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4 Ways to Protect your Savings by Investing in Health Insurance

In a country where one pays so much on healthcare, what is the best way to battle illnesses without blowing your savings?

, ET Spotlight|
Updated: Jan 23, 2019, 04.54 PM IST
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ET Spotlight
4 Ways to Protect your Savings by Investing in Health Insurance
Tax saving guide
We have all grown up with sayings like health is wealth, which reiterate the ideology that living a healthy life is one of the most expensive luxuries in the world. While these sayings have often helped cherish wellness, it has done little for one to understand the actual money dynamics of health. Whether it is staying fit or tackling an illness, we usually put little or no thoughts into it. More often than not, we have been accustomed to having an over-optimistic approach that nothing bad will happen or relying on the basic corporate health cover that we have. But we fail to take into account that healthcare in India is expensive and your medical cover at work won't suffice for a lot of issues you and your family may have to face.

A recent study revealed that bidi smokers in India alone spent approximately Rs. 80,550 crore* on tackling health issues in 2017. In a country where one pays so much on healthcare, what is the best way to battle illnesses without blowing your savings? The answer is simple - get health insurance. Health insurance not only helps to secure you and your family against uncertainties, but will also safeguard your savings! Here's how -

Cover the basics

Cover the basics
The primary concern that health insurance resolves around - is the financial implications of medical emergencies. The right health insurance, not only covers your hospital charges in case of variability but also tackles the pre-and-post-hospitalization costs. This basic cover, which includes your family as well, will ensure that bills are the last thing on your mind at the time of an emergency. Thanks to the array of cashless policy options, pulling together money for the hospital deposit has also become a thing of the past.
Prepare for the worst

We live in a stressful world and thereby are prone to various serious ailments ranging from heart diseases to diabetes. However, your health cover is often not well-equipped to tackle these issues. Choosing the right health insurance with better coverage is crucial in preparing for health exigencies. While many of us are of the notion that we don't need to worry about health issues until later stages of life, being well-prepared is always the better option. Moreover, health insurance premiums are cheaper and more diverse if you begin the plan at a younger age! In addition to this, choosing specialized critical illness policies is also a great way to prepare for the worst, and saving yourself from the added tension if any serious health issues arise.
Save Tax
Save Tax
Another great benefit of buying a health insurance are the tax benefits that it brings along. You may save tax up to Rs. 25,000 on premium paid for self, spouse and children in one financial year, under section 80D of the Income-tax Act, 1961. In addition to this, if you have paid the premium for your parents, then you can avail an additional tax benefit of Rs. 25,000 or Rs. 30,000 (depending on the age of the parents). In other words, if you choose health insurance schemes like Reliance General Insurance's HealthGain Health Insurance for you and your family, you can enjoy tax deductions of Rs. 50,000 (In case no family member has crossed the age of 60) to Rs. 55,000 (if your parents are senior citizens or you are above 60 years of age).

No Claim Bonuses
Another complaint that most people seem to have with health insurance has been the loss of premiums, in case of a no-claim year. However, companies like Reliance General Insurance have found a solution for this as well. Their No-Claim bonuses and benefits ensure that the investor is rewarded for staying healthy and having a claim-free year. With an increase of 33.33% in the base insurance for every claim free year, policies like RGI's HealthGain Health Insurance reward their healthy users to the fullest.

In addition to this, RGI's health insurance also offers a 5% discount for independent women and a single girl child. The sky-rocketing hospitalization charges, expensive preliminary tests, all stand testament to the fact that going through a medical emergency can burn a huge hole in our pockets, if not for the right health insurance. However, the low premium charges on plans like Reliance General Insurance's HealthGain policy gives us a way to stay protected and prepared. In addition to this, the HealthGain Health Insurance gives the option of paying this premium in 4 easy installments, making it a suitable choice for one and all. So take the smart step forward, and invest in a suitable health insurance!

(This article is generated and published by ET Spotlight team. You can get in touch with them on etspotlight@timesinternet.in)
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