Health Insurance for Individuals– How Buying the Policy Makes Sense

Healthcare costs for treatment and care of different diseases are increasing like anything all over the world. In order to protect you from paying huge medical bills that even can make you bankrupted why not consider having health insurance for individuals in Texas. There’re a variety of health insurance plans that take care of all allied expenses from hospitalization to post-hospitalization recovery charges. Following are four key benefits of buying a health care policy

Get coverage toward medical expenses

The whole objective of choosing health insurance for individuals in Texas is that it helps get your costly quality medical care expenses peacefully and affordably. Ranging from covering your hospitalization expenses, domiciliary expenses, medical bills, plus ambulance charges, you can avail everything just by paying a minimum yearly premium according to your bills based on the policy value. So, to stay away from paying skyscraping medical bills, buying a health insurance policy from a reputable company makes sense.

Get coverage toward critical care

These days, more and more insurance providers are outfitted to offer critical care insurance. You get coverage against most serious diseases including renal failure, cancer, bone marrow transplant, by-pass surgery, liver or kidney re-plantation, and others. Once you’re being diagnosed as suffering from critical diseases, the policy makes you entitled to get the lump sum amount, if it’s under the coverage area of the agreement. Thus, you don’t have to take the huge monitory strain for paying for re-placement cost, surgical expenses, daily treatment costs, or final medical bills and stay peaceful without having any financial obligation.

Cashless insurance benefit

Almost all health insurance for individuals in Texas has introduced a cashless claim medical facility. The best part of the one of its kind insurance scheme is, with a cashless insurance policy, you don’t require paying anything out-of-pocket before having a hospitalization or beginning of the procedure session. The entire medical expense from hospitalization to treatment and staying in the hospital for recovery expenses are settled among the hospital and insurance provider and the sum of money is remitted to the hospital authority.

In order to avail of this facility, it’s important for you to submit the agreement form and pay the premium amount as determined based on the value of your insurance. On receipt of your premium money, you are provided with a health insurance card. And just by showing this card, you can enjoy the cashless medical benefit.

Tax benefits

Did you know that having health insurance for individuals in Texas allow great tax benefits! The amount of premium paid against your health insurance policy makes you entitled to avail tax deductions under Sec 80D of the Income Tax Act. The amount of deduction is likely to be

•  For an individual Rs, 25,000 for the policyholder and his/her family;

•  An individual or a couple aged 60 or more can enjoy more tax benefit worth of Rs. 50,000

•  An additional tax rebate for having insurance of parents (whether dependent or not) is attainable up to 25,000 while if they are at their 60’s or more, the deduction money is raised to the extent of 50,000.

•  For an uninsured senior citizens aging 80 years or more, if the yearly medical expense is found to be Rs,50000, it allows them a tax benefit of Rs, 5000 under 80D towards preventive health check-ups. The deduction amount is included in Rs, 25,000/50000. Taking into consideration, deduction of tax benefit advantages you can go for numerous health insurance for individuals in Texas after understanding the terms and conditions of the policy well.