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What Are the Benefits of a Comprehensive Health Insurance Plan?

Team AckoApr 27, 2022

Today’s world is powered by money. People all over the globe put great efforts regularly to earn money so that they can lead a fulfilling life. Add to it inflation – prices of goods and services keep increasing and purchasing value of money reduces over time. This makes it necessary to save and invest money and not merely earn and save it. Also, availing the right kind of insurance plays a crucial role. It helps to keep the saved amount secured in case of unfortunate incidents.

Benefits of a Comprehensive Health Insurance Plan

As people are exposed to a variety of health hazards due to sedentary lifestyle, stress, and lack of a balanced diet and exercise; the need to purchase health insurance is paramount. Read ahead to understand a Comprehensive health insurance policy and the benefits associated with it.

What is a Comprehensive Health Insurance Policy?

A Comprehensive health insurance policy offers coverage related to pre, post, and during hospitalization along with other services. It is not just about paying a portion of the hospital bills like Mediclaim, it is much more. It is an individual plan but some insurers might present it as an individual plan plus a family floater plan, which covers both you and your family, leading to ‘comprehensive’ insurance.

Major Comprehensive Health Insurance Benefits:

Listed below are generic health insurance benefits associated with a comprehensive plan. However, the exact benefits of a policy will vary from one insurer to another. Therefore, it is suggested to read the fine print of your policy before purchasing the plan online.

Save the Savings:

People earn money and spend money; it is a continuous cycle. They also tend to save money for a rainy day. Insurance helps to place an umbrella (a cover) over this saved money by lending financial support to the insured person during tough times. This way, the hospital bills and other expenses can be settled with the help of insurance money and the savings will stay safe.

Besides, if you opt for medical insurance plans such as Critical Illness and Personal Accident, you shall receive a lump sum amount during claims settlement. Such medical insurance plans will help to manage expenses in case a health hazard prevents you from working, leading to a loss in income.

Tax Benefit:

You can receive a tax benefit on the premium paid for health insurance. The Income Tax Act has a dedicated section related to this named Section 80D. The health insurance premium can be for an individual or other family members as per terms and conditions. Note that the exact amount that can be received might vary depending upon annual budgetary changes.

Manage Finances:

Insurance will take care of covered health hazards financially and not let you down in an emergency. Thus, with an extensive health insurance policy in hand, you can freely invest your saved amount. This way, your money will not stay static in a savings account but grow if properly invested in fixed deposits, mutual funds and stocks.

Check: 5 Reasons Why Health Insurance Is a Must for the Elderly

Online Health Insurance:

One might find health insurance slightly complicated as compared to other general insurance policies such as vehicle and travel. This is mainly due to technicalities involved in understanding the plan, comparing the available options, and a lot of paperwork. However, all this has changed in today’s digital age thanks to online health insurance.

Digital insurers offer health policies that are simple to understand, easy to compare and require negligible paperwork. You can simply visit the health insurer’s website, go through the policy’s features and benefits, compare plans using aggregator websites, and buy the plan by making an online payment.

Buy extensive health insurance at an early age to enjoy more benefits. Stay healthy, stay insured. 

Also, check: Arogya Sanjeevani Health Insurance

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