Why Should You Invest in Medical Insurance in 2018?

Don’t the skyrocketing inflation and medical costs distress you? With today’s frenzied lifestyle, it isn’t easy to find ways to stay healthy. In fact, a large number of people today suffer from lifestyle-related diseases. More often than not, the medical treatment of even the most basic diseases and ailments cost a bomb. So, as much as we wish that medical costs don’t horrify you, they will, sooner or later. Even though the inflation rate, in general, is expected to go down in 2018, the technological advancements in medicine have led to an increase in the cost of most medical treatments in the past decades.


The image above shows the average hospitalization costs in rural and urban areas in 2004 and 2014.

Given this fact, it really isn’t rocket science to understand that staying on guard against medical and health emergencies is imperative.

Here is a little smattering on the benefits of availing of a medical insurance plan:


Lifestyle Disorders

The dangers of declining air quality and various environmental factors point towards a future that isn’t healthy. Each one of us is exposed to lifestyle-related health disorders. And in most cases, age is just a number. The health of your body should be taken into consideration. Heart problems, lung disorders, and cancer are common among the younger generations too. When investing to increase wealth isn’t a problem, why neglect your health?

25% of Indians may die of lifestyle diseases before they are 70


Hospitalization Expenses

All the health insurance policies cover the medical treatment cost incurred if the possible holder meets with a medical emergency.

Day Care Procedures

Technological advancements in the field of medicine have made treatments faster and hassle-free. Several health problems require hospitalization for less than 24 hours, and such medical treatments are referred to as medical insurance plans in India cover the cost incurred for daycare procedures.

Cashless Hospitalization Facility

Cashless facility is available across all the hospitals in the insurer’s network. The cashless procedure is quick and stress-free.

Ambulance Expense

Most insurance plans are conceptualized to take care of the smallest of problems and requirements in medical treatment. But, few hospitals go a step further and cover even the ambulance cost to ensure iron-clad financial protection for the policyholder.

Domiciliary Expenses

A health insurance plan also covers the cost of domiciliary expenses, in case you require special therapies such as acupuncture, acupressure, or treatments involving the AYUSH (Ayurveda, Yoga and Naturopathy, Unani, Siddha, and Homoeopathy) medicinal procedures.

Accumulating NCB in initial years

Most insurance companies provide a ‘No Claim Bonus’ if no claims are made in the previous year. Generally, when you’re young, you do not require medical assistance and do not claim. You can, thus, accumulate the NCB of your plan till the time you actually make a claim. Most NCBs increase the Sum Assured, allowing you to get a higher coverage at the same premium in later years when you make a claim.

Tax benefits

If the benefits above did not lure you enough, tax benefits surely will. Under section 80 D of the Income Tax Act, you can avail of tax benefits up to Rs 15,000 p.a when you buy medical insurance for your family in India. Moreover, you can also avail of a rebate of Rs 15,000 if you buy medical insurance for your parents. If your parents are senior citizens (65 years and above), the rebate is Rs. 20,000. This means that you can avail of a rebate up to Rs. 35,000 for buying medical insurance policies.

Source: Apollo Munich Insurance

A medical insurance policy is an indispensable requirement to tackle the burdensome medical costs. 2018 isn’t going to be easy on our health. Buy a health plan early and stay prepared for come-what-may.

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