How Can Health Insurance Save Your Money?

Whether you are going for a doctor’s visit, buying prescription drugs or a family member needs hospitalization, health care can be extremely expensive an individual without a health cover plan.

Getting adequate and timely insurance has immense importance in today’s times where there is a rise in the number of accidents, diseases and critical medical illnesses.

However, many consumers think that insurance is an added expense that they would like to escape. The reality though, is that insurance is one of the best ways to save your money and secure your future.

The following are some simple ways you can save your money with health insurance:

Protection From Escalating Medical Bills - A critical illness or a medical emergency can strike at any time, causing a huge impact in an emotional as well as financial manner. While an insurance cannot really tackle the emotional burden, it can considerably reduce the financial one. The insurance company will pay a huge portion of the medical expenses, as per your policy costs, thus saving you from the trauma of arranging funds for the right treatments. Most individuals cannot afford the growing medical costs on their own and thus, insurance can help you save a lot of money in case of any major illness or hospitalization.

Tax Benefits - You can also save tax by buying an insurance policy. An insurance premium up to 20,000 (for senior citizens) and up to 15,000 (for other consumers) is eligible for a tax benefit. Thus, insurance can become a tax saving investment for the future as well. If you are paying Rs. 15,000 premium for yourself and Rs.20,000 premium for a parent, you can avail tax benefits of Rs. 35,000.

Preventive Care and Prescription Drugs - A lot of health insurance plans offer free or cost-effective preventive care that helps you stay healthy and diagnose any health problem at an early stage. This gives you a benefit of saving the extra costs that may be involved in dealing with a critical illness at a later stage. Many plans also cover for prescription drugs, saving a lot of money involved in medication. It pays to know your policy and coverage inside out to get the most benefits from your plan. This will help you save the extra medical costs and you will be well-covered with most of your health care expenses.

While there is no alternate to staying healthy and taking good care of yourself, a health insurance is a safety net that protects you in case of any sudden health problems. With the right plan and timely insurance, you can save a lot of money as well in your healthcare expenses.