On one hand, there has been a sheer rise in the number of severe diseases including critical illnesses that are engulfing people of all ages. On the other hand, the huge inflation in the overall healthcare industry is making it unaffordable for common people to deal with their healthcare needs. So, what is the best thing to do in such a situation?
As far as diseases and inflation is concerned, not much is in our hands. Thus, to tackle the situation aptly, it is best to buy a comprehensive health insurance plan to ensure that you don’t have to burn your savings during a health emergency in the family.
A health insurance plan covers most of your healthcare needs and expenses such as pre- and post-hospitalization, day care procedures, ambulance charges, OPD cover and much more. If you are intending to buy a health insurance policy or you are struggling with the thought of whether to buy a health insurance or not, the benefits mentioned below might help you make a better decision. With a good health plan, you can cover yourself and your family, so consider understanding the health insurance benefits first to be able to make better buying decisions.
So, what are the benefits of health insurance? Let us discuss them in this post to help policy seekers and to make it easy for them to choose the right policy.
As mentioned above, looking at the sky-rocketing rate of inflation in the healthcare industry, it undeniably has become prudent to safeguard yourself from the unforeseen emergencies of health which mostly appear unexpectedly. Not just these emergencies cost you dearly in terms of physical and mental turmoil, they also cost you enough in terms of your savings. So, to protect your finances, ensure to buy a good health insurance policy which will cover most of your healthcare requirements along with covering your family aptly.
This, of course, is the key benefit of having a health insurance policy. So, under the hospitalization expenses, you generally get coverage against:
Another lucrative feature of health plans is the tax benefit that is allowed under these plans. So, you can enjoy tax exemptions under health insurance tax benefit 80D of Income Tax. These exemptions go a long way in saving you enough money on tax every year.
These days there are many medical procedures and treatments wherein the patient is not required to stay at the hospital overnight. Because of the advancement in technology, patients are discharged within 24 hours after undergoing certain surgeries and treatments. And there are many good health policies which allow coverage against such day care procedures adding to the benefit of the insurance plan.
With the right health plan, the insured can avail complimentary health check-up to stay updated with their health conditions. However, you need to consult the insurer well before buying a policy to see if they allow this benefit of an insurance policy of free and regular health check-ups.
The best thing about health insurance policies is that if you plan to buy them early on in life, they can fetch you enhanced benefits such as low premium, greater coverage, long tenure, no hassle of waiting period and much more. Thus, the discounts and deals are also counted among the benefits of health insurance in India.
The option of cashless hospitalization is again a benefit offered by health insurance companies these days. With cashless treatment, the insured is not required to pay anything from his/her pocket. Rather the insurer makes the payment directly to the hospital and settles all bills.
The added riders are again valuable benefits of health insurance policies that help in enhancing your coverage and make you policy all-encompassing. You can choose a rider as per your need or the particular need of a family member by paying a certain extra premium.
Lately, many insurance companies are offering greater NCB or No Claim Bonus to customers to attract and retain them. In fact, there are some insurers who are offering up to a 100% of sum insured as NCB.
Maternity cover is another advantage that one should look for if they are planning to start a family soon. There are many reputed companies who provide coverage for maternity along with covering the vaccination expenses of the new-born baby.
Since almost all health insurance companies these days offer online health insurance buying facility, the charges that were earlier required to pay to the insurance agents has come to an end. Moreover, the facility of comparing policies before buying them with the help of health insurance calculators also makes it smooth for policy seekers to understand and buy policies without the intervention of agents.
The benefits mentioned above are not the only ones offered by health insurance policies. In fact, a well-planned health insurance policy covers much more beyond them such as costs of ambulance transport charges, AYUSH treatment, restoration benefits, OPD expenses, portability option and more. Hence, it is suggested to get into the details of a plan before investing. Check the inclusions as well as exclusions to ensure which plan would suit you and your family needs. Only after thorough review and understanding select the plan and the insurer to avail the best health/medical coverage.
* Rs. 245/month is the starting price for a 5 lac health insurance for an 25-year-old male, with no pre-existing diseases.
*! Rs. 334/month is the starting price for a 10 lac health insurance for an 25-year-old male, with no pre-existing diseases.
*@ Rs. 12/day is the starting price for a 5 lac family health insurance for an 25-year-old male and 22-year-old female, with no pre-existing diseases.
*# Rs. 12/day is the starting price for a 5 lac health insurance for an 25-year-old male, with no pre-existing diseases.
*$ Rs. 600/month is the starting price for a 20 lac health insurance for an 25-year-old male, with no pre-existing diseases.
*^ Rs. 12/day is the starting price for a health insurance that covers coronavirus for an 25-year-old male, with no pre-existing diseases.
