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Health insurance is the insurance which protects from any health emergencies & incurred hospitalization expenses. In this busy and hectic life everybody should have a health insurance policy which can be very useful in emergencies. Health insurance also known as mediclaim policy means medical policy which have the same meaning.

Why Mediclaim policy needed?

• Every human suffers from some illness or injury in lifetime.
• Emergencies or illness can come anytime without giving any warning.
• There are no good facilities in government hospitals whereas private hospitals are too expensive.
• Doctor’s fees, diagnostic charges as well as the medicines value are too expensive. Health is wealth.
• Please Take care of your estate planning needs
• Look at other retirement saving/investment vehicles

When should we take mediclaim policy? Young age, yes this is the right reply for this question because the premium tends to increases with the age and insurance companies gives “no claim bonus” for every year in which no claim is taken against insurance policy. Also this policy also comes with tax benefit of 80D of income tax.

Benefits of having a Health insurance Policy

• 1. Cashless Treatment: If you are insured, you can get cashless treatments as your insurance company would work in collaboration with various hospital networks.
• 2. Pre and post hospitalization cost coverage: Insurance policy also covers pre and post hospitalization charges up to the period of 60 days, depending on the insurance plans purchased.
• 3. Transportation Charges: Insurance policy also covers the amount paid to ambulance towards the transportation of insured.
• 4. No Claim Bonus (NCB): This is the bonus element which is paid to the insured if the insured does not file a claim for any treatment in the previous year.
• 5. Medical Checkup: Insurance policy also provide options for health checkups. Free health checkup is also provided by some insurers based on your previous NCBs.
• 6. Room Rent: Insurance policy also covers room expenses depending on the premium being paid by the insured.
• 7. Tax Benefit: Premium paid on Health insurance is tax deductible under section 80D of the Income Tax Act.