Strategies for Financial Preparedness in Medical Emergencies
Life is unpredictable, and one can experience medical emergencies at any time. Given the rising cost of medical treatments, curing illnesses can be expensive. However, by opting for an appropriate health insurance policy, you can prepare yourself financially and get the care you need without worrying about the finances.
Bajaj Finance has partnered with the leading health insurance providers in India and offers several health insurance and pocket-friendly insurance plans. These plans can cover all your medical emergencies and help you plan for unexpected medical costs.
Benefits Of Opting For A Health Insurance Plan
Health insurance covers a big part of your medical bills by giving you a medical cover. Your health insurance provider bears most of your permissible medical expenses up to the specified limit. Apart from covering your hospitalisation expenses, these health insurance plans offer several other benefits and features. A few common features are discussed below:
Get Coverage For Pre-And Post-Hospitalisation Expenses
Several health insurance plans cover medical expenses incurred before hospitalisation and after hospitalisation. Some common examples of these expenses are diagnostic tests, doctor consultation fees, and medicine bills.
No Upfront Payment
Most health insurance providers offer cashless treatment facilities at network hospitals. This means you can avail of all the medical services without paying cash upfront. You can analyse the most suitable health insurance policies offered through the Bajaj Finance Insurance Mall and get cashless treatment at 10,000+ network hospitals.
No-Claim Bonus Benefit
Insurers often provide a no-claim bonus for every claim-free year. This bonus is usually availed as discounts on your annual or monthly premium payments, or your coverage amount increases by a certain percentage. Health insurance companies usually offer no-claim bonuses to encourage policyholders to maintain a healthy lifestyle and avoid making frequent claims.
Reduce Your Taxable Income
The premiums paid towards health insurance plans are eligible for tax deductions under Section 80D of applicable tax laws in India. You can reduce the premium paid from your taxable income, subject to the permissible limit.
Importance Of Building An Emergency Fund
Your medical expenses will be covered once you have opted for a health insurance plan. However, sometimes, you may face delays and erroneous claim rejections that require you to pay from your pocket. Also, the income-earning potential of individuals decreases after any major medical illness. To account for these unexpected events, it is necessary to have an emergency medical fund.
Therefore, apart from buying a health insurance plan that can cover you financially in times of medical emergencies, you should also maintain a fund equivalent to 3–6 months for such unplanned expenses.
Why Should You Opt For Health Insurance Plans Offered Through The Bajaj Finance Insurance Mall
Bajaj Finance Insurance Mall offers 250+ benefit-rich plans to its customers. Using the digital platform, you can access a wide variety of health insurance plans.
Disclaimer: This article is published in association with Bajaj Finance and not created by TNM Editorial.