As Medical Expenses ever rising, along with toxic lifestyle most of the people sporting, and also ever increasing pollution level adds up pressure on the general Health. resulting in a sudden hospitalisation or brief stay in the hospital for the major treatments or surgeries. which turns into another nightmare, due to hefty treatment costs.
This adds to the stress of arranging funds, which was unexpected and can make a complete drain on your savings as a whole, shifting focus from your or your loved ones' health to a financial crunch.
The solution to this problem is to have a health insurance from the right insurer.
1) Dealing with an emergency health crisis: If you or someone in your family has incurred a health emergency, getting emergency hospitalisation and high quality healthcare services is most needed. If you have a health policy from the best insurer, you are only required to focus on your own or your family members' health recovery. Rest assured that your health insurer will take care of everything, right from the ambulance ( road or air), hospital cost, medicine cost, ventilator, and anesthesia, whichever is required for the treatment. In this scenario, you can relax and stop bothering for monetary reasons rather than health recovery.
2) Safeguard for your personal finances: I have seen many families suffer medical emergencies for which they had to pay, no matter whether they had the necessary funds or not. Once they begin treatment, the hospital issues them hefty bills, which drain out their entire savings, or sometimes they have to take a loan from their bank or relatives to pay the bill. In some big cases, they had to sell off their property just to pay medical expenses.
To avoid such circumstances, you should have health insurance for your entire family, but not with an insufficient cover of 5-10 lakhs; I recommend that you have a total family coverage of 50 lakhs. which will not let you in such a helpless situation in your already trying times.
3) Tax benefit: Under Section 80D of the Income Tax Act of 1961, a tax waiver is available on premiums for health insurance.
There are many good health insurance providers available with good service ratings.
* Star Health Insurance
* Aditya Birla Health Insurance
* ICICI Lombard Health Insurance
* Reliance Health Insurance
* Bajaj Allainz Health Insurance
* Niva Bupa Health Insurance
* Care Health Insurance
For example, you can get 5 lakhs of coverage for as little as INR 300 per month.
Senior Citizen Health Insurance:
Senior citizens, who are elderly people, are very prone to getting exposed to illness, lifestyle diseases as their age increases. Hence, health coverage policies for them are a bit expensive compared to regular policies. Generally, people between the ages of 56 and 80 Years are covered under senior citizen health insurance.
Cheapest health insurance for senior citizens in India:
* Star Health Red Carpet
* National Insurance: Varishtha Mediclaim
* Bajaj Allianz Silver Health
* Oriental Insurance Hope
* New Indian Assurance Health Insurance.
Checklist for choosing the right senior citizens' health policies:
* Coverage of a sufficient amount : First, just analyse your family's medical history and your own budget. But it is always suggested to go for bigger coverage so that expenses in big medical emergencies can be covered without hurting your financial health.
* Lowest waiting period:
This is also an important aspect to consider when choosing a policy for senior citizens.
Senior Citizens often have pre existing ailments, but insurance providers do not cover those expenses until after a certain waiting period.
You should do your own research online, there are many good portals that allow you to compare different companies' health insurance policies to choose from.
You should choose a policy wisely that gives the lowest waiting period for pre existing ailments.
*Network Coverage:
This is also an important aspect, as your insurance providers should have a good network of hospitals with the best healthcare facilities right near your residence, native place, or most probable travel destinations. You should check network hospitals' details and their ratings before zeroing in on a policy.
Health insurance is the best gift you can give yourself or your loved ones. Choose wisely, to protect your and your loved ones' health and your financial health as well.
After all, health is wealth.
Read Also: http://financial-planet.blogspot.com/2023/01/start-personal-finance-planning-right.html
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