How Health Insurance is Used as an investment

How Health Insurance Investment Can Protect your Savings?

With medical inflation in India increasing at the rate of 10-15% annually, any medical emergency can drain your savings. Thus, the primary reason to buy comprehensive health insurance is to safeguard against financial loss and ensure healthcare security for you and your family. Besides covering for medical expenses, buying health policy can give you tax benefits as well.

7 Ways How Health Insurance Investments Can Protect your Savings

A health insurance is an insurance taken by the policyholder to cover the cost of medical expenses at the time of medical emergency by paying a certain amount of premium while buying the health-plan.

Read these seven points to know how health insurance investment can protect your savings.

1.Reimbursement

Under a medical insurance cover, you get the reimbursement for pre and post hospitalization expenses up to the sum insured. You have to submit your medical bills within 30-60 days of hospitalization to get the claim. Claim settlement is a hassle-free process, and you do not need to pay hefty medical bills from your pocket.

2.Cashless Hospitalization

Whenever any medical emergency strikes in your family you can avail cashless hospitalization facility. You should check the list of network hospitals and get admitted to the hospital near to your residence. You do not need to carry lump sum cash in order to start the treatment. You can hospitalize immediately and your expenses will be paid by us directly to the hospital. 

3.Tax Savings

Health insurance also offers tax benefits. Under section 80 D, you get the tax exemption up to Rs. 50,000 on the premium paid for health insurance for self, dependent parents, children, and spouse. You can calculate the premium online with the help of health insurance premium calculator to know the right premium. However, the taxable amount is subjected to your income and age. It also reduces your taxable income, which reflects less tax liability.

4.Cover for Medical Costs

Critical illnesses such as kidney failure, stroke, diabetes, and cancer require on-going medication, treatments, and chemotherapies. Your health insurance policy covers medical costs that occur due to on-going treatments. With critical illness cover, you can ensure to get the most appropriate treatment in the present and even after your retirement. You do not need to spend a single penny on your medical treatment.

5.Annual Health Check-Up

Yearly health check-up and diagnosis cost you so high. Under the health insurance plan, all insured members get annual health check-up. You are entitle to avail tax exemption up to Rs. 5000 for preventive health check-ups. So, you can start with the right treatment at the right time.

6.No Claim Bonus (NCB)

No Claim Bonus (NCB) is a reward that you get under your health insurance policy for not claiming during your policy tenure. It is the bonus amount that gets accumulated to the sum insured for every claim-free year. This is a double bonus you can avail on your health insurance policy. It makes you strong to face any medical emergency in the future.

7.Better Life

Covers like daycare treatments, organ donor, second opinion, and domiciliary hospitalization under a health insurance policy, help you to protect your savings up to a great extent. You are free to use these benefits and keep your hard-earned money for children’s future and peaceful retirement life.

Bottom Line

According to a study, at least one member out of every family living in India is suffering from critical illness. Stressful lifestyles, unhealthy eating habits, no physical exercise, and pollution together causes critical illnesses. Some individuals have the means to pay skyrocketing medical expenses. But for some, it can derail the lives. In this debilitating condition, investment in health insurance acts as a rescuer. Avail a comprehensive health insurance policy offered by Care Health Insurance with maximum coverage at affordable premium. This small investment in health insurance can save you from big financial trouble.

Disclaimer: Plan features, benefits, coverage, and underwriting of claims may vary. Please refer to the brochure, sales prospectus, terms and conditions carefully.