Celebrate Christmas and New Year with Health Insurance Coverage

Posted on: Dec 15, 2022 | | Written by:

Celebrate Christmas and New Year with Health Insurance Coverage

Published on December 15, 2022. EST READ TIME: 3 minutes

As the whole world gets in the mood to celebrate while looking forward to an amazing year ahead, here’s something you should consider gifting yourself as well as your loved ones—a health insurance policy. There is no dearth of diseases nowadays, and accidents can happen anytime. The risk of accidents increases if you live in a place where the mornings and night gets foggy. And people regularly fall sick due to the extreme cold. Also, our sedentary and stressful lifestyles aren’t doing any good for our health. Let’s learn how to prepare for eventualities with the best health insurance in India this Christmas and New Year’s Eve.

Reasons Why You Need Health Insurance this New Year and Christmas

New Year and Christmas is also the travel season for many. We want to take a break from the monotony of life and head for some destination to just chill. But not everything goes as planned. What if you or a family member falls sick or meets with an accident and needs hospitalisation? Are you prepared for such a medical crisis? And in a foreign country, healthcare is very expensive. If you don’t have health insurance, imagine paying everything from your pocket. Your savings will go for a toss, and your holiday will be ruined. Health insurance is, hence, a must to cover all the expenses and what better time to buy a healthcare plan than this New Year and Christmas? Remember, the domestic health insurance policies are for treatments within India, so if you are planning to fly out of the country, you will need a plan with overseas health insurance coverage. One more reason why you need the best health insurance in India this year-end.

With celebrations in the air, we tend to brush aside the healthy lifestyle we have followed throughout the year. Unhealthy eating and lack of sleep can make you fall sick and lead to an emergency. If you are secured with the best health insurance in India, you can avail of the best treatment in any network hospital of your choice and bounce back for the New Year.

Importance of Health Insurance

There are many reasons why health insurance is essential and a necessity today:

• Health insurance offers financial stability. During a medical emergency or if you get diagnosed with a dreaded illness, having health insurance helps secure your finances. You don’t have to take a loan, sell your assets, or use your savings for the treatments.

• With healthcare costs skyrocketing, a single hospitalisation can derail your finances, and it is also not wise to spend your hard-earned savings on hospital bills. This can be avoided with health insurance, which covers medical expenses like pre- and post-hospitalisation, diagnostic tests, doctor consultations, ambulance costs, etc.

• You don't have to compromise on the treatment if you have a healthcare plan with a good sum insured. You can get treated in the best hospitals without worrying about finances. You can also avail of cashless hospitalisation in any network hospital of your choice.

• If you are diagnosed with a critical illness and have taken critical illness coverage, the insurer will pay a lump sum amount which can also be used to repay your debts, mortgages, etc.

• Apart from financial protection, investing in health insurance helps save taxes. You can avail of a tax deduction under Section 80D of the Income Tax Act. One can get a tax benefit of up to Rs 25,000 on health insurance premiums paid for self, spouse, and dependent children. If you are above 60 years of age, the maximum tax deduction you can avail of is Rs 50,000. Again, if your senior citizen parents are covered in the same plan, you can claim another Rs 50,000.

Things to Remember

1. Let your hair down during Christmas and New Year but take all precautions. COVID-19 is down but not out.

2. Don’t forget that health is of utmost priority at all times, and the year-end is no exception. Eat well, sleep well, and make it memorable.

3. Hosting a party doesn’t necessarily have to be extravagant. You can also have budget parties which are equally fun.

4. Ensure your health insurance is up-to-date to take care of any medical crisis.

5. It’s also good to have COVID-19 health insurance for you and your family.

Frequently Asked Questions

1. I have taken COVID-19 health insurance. Is it okay to host a large party during Christmas?

You have been insured,but what about others? It’s still risky to get exposed to a large gathering, so, better to avoid large groups. The risks associated with the disease are too much.

2. Is health insurance compulsory in India?

No, it is not compulsory. But one should have health insurance to stay financially secure due to the rise in medical costs and the emergence of various novel diseases. It’s your friend in need during a medical crisis.

3. We are a family of four. Should I go for individual health insurance or family floater?

A family floater plan is ideal for you if all four of you are healthy with no pre-existing medical conditions.It is cost-effective because there’s a single premium to be paid. Since all are covered under one plan, the sum insured is shared amongst all. Forindividual health insurance plans, the premium will be separate for each policy. So, take a call depending on the needs of your family.

4. This New Year, we are travelling overseas. Will my health insurance bought in India work abroad?

No, most health insurance companies do not cover treatments done abroad. They work only in India. However, there are some plans which provide coverage for overseas treatment but come with certain conditions. You need to check with your insurance provider before deciding on one.

Conclusion

If you are still mulling what to gift your loved ones this Christmas, gift them health insurance policies. It may sound a tad uninteresting, but it would prove to be the most precious and helpful gift in times of need. During a medical emergency, they will thank you for helping them out of a financial crisis.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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