We live in stressful times with unhealthy eating and lifestyle habits. These result in various illnesses and diseases. Also, the costs of medical treatments have been on the rise over the last few decades, and managing medical emergencies can dent your finances. Therefore, many people have started buying medical insurance policies to get protection from such exigencies.
What are the Features of Health Insurance?
A health insurance plan offers coverage for medical expenses incurred by the insured person. The insurance provider offers reimbursement of these expenses or pays the medical professional or institution directly. A good health insurance policy also offers access to quality healthcare services across the country via network hospitals.
Remember, most health insurance plans have a waiting period for pre-existing diseases or ailments. Also, insurers set limits on the coverage offered for a room rented in a hospital. Some insurers also cap coverage based on diseases. Hence, it is important to go through the policy wordings carefully before making the purchase.
Is Health Insurance Really Beneficial?
Buying a health insurance policy in today’s time, with the rising cost of medical expenses, is a complete no-brainer. Here are some important benefits of health insurance —
● Financial Protection
One of the most important health insurance benefits is financial protection. With exponentially increasing costs of medical and healthcare, a medical emergency can easily drain your finances. This can disrupt your financial plans and even put you in debt. With a good health insurance plan, you can handle any medical emergency without having to worry about managing your finances.
● Tax benefits
Another essential benefit of a health insurance policy is the tax deduction offered for the payment made towards the premium. Health insurance tax benefits are offered under Section 80D of the Income Tax Act. If you are more than 60 years old, then you can get an additional deduction of up to ₹25,000. Also, if you have purchased a health insurance policy for your parents who are more than 60 years old, then you can get an additional tax deduction of ₹50,000.
● Coverage for pre and post-hospitalization costs
A health insurance policy offers coverage for hospitalisation and surgery costs. It also offers reimbursement for pre and post-hospitalization expenses like diagnostic tests, OPD costs, etc. These costs are covered for a fixed period before and after hospitalisation.
● Coverage for critical illness
Certain illnesses and diseases are categorised as critical illnesses by insurance companies. These include diseases like cancer, multiple sclerosis, organ transplant, etc. When a patient is diagnosed with a critical illness, the cost of treatment is usually very high. Also, these illnesses are normally accompanied by a long break from work or even leaving the job. Most health insurance providers offer critical illness cover where the insurer pays a lump sum amount to the insured person on being diagnosed with a critical illness.
● Additional benefits
When you purchase a health insurance policy, you get a range of features and benefits, including ambulance cover, vaccination cover, coverage for daycare procedures, etc.
There are different types of health insurance plans available like individual plans, family floater plans, senior citizen plans, critical illness insurance plans, unit-linked health insurance plans, maternity plans, and personal accident insurance plans. Before making the purchase, make sure that you assess your medical requirements and choose a policy that best suits your needs. Also, if you are opting for online health insurance, then compare providers and plans to find the most cost-efficient plan.
Life is unpredictable, and one disease can drastically alter the course of life. While the patient needs to battle the disease or illness, the importance of financial stability cannot be undermined. Medical inflation rates are high, and the costs of medical treatments are rising exponentially. Hence, it is important to have a health insurance plan that offers comprehensive coverage to manage any medical emergency. Remember, there are numerous health insurance providers and plans. Make sure you research your options and compare them before deciding.