What are the benefits of taking a Health Insurance policy?
The immediate benefit of taking up a Health Insurance policy is the Tax benefit that you can enjoy under section 80 D of the Income Tax Act.
Do not worry if you do not have adequate money to pay for sudden hospitalization or surgery. Your health insurance policy offers a cashless hospitalization facility. This facility is a great help since one doesn't have to run around in the middle of the night to collect cash for paying up large deposits prior to admission.
If a person gets hospitalized all his medical expenses 30 days prior to hospitalization and 60 days post hospitalization will be covered. This includes nursing expenses, diagnostic and medical expenses, surgery, anesthesia cost, doctor's expense, specialist fees, scanning, x-ray, ambulance expense, oxygen, operation theatre expenses, cost of surgical appliances, room expenditure, day care expense and similar expenses.
There are few treatments which due to technological advancement are done as an outpatient, that is, you need not have prolonged hospitalization. These treatments are also covered under health insurance.
If you are a non-claimant don't think that your money is wasted. In fact, a Health Insurance policy is most advantageous to you when you do not claim for the first few years and stay insured continuously. You will not only enjoy the Income tax benefits under Section 80D of the IT Act, but also your sum insured gets increased without paying any extra premium by way of cumulative bonus. Also, you will get covered for medical conditions diagnosed over the years. Since accidents, natural disasters and sudden loss of health can happen to anyone, it makes sense to stay insured in spite of not claiming in any given year or for a series of years.
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