Written by : Knowledge Centre Team
2025-12-15
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7 minutes read
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The United Nations has declared June 21 as International Yoga Day. Considering the rise of diseases nowadays, it is important to protect your family and yourself - by buying the best health insurance plan that will provide financial assistance to your family whenever high-quality medical treatment is required.
Meeting unexpected or even planned significant expenses can be challenging. If health insurance has been factored into financial planning, significant medical expenses can be avoided.
Five Benefits of Insuring your Family with the Best Health Insurance Plan
Because we don't understand how health insurance works, most of us tend to undervalue its importance. When one is young and has a consistent salary, healthcare costs may appear to be simple. However, when people get older, they get more susceptible to diseases and that leads to increase in healthcare costs.
Here are 5 major benefits of having a health insurance plan this International Yoga Day:
1. A Comprehensive Health Plan can Avoid Pocket Bumps
Many people, especially those with large families, have to face regular and frequent medical expenses. Having a comprehensive health insurance plan can provide financial protection for medical emergencies. If you have health insurance, you don't have to worry about medical expenses and can enjoy high-quality treatment in the best hospitals without worrying too much.
On the other hand, imagine a family without health insurance. One or two major medical emergencies in the family can seriously damage the family's financial situation. The health insurance plan also provides free physical examinations after a certain number of years, which means that the insured can receive quality checks and meet their health needs.
2. Can provide significant financial help for treatment
Hospitalization allowance is a benefit that pays the insured a set amount of money while they are in the hospital. This allowance is beneficial in medical emergencies and hospitalization because people don't have to worry about daily hospitalization expenses up to a certain amount. The cashless claim option helps keep your savings and personal funds intact.
Let's use an example to understand cashless claims' benefits. Shivam has a comprehensive health insurance policy but does not have a cashless claim function. When Shivam's daughter was hospitalized, he had to break a fixed deposit of 10 Lakh rupees to pay for the hospitalization.
As a result, he will have to start the cycle of time deposits again and wait several years to get the same level of return from compound interest. On the other hand, the cashless claims feature can ensure that policyholders can receive treatment without paying for hospitalization.
The health insurance company pays the hospital immediately in cashless claims. Only when the insured picks one of the hospitals in the insurance company's approved hospital network is the facility available.
3. A health insurance plan provides domiciliary treatment
The health insurance policy covers treatment at home. The term "domiciliary treatment" refers to treatment at the insured's home rather than in a hospital.
Not all health insurance policies have this coverage. Generally, only allopathic therapies are considered in residential treatment coverage, not alternative therapies.
It requires the insured to provide reasons why they cannot be hospitalized. A pivotal point to keep in mind for residential treatment is that most insurance companies limit coverage.
Learn why you must buy a health insurance plan during COVID-19 pandemic.
4. OPD treatment
OPD coverage covers expenses such as doctor's OPD expenses, pharmacy bills, and diagnostic tests.
Insurance plans that provide OPD cost coverage offset these costs. These costs are usually not included in regular health insurance plans.
Although these costs may seem small compared to hospitalization, they may increase a lot over time. Also, health insurance plans cover COVID-19. Buying the best health plan is a wise idea during this pandemic.
5. Tax savings and financial planning go hand in hand
Health insurance policyholders are eligible for tax relief benefits under section 80D of the Income Tax Act. Tax incentives range from Rs 25,000 to Rs 100,000, depending on the program and the policyholder's age.
According to section 80D, individuals or HUF (Hindu Undivided Family) are eligible for tax relief. The premium paid for the health insurance policy can be deducted from the total taxable income.
Section 80DDB lists specific diseases. Suppose an individual incurs medical expenses due to any of these specific illnesses of himself or a member of his family.
Understand how medical expenses can be claimed under Section 80D.
Protect Your Family’s Health and Financial Future
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Disclaimer - This article is issued in the general public interest and meant for general information purposes only. The views expressed in this blog are solely those of the writer and do not necessarily reflect the official policy or position of Canara HSBC Life Insurance Company Limited or any affiliated entity. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. You should consult with a qualified professional regarding your specific circumstances before taking any action based on the content provided herein.
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