Health Cover Zaroori Hai


When we have uninvited guests at home, everything goes for a toss, we cannot say no, but now comes the stress on money spent & mental peace.
Medical emergency is like above, always comes uninvited, and by far becomes the toughest challenge, an individual/ family will face. Such emergencies can sometimes lead to people falling in debt trap.
Why wait for a surprise? However, if you have a health cover, you need not worry about your savings going away and only focus on getting the best medical treatment.

Read the below mentioned points to understand why health cover is a must for everyone.

1) Medical cost

Medical expenses are very high in India. Be it the cost of tests, doctor’s fees or hospitalization charges, one has to shell out big amount every time these expenses come up. Medical emergency can arrive anytime and to anyone, and one cannot think that if they are healthy they do not need a health cover. A single policy can cover medical expenses of your entire family if you take the `family floater policy’.

2) Lifestyle risk

Many people nowadays live a sedentary lifestyle with little at no exercise. This puts us at risk of various lifestyle related diseases such as blood pressure, diabetes, anxiety, stress etc. We are also exposed to various pollutants everyday in different forms. This further increases the risk of contracting diseases. A health cover can help us financially cope with such diseases.

3) Cashless facility

Cashless facility is one of the biggest advantages of taking a health cover. In cashless facility, all the medical expenses are paid by the insurance company and you do not have pay from your pocket. This is very helpful if a patient requires immediate medical attention. You can thus focus on getting the treatment done rather than worrying about the bills.

4) Various hospitals covered

Health insurance companies have an extensive list of hospitals where the insured can avail treatment.  This ensures that one can avail quality medical treatment from anywhere in India at affordable cost. So if the facility for your treatment is only available in bigger cities, you can still use your cover to avail medical facilities in those hospitals (provided it is in the given list of hospitals by your insurer).

5) Covers various illness

Health insurance covers many diseases, ailments, surgeries and other medical procedure as may be required. The illness covered can range from small fractures to heart diseases, dialysis, etc. One can also claim expenses for pre-existing diseases once the waiting period is over.

6) Tax benefit

Premium paid for health insurance for you and your family is eligible for deductions under Section 80D of the Income Tax Act. Deductions up to Rs.25,000 can be availed for payment of medical insurance premium for self, spouse and dependent child. Further deduction of Rs.25,000 is available for medical insurance premium of parents.

7) No claim bonus

Insurance companies provides bonus to the insured for every claim-free year. The benefit can be either in the form of Discount on premium amount charged for a policy or cumulative benefits in the form of higher sum insured amount.

Rohit Grover
Rohit is a senior certified financial planner at He is part of Moneyfrog’s research team and keeps track on the fund movement & the market.
He is an expert with numbers. Formulas & analytics.

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