What are the Benefits of Having Health Insurance Plans?

Health is wealth, and we must give utmost priority to our health at all times. One of the proactive and responsible steps to take to this effect is to buy health insurance. Even though the importance of getting a good health plan cannot be stressed enough, many people are negligent. We must look at investing in a health policy given that there is a rapid rise in unforeseen health events such as serious illnesses and accidents that require hospitalization. If you have been proactive in securing your future with a good health insurance policy, then you have safeguarded yourself from prohibitive medical costs. In this article, we will discuss the benefits of having a health insurance policy. 

An umbrella to safeguard your savings:

It has been observed that the prevailing Indian mindset is to use savings in case of emergencies. However, a serious health issue can set you back by lakhs of rupees given that the cost of hospitalization and top-notch healthcare is rising exponentially. Therefore, it only makes sense to invest in a good insurance plan. Compare the best health insurance plans in India and see what works best for you. There are usually two types of plans, an individual plan, and a family plan. An individual plan is ideal for someone with a reliable premium-paying capacity. Benefits of the entire sum insured are used for the individual only. On the other hand, family plans are typically recommended for small or joint families. Indulge in thorough research to find out what suits your needs the best. 

Quick reimbursements in difficult times:

The biggest advantage of investing in a good plan is that there is quick reimbursement of medical expenses. With minimal paperwork and hassles, your claim is settled within a stipulated period and you can remain stress-free even as you care for your loved one. Therefore, it is the best option to invest in a good health plan. Consider health insurance as an umbrella to not only safeguard your savings in the case of an emergency but also as an avenue to provide you with quality healthcare in times of emergency. 

The safety net of cashless treatment:

Imagine there is a medical emergency and you have little cash at home or cannot access your bank. Without the best health insurance in India, it would be a very scary situation to be in where you not only have to worry about your loved one’s health but also struggle to put together the finances to get them admitted. Avoid this situation by investing in a good plan. Most insurance companies in India have collaborations with top hospitals across the country, and therefore, one can avail of the seamless facility of cashless hospitalization. The patient or their loved ones have to pay nothing at the time of hospitalization and the insurance provider reimburses the costs incurred once a claim is made. The terms and conditions of different providers vary, so read the documents and fine print carefully before committing to a good health plan. In a nutshell, good insurance providers have:

  1. Widespread collaborations with hospitals
  2. Cashless Hospitalization

Get coverage for critical illnesses:

If you have opted for the best health insurance policy, you can rest assured that you or your loved ones will be taken care of seamlessly. You would not have to worry about the financial burden of the treatment but get an opportunity to focus solely on their well-being and comfort. This is possible when you select a critical illness cover offered by your insurance provider. In the unforeseen circumstance that you become ill with the disease, all your healthcare reimbursements will be taken care of by the insurance provider. Different providers cover expenses such as:

  1. OPD
  2. Diagnostic tests
  3. The cost of an ambulance
  4. Health checkups
  5. Vaccination
  6. Daycare, surgeries, among others. 

Look up the policy carefully and resolve any doubts that you may have about any clauses before signing up for a policy. 

Know about the different kinds of reimbursements:

The best health insurance policies take care of various kinds of expenses incurred during a health crisis. 

  1. Reimbursement for In-Patient Hospitalization Expenses includes costs for hospitalization for at least 24 hours. These expenses can include room expenses, medicines, ICU expenses, etc. 
  2. Other kinds of coverage include pre-hospitalization and post-hospitalization expenses as well, which cover costs after critical surgery or treatment such as doctor visits, diagnostic tests, etc. 
  3. On the other hand, daycare expenses are meant for procedures that do not require a 24-hour hospitalization window. These could include costs incurred for chemotherapy, cataract, dialysis, etc. 
  4. Many health insurance providers also take care of Domiciliary Hospitalization Expenses, in which the treatment is taken at home rather than at a hospital. 

Portability Benefits:

Also to keep in mind is that the insurance holder enjoys portability benefits, which essentially means they can transfer the policy to a new provider in case they are not satisfied with the current one.

Health insurance plans come with an income tax benefit:

Many people have the mindset that a health premium is just money wasted. This is a completely unwarranted notion for several reasons. For one, it does not only prove to be a savior during emergencies, as explained above, but it can also help you save on your taxes. Even if you go the whole year without any medical emergencies, you can reap tax benefits from the premium. So, it is indeed a win-win situation. For this reason, it is prudent to invest in health insurance plans. The amount that is paid as the health plan premium is eligible for a tax deduction under section 80D of the Income Tax Act. The benefits are significantly higher for senior citizens or plans that are taken by individuals for their senior parents. 

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Benefits for a better life!

In conclusion, the benefits of investing in a good health policy cannot be reiterated enough. You get a safety net for your savings and get excellent treatment from the wide network of hospitals that have collaborated with your insurance provider. The entire process is smooth and one has a hassle-free experience, which is required especially at the time of recovery and recuperation. Therefore, go ahead, carefully compare and choose, and select good health insurance for you.

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