Know Why You Should Have A Health Insurance Policy During COVID-19 Outbreak
Published On Apr 07, 2022 10:00 AM By InsuranceDekho
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Covid-19 pandemic has been difficult in various aspects. It has made individuals realise the significance of health and taught people how to take sound care of their health and the well-being of their loved ones. Since India is one of the top countries that has been worst hit by the pandemic, the health insurance sector has witnessed a huge surge due to increased demand. Individuals have now started getting worried about the repercussions of a medical emergency on their wallet, and this is the reason why they are spending to buy comprehensive health insurance.
6 Benefits of Buying a Health Insurance during COVID-19
With more than three lakh active cases in India alone, being protected is the biggest concern. Health insurance works as a financial cushion that safeguards you and your family at the time of a medical crisis.
Mentioned below are a few points that state why you must opt for a health insurance policy during Covid times.
1. Provides Comprehensive Coverage
Medical emergencies always arrive unannounced, and this is the reason why people opt for health insurance. Opting for a health insurance plan safeguards your family during difficult times, and it further presents a comprehensive coverage against all prominent bodily diseases.
In addition to this, another reason why people must take health insurance during these times is that health insurance can also provide extensive coverage against Coronavirus and reduce your hospital expenses to a great extent.
2. Rising Medical Expenses
The rise in medical expenses is one of the reasons why more and more people are opting for health insurance policies during the Covid times. The increased demand for medical treatments led to a rise in the price of healthcare facilities, and hence to curtail their medical expenses, people are opting for a cashless health insurance policy.
3. Lifetime Protection
Looking at the present situation, people are opting for a health insurance policy that provides them with lifetime coverage.
While earlier the coverage cap placed by insurance providers was 70 to 80 years, many insurance policy providers these days present medical insurance for lifelong protection. Therefore, if you do not already have one, you must readily opt for a health insurance policy during Covid.
4. Provides Various Tax Benefits
Purchasing a health insurance policy also has tax advantages. All the premiums paid for a health insurance policy are exempted and considered for tax deductions under section 80D of the Income Tax Act, 1971.
Hence, you can get the benefit of a tax write-off when you spend the health insurance premium for yourself and even either for your parents, spouse or kids.
5. Extra Rider Advantages
Another benefit of getting health insurance is that you can easily get extra rider benefits to your existing medical policy. These extra rider benefits can be the inclusion of coverage in case you get infected by the Coronavirus, and it will cover all your medical expenses in this emergency.
In addition to this, these rider benefits are provided by almost every insurance provider, and they can easily be added to your policy with a minimum additional premium amount.
6. Emergency Coverage
During these challenging times, there is often a need for urgent hospitalisation because of oxygen levels dropping abruptly. This is a major problem in semi-urban and rural areas where routine transportation at irregular times might be hard. Hence getting medical insurance during the covid can be a life saviour for you and your family.
After looking at all the points mentioned above, it can be easily inferred that the requirement of health insurance has increased tremendously during the pandemic. Health insurance plans are growing essential in this age of disease-prone people and costly medical treatments.
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