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  • Mayer Insurance Agency

5 Long Term Benefits of Buying a Health Insurance Policy

What Is a Health Insurance Policy?

A health insurance policy helps cover part of your hospital expenses should you get sick or injured. Due to the alarmingly high costs of healthcare, taking out a health insurance policy can save you a lot of out-of-pocket costs. This policy is highly rewarding and should become a definite goal in your annual financial plan.

Now, let’s examine the long-term benefits of purchasing health insurance.

1. Covers Costs of Treatment

One of the most significant benefits of this policy is that it covers treatment costs if you develop an illness or get involved in an accident. There are many expenses covered under health insurance coverage, including room charges, intensive care unit fees, doctors’ fees, tests, surgery, and medication.

2. Pays for Pre-and Post-Hospitalization Expenses

Several expenses arise before and after undergoing treatment in the hospital. These expenses include diagnostic tests and doctors’ visits. You will be glad to know that these bills are also covered in this policy. Ask your provider about the details of your policy before purchasing it because the specifics may vary from one insurance company to another.

Usually, you will only be covered for expenses incurred within a specific timeframe before and after treatment, ranging from 15 to 60 days prior and 30 to 90 days after discharge.

3. Includes Periodic Health Check-ups

This policy is designed to cover everything health-related to alleviate some of the financial burdens during a medical emergency. To reduce the frequency of costly claims, providers often include periodic check-ups in their policies. These routine check-ups will help you keep track of any new developments in your body and help diagnose diseases before they worsen.

4. No Claim Bonus

Health insurance is not only for sick or injured clients; you can also be rewarded for good health. Providers tend to favor clients with minimal risks and low claims, so you may qualify for a reward if you do not make any insurance claim throughout your policy period. This reward is called a “No Claim Bonus,” and you can earn up to 100% of your original sum insured in the policy. This feature enables an individual to double the cover without any additional cost. It is highly beneficial for persons at risk of developing age-related illnesses such as cancer, diabetes, hypertension, and heart problems.

5. Allows Income Tax Rebate

This feature is a form of reward for every premium paid for healthcare coverage. Most providers offer an immediate financial benefit, known as income tax rebates, on every periodic payment. Over time, these benefits will lead to a reduction in your annual income tax. Income tax rebate provides the double benefit of minimizing your financial burden as well as saving tax.

At Mayer Insurance Agency, we are your go-to provider for health insurance coverage at affordable rates. We offer comprehensive insurance policies to help minimize your out-of-pocket costs when emergencies arise. Visit our site now to get a quote!



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