6 reasons why you need to get a medical insurance


21 Jul 2023

Read about 6 reasons why you need to get a medical insurance. For more information, check out the health insurance policy from Kotak General Insurance.

Medical insurance is becoming an essential component of every household. With health care costs continuously increasing, more and more people are finding it more beneficial to have this service as they know they will get help in case of a medical emergency. However, if you're unsure about mediclaim plans and if it's suitable for your family — here are some of their benefits.

Why should you get a medical insurance policy?

1) To deal with increasing healthcare costs.

As technology advances, the cost of medical treatments grows. It might be costly to your bank account. If you have medical insurance, you won't have to worry about inflation rates.

2) Fighting lifestyle disorders.

Lifestyle disorders are common among persons under the age of 45. These are caused mainly by stress, urbanisation, sedentary lifestyles, device addiction, lousy eating habits, etc. And treating chronic conditions, including cardiovascular diseases, respiratory problems, or obesity, can be costly. As a result, investing in medical insurance plans that include routine medical examinations to deal with these disorders becomes critical.

3) To get tax advantages.

You can claim tax breaks on health insurance premiums paid under Income Tax Act Section 80D. Policyholders under the age limit of 60 can receive an INR 25,000 reduction if the paid premium covers themselves, their kids, or their spouse. You can also get an INR 50,000 tax break if you buy the coverage for yourself or your parents if they are 60 or older.

4) To safeguard your household.

Good mediclaim insurance coverage covers both you and your household. This eliminates the need to purchase separate insurance policies for additional members, such as dependent children or dependent parent(s).

5) To preserve your savings.

In addition to stress and psychological sickness, coping with health disorders incurs several costs. However, if you have a dependable health insurance policy, you may better control your healthcare costs while keeping your funds intact. This might be accomplished by utilising cashless or reimbursed therapies.

6) Multiple coverage advantages.

Mediclaim insurance plans will cover you for various healthcare bills such as in-patient hospitalisation expenses, pre-hospitalisation expenses, post-hospitalisation expenses, ambulance charges, childcare expenses, domiciliary hospitalisation, and so on.

The bottom line

It is essential that you protect yourself and your family's health. Choosing good medical insurance plans can relieve stress from your life. The right insurance plan can relieve stress from your life. Knowing that reputable hospitals will accept your insurance gives you peace of mind.

Learn more about the importance of health insurance

Team Kotak GIC

The content of this blog has been created and carefully reviewed by the esteemed team at Kotak General Insurance, with the sole purpose of providing valuable guidance and sharing insights on the importance of general insurance. Our objective is to assist users in making informed decisions when purchasing or renewing insurance policies for their cars, bikes, and health. Our expertly curated information aims to empower our readers with the knowledge they need to protect their valuable assets and financial interests.