Health Care Insurance – A Good Tax Saving Investment

Medical care is a fundamental right of every individual and it is the duty of every government to take care of the health care needs of its citizens. Keeping this in mind, the Indian government is promoting health care insurance among the masses as it offers tax saving under Section 80 (D) on purchase of health care plan, thus making it a good tax saving investment too. A person can enjoy tax benefit on the premium paid up to Rs 15000 in a financial year. An active role of government in the health care sector has promoted many health care providers to come forward and offer different plans to people as per their requirement and budget. The privatization of managed care has helped millions of people fulfill their responsibilities in their worst time.

Other benefits of health insurance apart from being a good tax saving option

Apart from health insurance being a good tax saving investment has other major benefits too.

  • Cashless Hospitalization: If refers to direct settlement of bills between the health care provider and the hospital if the hospital is on network coverage. The bills are settled up to the extent of sum insured.
  • Critical Illness coverage: If your policy has critical illness rider then you are entitled to receive lump sum money for recovery (if the illness is listed in the list of critical illness in your plan) apart from hospitalization expenses. This helps you meet with ease your other financial liabilities simultaneously with medical expenses.
  • Easy settlement process: If the hospitalization occurs in non-network hospital, the health care provider reimburses the expenses up to the coverage limit on the submission of the listed documents. The settlement process generally does not exceed 60 days from the time of submission of all the documents.
  • Day care hospitalization: Due to technological revolution in health care sector, day care procedures not requiring 24 hrs of hospitalization are also covered.
  • 24*7 assistance by skilled staff: A helpline offering 24*7 assistance is readily available if the insured has any queries related to hospitalization or claim process.

A medical emergency can occur at any point of time leaving an individual emotionally and financially drenched. Your health care policy can help you from getting financially scattered in crisis and further weakening you emotionally. The cashless hospitalization has come as a real boon for people as it is indeed very tough to arrange for a hefty capital in very small span. In India, people generally go in for health insurance as it is a good tax saving investment. However, while purchasing health insurance do not forget the other major benefits and select the plan that fulfills you requirement to the best!