Medical Insurance
Medical Insurance
It is a common terminology used to indicate health insurance plans. Once the person is associated with us with our health insurance plan which comes with affordable premium rates, he/does not have to worry about the finances in case of medical emergency. He has to worry about is how fast the recovery to happen
Why a person needs medical insurance
Insuring oneself and his family will not only help him financially stable against an unforeseen event such as accident or illness, but it will also take care of his day-to-day medical expenses.
The myth is that people also think that if they are insured under a group health insurance plan from their employer, they don’t need a separate health insurance plan. These people are wrong, as the health insurance offered by their employer will only cover them until they are associated in the organization. When they leave the organisation for any reason, the medical cover ceases. People should understand that once he is retired or have to change the job, he won’t be covered.
It is also advisable to buy health insurance as early as possible. People should know that with age, the risk of contracting a disease increases, which leads to increase in premium rates. In some cases, possibility of getting the health insurance cover may also be rejected due to adverse health conditions. To avoid this, it is suggested to opt for a health plan when a person is healthy and young age.
Medical Insurance and its role during Covid 19 Outbreak
The Insurance Regulatory and Development Authority of India (IRDAI) has mandated that all general and health insurance companies offer Covid cover in their existing health policies. A IRDAI has also recently issued guidelines with specific reference to the Covid-19 health insurance policies. This plan, called Corona Kavach for individual and family-specific needs, has been offered to health insurance firms. The IRDAI had earlier advised all insurance firms to accept any claims with respect to covid-19 expenses.
During this Covid-19 (coronavirus) pandemic, it is highly recommended to have health insurance as it will provide cover against all medical expenses that are needed to get the required treatment. In case, one gets infected by a virus, then there will be several hospitalization charges for the treatment. A medical policy will take care of check-ups, consultation costs, and pre and post-hospitalization charges and the policyholder can focus on recovery peacefully.
Under section 80 D of Income Tax Act, 1961, one can get tax benefits of up to Rs 1,00,000/- (if he buys the plan for himself and his family members or his parents, who are more than 60 years old) on the premium paid towards the medical insurance / health plan. Please contact for further details on Tax Rates.
