Personal Health Insurance cover is better than a group plan. Here is why – MoneyMindz | Health Insurance

By | 17/09/2018

Health Insurance is crucial as it covers your hospital and medical expenses when you are in need. Without a Health Insurance you would either borrow money or pay from your own pocket. That’s why we recommend you to buy Health Insurance at the earliest. When it comes to the private sector, some companies offer corporate medical insurance cover to their employees. As a result, such employees don’t worry unless they are faced with the real picture. India’s First Free Online Financial Advisory Moneymindz

What is the real picture?

Many Indians don’t have adequate Health Insurance. Some of them are Private sector employees and out of the private sector employees, few are given a group health Insurance. Even that is insufficient. This is because when such people leave the company (either to join another company, to start a new venture or to retire), they are left with no health Insurance.

This means a large portion of Indians are uninsured or under insured. They don’t have their own Health Insurance policies. It is crucial for you to have your own Health Insurance policy regardless of your group cover. This is because your group cover not only can’t (and won’t) cover all your costs but also will cease to cover you the moment you exit from the group. India’s First Free On call Financial Advisory Moneymindz

  1. The policy of a personal cover can be renewed for the entire life

In a corporate Health policy, you are entertained as long as you work in that organization. Once you quit that organization, the policy will no longer be applicable to you. But a Personal Health policy remains with you as long as you keep renewing it. You only have to ensure that the policy is renewable for as long as you are alive. Also make sure you buy it at the earliest rather than waiting till a particular age or till retirement.

  1. Gather no-claim bonuses
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Purchasing a personal Health Insurance cover early provides you the benefit of accumulating no-claim bonuses. No claim bonuses are offered for every claim-free year. Just make sure the accumulation of bonus doesn’t decline compared to the expenses from the bonus/cover. For this you have to be healthy. Certified Financial Planner Kuber Mindz Moneymindz

  1. Tax benefits

The premiums you pay for Health Insurance policies are eligible for Income Tax Deductions up to Rs 1,00,000 under section 80D, which is over the limit of Rs 1,50,000 deduction under section 80C. Out of the 1 Lakhs deductions, Rupees 25,000 (senior citizens 50,000) is allowed on the premium paid by the proposer and his/her family and Rs 50,000 on the premium paid for his/her senior citizen parents.

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