Top Reasons to buy Health Insurance during Festive seasonread
Nov 10 20231627 Views
The festive season is in full swing. Festivals are all about lights, food, gifts, etc. Every year, during the festive season, you may be buying gifts, such as clothes, jewellery, etc., for yourself and your family. These gifts may or may not be that useful. For gifting this festive season, rather than traditional gifts, consider gifting yourself and your family members a health insurance plan. Health insurance is an integral part of your financial planning, and it is a gift that’s as precious as gold.
In this article, let us look at the top reasons for buying health insurance during this festive season.
Invest in health this festive season
The festive season is a good time for making new beginnings. We eagerly look forward to the festive season to buy a new home, vehicle, gold, home appliances, gadgets, invest in financial products, etc. It is auspicious to buy these during the season. Then why not make a new beginning by investing in your own and your family’s health this festive season?
You can take a two-step approach to investing in health this festive season:
- Adopt a healthy lifestyle
Considering the rapid rise of viral infections and lifestyle diseases in the last few years, there is growing awareness among individuals to take control of their health in their own hands. You can do that by adopting a healthy lifestyle. The festive season is mostly about foods that are not very healthy, such as sweets, fried foods, etc. This festive season, you can resolve to focus on eating healthy foods and avoid unhealthy foods.
Apart from eating healthy foods, you can include the following for a healthy lifestyle:
- Exercise for about 45 minutes to 1 hour five times a week
- Sleep early, for about 8-9 hours, and rise early
- Maintain a work-life balance
- Stress management
- Pursue a hobby, etc.
- Do a preventive health checkup for yourself and your family once a year to stay on top of your health.
- Buy health insurance
The above section shows the steps for adopting a healthy lifestyle. However, health adversities can strike the individual or a family member at any time. Hence, you should invest in a family health insurance plan this festive season. Health insurance plans can shield you from the ever-increasing hospitalisation costs. During the festive season, individuals are prone to accidents while travelling or fire incidents. Hence, it is handy to have a health insurance plan to provide you with financial protection against hospitalisation bills.
Top reasons for buying health insurance during the festive season
Some of the top reasons for buying health insurance during a festive season include the following:
- Healthcare costs are rising rapidly
In the last few years, healthcare costs have risen significantly. Medical inflation is growing at a faster pace than general inflation. If you or a family member gets hospitalised for an operation/surgery, it can set you back by a few lakh Rupees. Hence, buy a health insurance policy this festive season to insulate yourself from the rising hospitalisation costs.
- Health protection for the entire family
It is your responsibility to protect your health and your family's health. Health insurance companies offer a family floater plan that can protect your entire family in a single plan. All family members can share the cover in any proportion. If you are in your mid-30s and your parents are in mid-50s or senior citizens, you may consider buying two separate health insurance plans:
- One health insurance plan covering you, your spouse, and children
- One health insurance plan covering your parents
Hence, gift your family health protection this festive season by buying a family floater health insurance plan.
- OPD cover
Apart from hospitalisation coverage, some health insurance plans also provide you with outpatient department (OPD) benefits. The OPD benefit may cover doctor consultations, diagnostic tests, prescription medicines, etc. The OPD cover is provided in one of the following ways:
- It is a part of the base health insurance policy
- It can be added as an optional benefit to the base health insurance policy
- It can be added as an optional rider to the base health insurance policy
While the hospitalisation cost may be a one-off, OPD expenses may be a regular thing for most families. Hence, this festive season, make a wise decision by investing in a health plan that provides you and your family with hospitalisation coverage and OPD benefits.
ManipalCigna Health Insurance provides the ManipalCigna ProHealth Prime Advantage – under this plan you get coverage for doctor consultations, Prescribed diagnostic tests, and prescription medicines.
- Health checkup
A health insurance plan can be your financial backup against hospitalisation costs. However, while following a healthy lifestyle, you should monitor your and your family's health with regular preventive health checkups.
Some health insurance plans can provide you with preventive health checkups once every 1-4 years. So, if you want to keep a tab on your health, this festive season, invest in a health insurance plan that provides an annual health checkup for all family members covered.
The ManipalCigna LifeTime Health Plan provides an annual health checkup for all members covered.
- Cashless treatment
Most health insurance plans provide the facility of cashless treatment at network hospitals, subject to policy terms and conditions. In the cashless facility, the health insurance company settles the bill directly with the hospital. Hence, this festive season, by opting for a health insurance plan with a cashless treatment facility, you can gift your family the benefit of cashless treatment.
ManipalCigna Health Insurance has a strong and wide network of 9000+ hospitals for cashless treatment.
- No-claim bonus (NCB)
Most health insurance plans provide the no-claim bonus (NCB) when you don't make any claim throughout the year. When you renew health insurance cover, the NCB is usually given by enhancing the sum insured by a specified percentage.
ManipalCigna health insurance provides guaranteed cumulative bonus with it’s ProHealth Prime plan regardless of the claim or no claim year.
- Accidental insurance and critical illness cover
Apart from hospitalisation coverage, health insurance companies also provide other health insurance plans like personal accident cover, critical illness cover, etc. For example, MCHI provides the ManipalCigna Accident Shield and Lifestyle Protection Critical Care plans.
- Tax saving
The premium paid for health insurance plans qualifies for deduction from taxable income under Section 80D of the Income Tax Act. You can pay the premium for yourself, spouse, and children. The maximum deduction allowed in the financial year is Rs. 25,000. If you and/or your spouse is/are a senior citizen(s), the maximum deduction allowed is Rs. 50,000.
A separate deduction of Rs. 25,000 is allowed for health insurance premium paid for parents. If one or both parents is/are a senior citizen(s), the maximum deduction allowed is Rs. 50,000.
So, when you buy health insurance this festive season, along with hospitalisation coverage, you will get income tax benefits.
Gift your family the benefit of good health this festive season
A comprehensive health insurance plan will provide you and your family benefits like hospitalisation coverage, OPD cover, annual health checkups, etc. You can also add a personal accidental cover, critical illness cover, etc., and provide your family with a complete health insurance solution. If you need help deciding which health insurance plan to buy, talk to experts at www.manipalcigna.com
they will analyse your requirements and recommend an appropriate health insurance plan that suits your needs. So, this festive season, take this auspicious opportunity of buying health insurance for your family and gifting them good health.