We have learned from the COVID-19 pandemic that any medical emergency can happen at any time. To protect ourselves from any medical emergency, Health Insurance is a must.
All of us are practicing social distancing, taking precautions and measures to protect our health. However, we also need insurance for health. Every family should have health insurance, not just for a pandemic, but also for future medical problems.
“Covid highlighted the uncertainty that life brings, the need for one to assess his risks and make sure they are covered by insurance. The second wave is even more concerning in India. People who had health insurance were able to return to work sooner after the pandemic. Pankaj Verma, Head (underwriting), SBI General Insurance says that there is now a greater awareness about Health Insurance.
Future is unpredictable. Nobody knows what the next 20-30 days will bring. Health insurance is your only hope. Let’s look at the importance of Health Insurance in COVID-19.
Anyone suffering from COVID-19, or any other critical illness can receive treatment instantly with cashless hospitalization. You don’t need to make a cash deposit once you have been admitted to the hospital. Cashless hospitalization is the best option to receive treatment as soon you are admitted.
Pre and Post Medical Expenses:
Your Health Insurance will cover your annual free health checkups. This includes all the basic tests such as blood sugar, Urine and Cholesterol. This is why all insurance companies should take advantage of this offer. Annual checkups are a great way to be aware of any illness or injury that may occur in the near future. A comprehensive and adequate Health Insurance policy is essential if you want to be prepared for any unforeseen situations.
“Ideally, one should be able to understand all aspects of a plan, including coverage, sum insured, and coverage. Choose the best one for them and their family. If they are new buyers looking for an easy product they can choose Arogya Sanjeevani, a product that is very straightforward. They can also make changes to their insurance plan as they need them. Verma adds that it is a smart decision to have a top up health insurance, which costs a small premium.
Income tax Benefit Under Section 80D:
The best thing about health insurance is that it provides free hospitalizations and health checkups. You can get tax exemption up to Rs 60,000. It depends on your age and the age of your parents. You can also reduce your taxable income by purchasing group health insurance.
High ICU and other treatment charges:
Many people have suffered major health problems due to COVID-19. This led to them needing ventilator support during intensive care. People with high levels of infection need proper hospital treatment. Private hospitals charge too much for this treatment. In most Tier-1 and Tier-2 cities, the current hospital COVID costs are around 10 lakhs. In case of an emergency, it is important to have health insurance.
Few more points to keep in mind:
You can have peace of mind knowing that you have health insurance. You don’t have to rely on others for financial support in the event of a medical emergency. You have enough health insurance to cover you in difficult times.
This reduces the chance of losing all your savings. You can also claim the money as insurance.
Get all your money back, without having to spend a penny.
Many health insurance policies also provide government AYUSH treatment for patients. This allows patients to get affordable health insurance benefits.
Indians need to realize that their employer’s health insurance coverage is not sufficient. Group policies are often offered by employers with minimal benefits. This can lead to costly medical bills and other serious health issues. It is essential to have adequate insurance coverage,” Rakesh Jain (ED & CEO), Reliance General Insurance.
Health is wealth, and you cannot be wealthy if your health is not protected. Get good insurance that covers most critical illnesses and other treatments to protect your life and those of your family members.