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Buying The Best Insurance Policy To Suit Your Needs and GST

Teddy bear in bed having its temperature taken

You can fall sick anytime or meet with an accident unexpectedly. If you are unable to recover quickly, then perhaps you are suffering from a disease. So, you should be hospitalized to restore your health. If you meet with an accident, then you should be admitted to the emergency ward for treatment. Then, you incur huge medical expenses and you can even experience something dreadful if you are unable to pay medical expenses. So, you should buy a medical insurance policy to meet contingency medical expenses. If you are already an insurance policyholder, then you are free from financial worries. The insurance service providers directly transfer the medical expenses to the health centers. To become policyholders, you should make monthly premium payments to your service providers. When the policy matures, then you are entitled to huge financial benefits, if you regularly pay a premium for specified years. Then you should pay GST on insurance premiums to buy and renew the policy.

Why should you buy an insurance premium?

As you grow older, you are easily prone to various illnesses such as high blood pressure, diabetes, heart or cardiovascular problems, etc. So, you constantly incur medical expenses as your health deteriorates. You should pay doctor’s fees for consultation, check-ups, and medications. If you are facing severe symptoms, then you should be hospitalized. Your insurance firm directly transfers money to the clinics or hospitals when you are admitted to the ward. Hence, you can meet the expenses of the cost of room rent, surgeries, blood tests, x-rays, blood donation, injections, etc.  You can be compensated by your service providers when you are ill. You should select a policy that is most suitable to meet medical expenses. 

Introduction of GST

The government of India has imposed GST since 2017 so the consumers can pay service charges to the supplier or service provider.  The consumer should pay this tax on goods and services.  He should pay tax when he is buying goods or availing services. You should pay GST on insurance premium at 18% currently. Earlier, the rate of GST was 15% on premium. So, you are paying a higher premium to your service provider and hence you can save your income tax. The government gives rebates on tax to the insurance policyholders. 

Buying the best insurance policy that suits your needs

Insurance policy for family and individual

He can buy an insurance scheme beneficial to the entire family. The scheme is useful to the policyholders during the pandemic situation. Diseases like coronavirus can easily spread from one person to another. If one member of the family has succumbed to this disease, then the other family members are also affected. So, they can meet the hospital and medication expenses easily if they have purchased the policy. Your insurance service providers provide compensation for expenses such as ambulance, modern robotic surgeries, hospitalization costs, doctor’s check-ups, etc. 

Support for pre-existing diseases 

If anyone is suffering from diseases such as diabetes, then you may experience health complications later on. You can prevent further problems if you constantly consult your physician and undergo certain therapies or consume medications. A diabetic patient may experience severe kidney problems later on and may require dialysis. So, if they have purchased a policy, then they can easily avail dialysis treatment. Your service providers transfer the amount to hospitals directly. Such people should be given day-care treatment later on and hence should incur huge nursing expenses. A person, who is suspecting any health problem, should buy a care insurance policy earlier. The payment of premium should be regular to the service provider and get the compensation when you are facing health problems. This policy is designed for persons suffering from diseases such as high blood pressure, diabetes, and BMI.  If you are suffering from any chronic health problem today, then you may experience serious complications later on. If you buy an insurance policy, you can meet the check-up expenses and may renew the policy. The hospital expenses that are included under this scheme are ambulance, annual physical examination, dialysis, daycare, pre, and post-hospitalization, etc. 

Senior citizens benefit from the policy 

The aged people usually suffer from complications like blood pressure, diabetes, kidney problems, cardiovascular disease, etc. Many people above 65 years have already undergone major surgeries or constantly meeting the physicians. They can fall seriously ill anytime and may require hospitalization. So, a health policy is specifically meant for aging people to provide medical assistance during emergency hours.  If they become policyholders, then the insurance firms provide compensation to meet expenses such as ambulance, donation of an organ, hospitalization, daycare, and annual check-up, etc. They can also provide costs for annual check-ups also if they buy a care insurance policy. The aged people cannot easily recover from any illness and hence require post-operative care also. 

The policyholders should follow the policy terms to avail benefits in the future. 

More on this topic:

5 Financial Risks That Insurance Can Help Protect You Against

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