BENEFITS OF HEALTH INSURANCE
HEALTH INSURANCE IS A CONTRACT BETWEEN AN INDIVIDUAL AND AN INSURANCE COMPANY THAT PROVIDES FINANCIAL PROTECTION FOR MEDICAL EXPENSES.IN EXCHANGE FOR A MONTHLY PREMIUM,THE INSURANCE COMPANY AGREES TO COVER A RANGE OF HEALTHCARE COSTS,INCLUDING: * DOCTOR'S VISITS * MEDICATIONS * HOSPITAL STAYS * SPECIAL EQUIPMENT * REHABILITATION HOSPITAL STAY * HOME HEALTH CARE * ROUTINE CHECK-UPS * IMMUNIZATIONS * CANCER SCREENING AND COUNSELING HEALTH INSURANCE CAN ALSO HELP REDUCE HEALTHCARE COSTS WHEN YOU'RE NOT SICK FOR EXAMPLE,YOU MAY PAY LESS FOR COVERED IN-NETWORK HEALTHCARE,EVEN BEFORE YOU MEET YOUR DEDUCTIBLE. HEALTH INSURANCE CAN ALSO PROVIDE TAX BENEFITS.UNDER SECTION 80D OF THE INCOME TAX ACT,1961,YOU CAN CLAIM A TAX DEDUCTION OF UPTO 50,000 FOR HEALTH INSURANCE PREMIUMS IF YOU ARE A SENIOR CITIZEN.FOR INDIVIDUALS UNDER 60 YEARS OLD,THE TAX DEDUCTION CEILING IS 25,000.