There has been a significant rise in the number of medical conditions across the globe. Many of these medical conditions require thorough medical treatments that cost large amounts. This is why it is important for individuals to have health insurance. What is a health insurance? A health insurance is an insurance that pays for an individual’s health and medical expenses. Health insurance usually covers a portion, or the whole cost of routine checkups, emergency care, and the treatments of certain chronic illnesses. Health insurances usually work by the insurance provider charging their customers a monthly premium amount, and the company will agree to pay for the customer’s medical costs, according to the policies. Find good insurance by looking for high annual coverage insurance policy Malaysia.
There are benefits and advantages to almost everything. This includes having a health insurance. Some of the advantages of health insurance are coverage against medical expenses, coverage against critical illnesses, cashless claim benefits, additional protection over and above employer’s cover and tax benefits. First and foremost, health insurance is coverage against medical expenses. After all, the primary objective of medical insurance is to receive the best medical care by avoiding pressure on your finances. These insurance plans offer protection against high medical costs. Most health insurances cover the expenses of hospitalization, childs’ daycare procedures, home care, ambulance, and certain other things.
The second benefit is coverage against critical illnesses. Some insurance providers may offer critical illness insurance as a free-standing plan or as a rider to their customers. Common critical illnesses most insurance plans cover are cancer, stroke and certain transplants. According to your insurance policy, if diagnosed with the stated critical illness, you are entitled to receive a lump sum amount.
Third, most insurers offer a cashless claim facility. Due to this arrangement, you are not required to make any out of pocket payments as the hospitalization expenses are settled by your insurer, with the hospital. Fourth, health insurance is additional protection over and above your employer’s cover. Employers provide a group insurance plan that may not cater to all the needs of each individual. To add on, if you lose a job, it could leave you uninsured if you do not have health insurance. That’s why, in order to protect yourself against such an event, purchase a health cover individually.
Last but not least, health care plans provide tax benefits. Certain premiums paid for your health care policy is eligible for tax deductions under Section 80D of the Income Tax Act, 1961. Under this section, an individual can claim a deduction for the expense incurred towards preventive health checkups for self, dependent children, parents, spouse and health insurance premiums. For more information, click here.