen medical emergencies. Read on to discover more benefits of having a health insurance policy.

3. Coverage for medical expenses • With changing lifestyles and an increase in pollution levels, humans are exposed to severe diseases and viruses. At times like these, gathering funds could get difficult. This is when a health insurance policy steps in. These policies help you tackle health-related issues and get the best medical treatment without burning a hole in your pocket. They cover hospitalization expenses, treatment costs, domiciliary expenses, ambulance charges, and more depending on the type of your policy. 2. Coverage against critical illness • Many insurance providers offer critical illness cover, either as a rider or a standalone. These health insurancepolicies give coverage against severe diseases such as stroke, kidney failure, paralysis, loss of limbs, etc. Your insurance provider pays you a lump sum amount if you are diagnosed with any critical illness mentioned in your policy list. This amount helps you pay off the medical costs of the treatment, daily expenses, and other financial liabilities.

4. 3. Cashless claim service • Many insurance companies provide cashless claim facilities. These benefits allow you to avail of medical treatment without making any out-of-pocket payments. The expenses are settled between your insurance provider and the hospital. However, these only apply to hospitals having a tie-up with your insurer. You may have to fill a pre-authorization form and display your policy card to enjoy this service.

5. 4. Daily hospital allowance • Some health insurance policy providers pay a specific allowance to the policyholder that covers the daily hospital expenses like food, travel, and other costs. However, the insured can only claim this amount after spending a few days in the hospital. The amount and number of days it is covered is pre-decided in the policy and may differ from one provider to another. This helps you take off the financial load if you are the only earning member of the family. 5. Tax benefits • Under Section 80D of the Income Tax Act, the premium paid on a health plan of your parents is eligible for deduction whether or not they are dependent on you. According to the law, you can avail up to Rs. 80,000 which includes annual check-ups. Note that it depends on the premium payment made by you for your parent’s health insurance where their age is above 60 and your age is below 60. In case you are aged above 60, you can avail up to Rs. 1,00,000.

6. If you wish to save yourself and your family against unforeseen medical emergencies without worrying about the finances, buy a health insurance policytoday! With so many policy providers available, choose the one that best suits you and your family.

7. For More Details On Health Insurance Policy Or You Can Visit https://www.cocogeneralinsurance.com/health-insurance/ THANK YOU