Handling your medical expenses without a health insurance policy can be like walking on a tightrope without a safety net. Inflation has made the cost of healthcare soar, creating unexpected strain and worries. Without an adequate health insurance policy, especially critical illness insurance, being financially prepared can be difficult.
Getting the best health insurance plans from a trusted name can offer peace during unexpected medical expenses.
In this article, let us look into how getting medical insurance is an excellent alternative to dealing with your medical expenses.
What is a Mediclaim Insurance Policy?
A mediclaim insurance policy is a health insurance plan that provides financial protection against health-related expenses. The health insurance mediclaim policy helps you beat the inflation cost of medical expenses while providing a range of protection and benefits depending on your requirements.
Why Health Insurance is the Best Option During Medical Emergencies
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Financial Protection
The core benefit of mediclaim health insurance is that it offers economic protection during medical emergencies. The cost of medical expenses is increasing day by day, but with mediclaim insurance, the financial strain arising from such situations becomes manageable. All you have to ensure is to buy adequate health insurance to keep your and your family’s health protected and secure.
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Hospitalisation Cost Gets Covered
With mediclaim health insurance, your hospitalisation expenses get covered. It means expenses incurred when you get admitted to the hospital due to some illness, accident or any other alternative treatment covered under your policy. These expenses generally include the cost of the room, ICU cost, daycare expenses, any kind of domiciliary treatment, etc.
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Pre and Post Hospitalisation Coverage
A number of expenses are incurred for treatment before and after admission to the hospital. These may include different types of diagnostic tests, transportation costs, medical expenses, follow-up visits, consultations, specialistic costs, etc. Most health insurance providers cover all such expenses 15-60 days before or after the treatment.
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Income Tax Benefits
When you buy mediclaim health insurance, you get to claim a deduction of premium paid under 80D of the Income Tax Act 1961. The amazing part is that this deduction is over and above the 1.5 lakhs deduction you will be claiming under 80C. The following table reveals the deduction you can claim under 80D of the Income Tax Act 1961-
| Particulars | Details |
| Premium for health insurance (any mode except cash) | Then, you can claim up to ₹25,000 for yourself, spouse, dependent children, or dependent parents.
A further deduction of up to ₹50,000 is allowed if parents are 60 years and above. Senior citizens can opt for specially curated health insurance for senior citizens. |
| Expenses on preventive health checkups (payment in cash is allowed) | You can claim up to ₹5,000 for yourself, spouse, dependent parents and children. |
| Medical expenses | Senior citizens (aged 60 years or above) with no health insurance can claim a deduction of up to ₹50,000 on medical expenditure, as defined by the Income Tax Act.. |
| Contribution to Central Government Health Scheme | One can claim a tax deduction of up to ₹25,000 for contributions to such schemes.
Note: Contributions on behalf of parents are not eligible for this deduction |
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Day Care Surgeries
Some surgeries, such as kidney stone laser surgery, do not require long-term hospitalisation or recovery. Therefore, such surgery, in which the patient can go home after 24 hours, and minor, simple procedures are also covered.
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Complimentary Check-Ups
Some health insurance policies allow complimentary health checkups, such as dentist checkups, for individuals with particular health conditions. However, this coverage may vary from one provider to another.
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Benefit of No Claim Bonus
When an individual does not claim health insurance for a particular year or consecutive year(depending upon the provider), the insurance company rewards such an individual with a no-claim bonus. This reward can be in the form of a discount at the time of renewal or additional coverage without any additional premium cost.
General Aspect Covered in Mediclaim Health Insurance
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Expenses When Hospitalised
Some of the expenses included in the mediclaim insurance policy are-
- Your room and food at the hospital.
- Nursing care.
- Fees for doctors, surgeons, and specialists.
- Costs for anaesthesia, medicines, X-rays, and more.
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Before Hospitalisation
Some insurance providers cover medical expenses up to 30 days before going to the hospital, including expenses for a condition for which you were hospitalised.
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After Hospitalisation
Some insurance providers cover medical expenses for up to 60 days after discharge from the hospital for expenses for a condition covered under the policy.
Note: The insurance provider will not pay more than the sum insured per person mentioned in your policy for all claims during your insurance period.
Conclusion
Health Insurance is the perfect modern-day alternative for settling medical expenses. The cost of medical expenses is skyrocketing daily, so buying health insurance is a great relief, especially during medical emergencies.
There are several other benefits of buying health insurance, such as a no-claim bonus, tax relief, different types of coverage, etc. The best part is that you can customise it depending on the type of coverage you want.