Health procurement has been a major cause of concern and area of research for every civilization of the past and of the modern world. The evolution of medicines and courses of treatment is very diverse and dramatic. So much money and effort is being spent on research to find cure of diseases every year. So many medical schools are dedicatedly working to bring out quality medical professionals to solve health issues. With continued efforts and resources we have sufficient know how and infrastructure to cure or control many diseases and thus saving many lives or improving life quality in the process.
But can the common man avail this treatment? Availing medical treatment can be a big financial pain. Many in a country like India die or worsen their health condition because they don’t take the required treatment or delay the treatment because of affordability issues. That is why health insurance is very important. Health insurance saves you in your most critical times. It acts as an alternative source of financing your hospital bills (including medicine bills of one month prior to hospitalization and three months post hospitalization).
Even though medical emergencies do not happen frequently to most people one cannot afford to not have health insurance. With rising medical costs one would be exposing oneself to high amount of risk if not well equipped with insurance. Generally the attitude of young people towards health insurance is very lax. Most people ignore when they are told the importance of having health insurance. Some still treat it as an avoidable expense or a luxury. They realize its value when they see some of their relative or friend in that situation where they need health insurance the most.
Health emergencies come uninvited; they can come in the form of a sudden road accident or heart attack. Immediately, a good amount of money has to be arranged to get the patient required treatment. Sometimes, the bill reaches in lacs. That kind of money is not available so readily for most of us. It is high time we understand the value of having health insurance cover for our family. With affordable premiums if we can get protection then why shouldn’t we go for it?
Health insurance policies have many tax benefits also, under section 80D of the Income Tax Act, 1961, the premium paid is deductible from the total taxable income upto Rs.15000 for self, spouse and minor child. If individual or spouse is more than 60 years old the deduction available is Rs 20,000. An additional deduction for insurance of parents (father or mother or both) is available to the extent of Rs. 15,000/- if less than 60 years old and Rs 20,000 if parents are more than 60 years old.
When buying health insurance one needs to carefully study the policy. There are some clauses that need special attention, for example, whether the insurer is providing reimbursement of the full room rent of the hospital or upto some limit. Some insurers have a clause like the room rent is paid upto 15% of the total sum insured, over and above it is paid by the policyholder. These technicalities can be discussed with a professional. Also if one compares the insurance plans online on the sites of insurance comparison portals, these points are highlighted in the best interest of the customer. Thus, plan and stay happy. Insurance not only gives us financial aid when needed it also gives us peace.