As the cost of medical expenses continues to increase, the need for health insurance is also becoming a top priority. In fact, its importance is undisputed because it does provide a lot of benefits to you and your family by covering certain aspects of medical care as well as any other expenses that can otherwise eat up your savings.
Read this entry as we are going to tackle the value of health insurance in today’s world.
Health Insurance Defined
Health insurance is a kind of insurance policy/coverage/plan that protects the insured person from any payments regarding medical treatment.
Basically, the plan holder can claim a full or partial coverage depending on the policy he availed.
And in turn, the insurance company will reimburse any incurring medical, surgical, and even dental expenses spent by the insured person to protect them from financial loss due to unexpected health-related issues.
Why Do You Need To Be Covered With Health Insurance?
The value of health insurance is of course, to provide coverage from medical care.
And this is becoming a necessity as the cost of getting medical treatment is expensive, especially if you are admitted to a private medical facility.
Hospitalization can derail your finances, and it’s even worse if the person who is earning is one in the hospital bed.
And it’s not just about being confined at the hospital as dental and other medical care is not at all cheap.
So here are some reasons to consider why you need to be covered with health insurance:
Coverage for pre and post hospitalization – Most health insurance policies cover up 60 days of hospitalization charges before and after having medical care. The coverage may vary depending on the premium purchased, but what’s important is that you are covered from any expenses that you spend at the hospital (at least, the majority of it).
Protect your savings – Health insurance plans protects your savings from depleting due to medical treatments. Medical emergencies are unexpected, and if something happens that might affect your health, you are obliged to spend on treatment just to get better again. So having health insurance protects you from these situations and prevents you from facing financial trouble.
No Claim Bonus – This stands for “No Claim Bonus”, which is a type of reward that an insurer can receive if he does not file for claim in a policy for a year. To be specific, the insured person will get a discount once he renews his policy for the next year, and making the cost of medical care more affordable as a result.
Free health checkups – More often than not, insurance companies also cover free medical checkup options so that people who require regular checkups and those who frequently get sick won’t have to worry about pay during their visits to their resident doctors.
Tax benefit – And finally, health insurance premiums are tax-deductible under sec. 80D of the law on income tax or Income Tax Act. So basically, the tax for getting medical care is also covered by your plan so you won’t have to shoulder this obligation.
Final Word
Overall, the value of health insurance is mainly for the protection it brings to the insured to you in times of unexpected medical emergencies and to save you from any financial problems due to medical expenditures.
Visit TCE Insurance today and see how they can help you get health insurance for yourself and your family.
