Due to rising medical inflation, advancing lifestyles, and the growing number of life-threatening illnesses, buying medical insurance is the first step towards financial planning. It can provide you with financial coverage for the medical expenses and hospitalization charges incurred during an emergency.
Having the right medical insurance policy in place before you turn 40 can shield you against financial burdens in the future and lower your medical expenses. Let’s understand what this policy is, why you need it, and the benefits it provides.
What is Medical Insurance?
Medical insurance is a contract where an insurance company offers medical coverage to the insured person for a premium amount. The policy is valid for a certain period and offers a pre-determined coverage, also known as the sum insured.
A medical insurance policy may cover expenses incurred on hospitalization, ambulance, surgeries, day-care treatments, etc. The plan may either reimburse the medical bills or offer cashless treatment.
Why Do You Need It?
Medical inflation is always on the rise, making medical treatments expensive. Getting hospitalized due to a critical illness can drain your life savings. A medical insurance policy can help you get quality treatments during emergencies.
Here are some of the reasons why you need to buy medical insurance before you turn 40:-
- Beat Medical Inflation
The right medical insurance policy can help you pay your medical bills and hospitalization charges. It will cover your bill today as well as in the future, helping you beat medical inflation.
- Fight Lifestyle Diseases
It can help you pay for long-term lifestyle illnesses such as cancer, heart ailments, stroke, etc. You will get financial protection against these rising lifestyle diseases.
- Protect Your Savings
It can help you protect your hard-earned savings from ever-rising medical inflation and provide you with quality healthcare treatment without any financial worries.
- Peace of Mind
Medical emergencies can be stressful both emotionally and financially. Medical insurance can give you peace of mind in such situations.
7 Benefits of Buying Medical Insurance Before You Turn 40
It is advisable to cover yourself with medical insurance at an early age. Therefore, it can be in your best interest to buy medical insurance before turning 40. Medical insurance comes with extensive benefits. Here are some of the 7 key benefits of buying medical insurance:-
- Pre-and Post-Hospitalization Expenses
This policy covers all expenses incurred on illnesses before hospitalization and the expenses incurred on the treatments after getting discharged.
- Cashless Treatments
You can avail of cashless treatments at the network hospitals of the insurance companies. With this facility, you do not have to worry about arranging money during a medical emergency.
- Day-care Treatments
It also offers a certain number the day-care treatments as per the plan. These are the treatments that require hospitalization for less than 24 hours.
- Pre-existing Diseases
A medical insurance policy also covers any pre-existing illnesses you have. Usually, there is a waiting period of 2 to 4 years for these diseases.
- Medical Check-Ups
Most insurance companies offer free medical check-ups on a regular basis. It may depend on the terms and conditions of the policy.
- Ambulance Cover
The medical insurance policy may cover all the ambulance services availed by the patient to reach the hospital.
- Tax Benefits
You can avail of tax deductions on the premiums paid for the medical insurance under section 80D of the Income Tax Act of India.
While buying medical insurance, you must go through the policy documents carefully. Look out for the inclusions, exclusion, sum insured, and the waiting period. With so many options available, finding the one that offers you maximum returns as per your needs can be difficult. You can buy medical insurance from a trusted brand like Care Health Insurance. They offer this policy with affordable premiums, comprehensive coverage and extensive benefits.
Meg is an author at Cinnamon Hollow. She writes on a variety of topics sharing tips and ideas for daily life.