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5 Things You Should Remember When You Buy Medical Insurance

There is no right or wrong time to buy medical insurance. You should get your health and finances secured whenever you want with the help of medical insurance. When you buy medical insurance that covers ­your expenses when any unfortunate event occurs, you can go through an expensive surgery or treatment of any terminal or chronic illness without tremendous financial burden.

Moreover, considering the current scenario, where the cost of medical facilities has experienced a massive boom due to the coronavirus pandemic, it has become essential to have health insurance coverage in case of any medical emergency. Not only are we fighting against Covid-19, but also several lifestyle disorders that are emerging due to it. If you have not yet got yourself or your family insured, now would be a good time to buy medical insurance.

A health care plan is supposed to cover your bills and expenses that occurred during the entire procedure of the treatment. But before buying medical insurance, you must thoroughly go through the terms and conditions mentioned under the policy along with the inclusions and the exclusions. Knowing about many other benefits and features before you decide to buy medical insurance will help you make the right decision.

To help you make a better choice, here are five things that you should remember when you buy medical insurance:

1. Comprehensive Coverage of Hospitalization Charges

The primary reason why you must buy medical insurance is that it covers hospitalization charges like room rent, medical bills along with the ambulance costs and other expenses incurred during or after the treatment. In addition, health insurance policies provide you with the facility to get the best quality treatment at reputable hospitals and treatment centres efficiently without causing you financial trouble. Hence, it would be best to buy medical insurance only after conducting extensive research about its terms and conditions.

2. Avail the Tax Benefits

As stated under section 80 D of the Income Tax Act 1961, the policyholder can get certain tax benefits when he pays regular premiums on the sum insured. You can avail of a deduction ranging from Rs.25,000 to Rs.50,00o, depending on the premiums you pay during a year. Also, you can get a tax relaxation of up to Rs. 50,000 if you buy medical insurance for your parents and pay its premium amount as well.

3. Get Plans with Lifetime Renewability

You might come across some health insurance plans with an age limit, and you can only avail of their benefits until a particular age. Unfortunately, once the age limit is reached, you won’t be able to get the same policy renewed; instead, you will have to get a new one.

As a policy buyer, it would be in your best interest to buy medical insurance with lifetime renewability that provides you full coverage and can be renewed at any age. Nevertheless, make sure you carefully go through all the terms and conditions mentioned under the policy’s renewability criteria. 

4. Calculate your Premiums Beforehand

It is advisable to calculate your premiums beforehand, to get an estimate of how much will a particular policy cost you. Then, you can buy medical insurance according to your financial capacity and have your future secured without adding more to your financial obligations. 

5. Free Health Check-Ups

Get free and regular health check-ups at the nearest network hospital of the policy that you purchase. These annual check-ups diagnose and provide coverage for the treatment of any critical or chronic illness that has been detected. 

It is necessary to do some research before you go ahead and invest in medical insurance. Thus, choose reliable and trusted insurance companies like Care Health Insurance that provides you with comprehensive coverage at affordable premium rates along with very prompt customer services.

The bottom line is that your responsibility to safeguard your future isn’t limited to buying medical insurance but is extended towards understanding and benefiting from it in the best possible way.

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