Save your wealth with a health insurance plan

Having health insurance will bring a peace of mind as you will be protected against unpredictable hospital expenses. Your hard-earned money can be used for other financial goals. In addition, you’ll get routine health check-ups and timely preventive care which will ensure your wellbeing.

Reduce Out of Pocket Expenses on Healthcare

According to the Insurance Regulatory and Development Authority of India (IRDAI), out of pocket medical expenses makeup for about 62% of all medical costs in India. This is extremely high, and it often leads to impoverishment of patients.

Health insurance providers generally offer cashless transactions across a network of medical facilities or reimbursement for non-network hospitals. This facility is great for patients as they do not incur expenses, freeing them up from unnecessary mental burden and enabling them to safeguard their wealth.

Additional Read: Health Insurance Plans Available In India

Save on Income Tax with Health Insurance

A comprehensive health insurance policy can safeguard your wealth further by reducing your taxable income. Section 80(D) of the Income Tax Act, 1961 allows deduction from your taxable income towards paying the health insurance premium. You can claim a deduction of up to Rs.55,00 from your taxable income for paying health insurance premiums for yourself, your family, and your dependent parents.

Thus, with a health insurance plan for you and your family, you can secure your wealth against emergency medical expenses and use the funds to establish your long-term goals.