Importance of Mediclaim and Reasons Why You Must Buy a Mediclaim Policy
Regardless of numerous efforts to stay healthy, health issues continue to stalk people like dark shadows. Sickness and injuries are an unavoidable aspect of life and occur without any warnings. Serious illnesses and accidents can have catastrophic effects on your health and finances. Running around arranging funds, during a medical emergency can be a traumatic experience. Therefore, to minimise the damage caused by such unfortunate afflictions, it is important to be well prepared before danger strikes.
A mediclaim policy is a simple and effective way to overcome the harm caused due to sickness and injuries. The steep inflation in the medical sector has made medical treatments unaffordable for many. If you opt for a mediclaim policy, you don’t have to worry about medical expenses ever again. A mediclaim policy will cover hospitalization and related expenses, if you are admitted to the hospital due to sickness or injury. Many mediclaim policies also cover for emergencies.
Amongst all the forms of insurance, mediclaim is easily the most cost-effective. A mediclaim policy will only cost you a fraction of the total expenses that you might have to incur in case you are hospitalized. Generally, it ranges between 0.5% – 2% of the total anticipated cost. Moreover, a mediclaim policy premium is eligible for tax deductions up to Rs 15,000 per year. So investing a fraction of your income to ensure proper medical care is a wise decision that will prove highly beneficial in the long run.
Reasons to Buy a Mediclaim Policy
Buying a health insurance policy saves you from all worries of health related expenses. Having health insurance is important for several reasons. It covers essential health expenses that are critical to maintaining your health and treating illness and accidents. Certain medical insurance plans also cover preventive medical care such as vaccines, screenings, and some check-ups. It’s often seen that people without health insurance tend to postpone preventive care due to the extra costs involved. However, this only leads to delayed diagnosis and costs you even more overtime.
Buying a health insurance policy is highly cost-efficient while you are young and healthy. As a person ages, the cost of the cover increases because the risks of developing health issues are substantial. The policies offered to the young and healthy individuals are more comprehensive in terms of coverage as compared to the older people. By taking up a medical insurance plan, you can also avail the tax benefits associated with it. A standard health insurance policy provides cover for expenses such as:
• Medical Tests, Doctor Fees
• Cost of ambulance
• Hospital expenses including room charges, surgery charges, diagnostic tests etc.
• Post-hospitalization expenses such as follow up doctor visits, diagnostic tests, medicines etc.