Salaried should inculcate the habit of saving money and putting some in useful resources such as health insurance that can help them financially in case they face a medical emergency. They could have their family members covered too under health insurance. The regular flow of income could help the salaried accumulate enough for health insurance premiums, which the insurance company asks for providing coverage. The best part about health insurance is the cashless facility at numerous network hospitals of the insurance company. One does not need to pay for the treatment at these hospitals. In case these hospitals are not near, you can go to some other, pay for the treatment and get all that reimbursed later. Let’s check the health insurance benefits for salaried.
Health Insurance Benefits That Salaried Can Get
Salaried individuals will find health insurance appealing due to its extensive coverage, affordable premiums, and other attractions. Let’s check all these benefits here.
A Health Insurance Plan covers the following expenses up to the sum insured during the policy period.
- Room, Boarding and Nursing expenses
- Fees of consultants, specialists, surgeons, etc.
- Cost of anesthesia, blood, oxygen, operation theater charges, surgical appliances, medicines, drugs, diagnostic materials, X-ray, Dialysis, chemotherapy, radiotherapy, Cost of the pacemaker, artificial limbs, organs and similar expenses.
- Cover for before admission and after discharge
- Ambulance expenses
The insurance company offers the sum insured (coverage amount) on an individual or floater basis for the family.
Age plays a major factor in determining your health insurance premium; the older you are the greater the premium and vice versa. The rationale behind this is that old people are more prone to illnesses, prompting insurers to hike their premiums. In case of any medical history, the premium will only go up. So, it will be better if you buy a health insurance plan at an early age.
No Claim Bonus
Well, who doesn’t want a bonus? But this is quite different from what you may expect. After a claim-free year, the sum insured automatically increases by a certain percentage without any extra premium. It means there will be more money for your medical treatment.
A health insurance policy comes with attractive tax benefits as an added incentive for salaried people. There is an exclusive section of the Income Tax Act on your policy schedule that states tax benefits. Under section 80D, if you have purchased a health insurance policy by any payment mode other than cash, you can avail of an annual deduction of INR 25,000 from your income. For senior citizens, this deduction goes up to INR 50,000. Further, an additional INR 25,000 is available as a deduction for health insurance premiums paid on behalf of parents, which could rise to INR 50,000 if they are senior citizens. The maximum deduction under this tax benefit is subject to INR 1 Lakh wherein both the taxpayer and parents are above the age of 60 years.
Employee Health Insurance Benefits
Check whether your company provides health insurance to employees. A group health insurance is provided by companies to their employees wherein the premium is paid by the employer. So, you won’t have to pay from your pocket plus your medical expenses are taken care of by the health insurance plan.
Note – You can enjoy the benefits of group health insurance as long as you’re an employee. When you resign or are terminated from the company, the health insurance benefits are revoked.