Why medical insurance policy play a vital role in your life

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Medical Insurance Policy
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Why medical insurance policy play a vital role in
your life? Medical price is on the upsurge. From
hospitalization to surgeries or operations, the
cost is rising sky high. Besides, inflation is
the adding fuel to these price increases. The
best way to combat medical emergencies would be
owning medical insurance policy. In todays time,
being without insurance can be more costly, as
well as risky. Not being protected will create a
constant fear of burning big hole in your pockets
if a medical emergency arrives at any point of
time.
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General insurance markets offer hundred of
customized policies to their clients at a fair
cost and beneficial features. They are many
medical insurance policies to choose from but go
through them carefully, to find one which you
feel matches your needs the best.
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In India, individuals who are young feel that
they will never be prone to any ill effect or
sickness. This is why they keep on nagging their
plans to purchase a suitable medical insurance
policy. This reckless attitude can land you in
trouble if you were to fall critically ill or
meet an accident and hospitalized. Imagine the
cost you would have to bear, which can vary from
simple operation to surgeries. For a moment you
will be mentally and physically strained on this.
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Owning a suitable medical insurance policy will
let you cover anything, give you satisfaction and
let you be confident that your needs are taken
care properly. Its a mental peace that you have
sufficient financial back up to cover up your
medical expenses. You rid of the stress you have
to deal with various health care expenses.
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There are various plans like Individual Health
Plan, Family Health Policy Women oriented Plans,
Group Health Plan and Senior Health Policy. The
choice on the type of policy to choose depends
pertaining to your individual, or family or
elderly need etc. And then the policies will also
vary in the coverage and benefits offered. Thus,
an Individual medical policy will insure an
individual from health uncertainty, whereas a
Family health plan will cover self, spouse,
dependent parents and dependent children of the
policy buyer- offering coverage to all family
members.
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Premium paid towards medical insurance for self,
family and parents not only provides financial
help in case of medical emergencies but also
reduces tax liability. The quantum of tax
benefit, however, depends on the age of the
insured person. On the premium paid for self,
spouse, children and parents, the maximum
deduction that can be availed is Rs 25,000 a
year, provided the age of the individual is not
above 60. If the premium paid by an individual is
towards health policy for his or her parent who
is a senior citizen of age 60 or more, the
maximum is capped at Rs 30,000. Thus, a taxpayer
can take maximum tax benefit of around 55,000
under section 80D.
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With the advent of the internet, purchasing your
right medical insurance policy has become as easy
as the touch of the button on your computers,
laptops, i-pads or smartphone. You can compare
the cost of insurance benefits, features,
discounts, premium payment flexibility, a hassle
free claims, etc. Some insurance companies have
come up with mobile apps to manage policy right
from your smartphone. You can buy a policy, pay
premiums, renew them as well as claim the
policies on your phone.
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