Your health is your biggest asset. But small or big, medical conditions don’t give a warning before arriving. Before you know, huge medical bills drain your savings and take a toll on your financial and mental well-being.

In such times, it can be difficult to arrange funds quickly. This is where health insurance helps you get the best medical care.

This is an insurance plan that helps you pay for your medical expenses. It covers costs such as doctor visits, hospital stays, and prescription drugs.

Health insurance protects you and your family from a financial crisis in times of unexpected medical emergencies. It takes care of hospital bills and other medical expenses while you can focus on taking care of your loved ones. There are multiple health insurance plans that you can choose from based on your need and budget.

Every individual must have health insurance to protect their financial and mental well-being in times of a medical emergency. To further encourage citizens to buy the best health insurance, the Government of India offers tax benefits. You can get tax deductions under section 80D for the premium you pay for your health insurance.

All you need to do is submit your health insurance certificate when filing your taxes for the current year. You will receive tax benefits depending on the number of people insured under the plan.

If you wish to save additional tax, you can also get a preventative health check-up in the same year. This way, you not only get the latest status of your health but also save money in the form of tax deductions.

Under Section 80D, you can get a tax deduction of up to Rs. 25,000 on your annual premium. Therefore, with a health insurance plan, you can reduce your overall tax obligation.

Everyone must have health insurance. But not everyone is eligible for it. When buying health insurance, it's important to understand that there are certain eligibility criteria that you must meet.

These criteria can vary depending on the plan and insurance provider. However, they usually include age limits for dependent children and adults, as well as waiting periods for pre-existing conditions and pre-medical screenings for policy buyers of certain ages.

If you are looking to buy health insurance, here are some eligibility requirements you must look out for-

Age Criteria

For adults, the age criteria to get health insurance ranges between 18 and 65 years. For dependent children, the age criterion is between 1 day to 25 years.

Pre-Medical Screening

A pre-medical screening is a medical test that is mandatory for policy buyers that are senior citizens. The results of the screening can influence if the insurance provider will approve the buyer's insurance request. Therefore, it is advised to buy your health insurance at a young age to improve your chances of getting approved and avail of a low premium rate.

Pre-Existing Diseases

If you have a pre-existing disease at the time of buying health insurance, you will have to bear a waiting period. This period can range between 2 and 4 years depending on the severity of your disease. During the waiting period, you cannot receive all the benefits of your health insurance. But make sure to disclose these vital details at the time of taking the policy to prevent your claims from being rejected in the future.

Paying insurance premiums regularly while managing other expenses can become challenging. Moreover, if you need to make a hefty expense, paying a high insurance premium on top of it can take a toll on your finances.

Therefore, it is important to keep your insurance premiums affordable so you can continue to pay them comfortably and protect yourself and your family against health risks.

But how can you reduce your insurance premium? Here are a few tips that you can follow-

Buy Your Insurance Policy Early

Many insurance companies use age as a factor when determining premiums. The younger you are, the lower your premium will be. Moreover, as you grow older, your chances of catching a disease or illness increases. This not only increases your premiums but also results in a longer waiting period.

Look Around for the Best Plan

Before finalizing a plan or insurance provider, do your research. Compare different plans from different insurance companies to find the one that offers the best coverage at the lowest cost.

Choose Your Plan Wisely

Before buying an insurance policy, determine your requirements to select the best and most affordable plan. For example, if you have dependent family members, then you must consider opting for a family floater plan. This is because individual plans for all the members will be way too expensive.

Determine Your Insurance Needs

To ensure you get the best plan at the best rates, list down your requirements and look for a plan that fulfils them. Consider your family medical history, current health condition, medical inflation, the quality of healthcare you desire, etc. This will help you select the best plan in your budget.

Take Advantage of Top-Ups

Many insurance providers offer top-up facilities that allow you to increase your insurance coverage without straining your finances. This is a great way to get more for low insurance premiums.