How Health Insurance Benefits Your Health and Financial Security?

• Written by Anjali Sharma

  Reviewed by Munmi Sharma

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Did you know that 63% of Indian families face out-of-pocket healthcare expenses every year? We live in a period where health issues see an upsurge with each passing day. A major health emergency can blow a hole in a person's pocket and, in most cases, exceed their savings. The significance of health insurance has become inevitable in such a situation.

What is Health Insurance?

Health insurance is a safety tool that shields you from the potential expenses associated with healthcare. It ensures you receive necessary medical attention without facing substantial financial strain. Health insurance plans cover a range of medical expenses such as hospital care, medications, home health care, and routine check-ups. One of the key advantages of health insurance is the convenience it offers through quick disbursals and cashless hospitalisation. With a streamlined process and easy availability of funds, you can access quality healthcare services in a timely manner.

Importance of Health Insurance

Health insurance is an insurance product that’s designed to provide financial backup at the time of medical emergencies. It is the best way to prepare yourself financially for any type of health risk that may arise in the future. That is why buying health insurance is always a good idea even when you are in good health.

Helping you protect your finances against the high cost of medical bills, health insurance plans cover pre-hospitalization charges, post-hospitalization charges, diagnostic expenses, and offers a plethora of other benefits. Here’s why health insurance is useful for you: -

1. Covers Medical Expenses

The main reason why you invest in medical insurance is that you get the required medical care without straining your finances. Having a health insurance policy is extremely useful because it covers hospitalization expenses and pre and post hospitalization expenses such as providing coverage for lab tests, OPD costs, doctor’s fee, and much more. This way, you get to focus on your recovery rather than fretting about the high cost of medical bills.

2. You Get Additional Benefits

A health insurance policy also covers for ambulance charges, alternative treatments, day-care procedures, health-check-ups, and much more. In addition to all this, you also get the benefit of lifelong renewability.

3. Access to the Best Treatment

If you have a health insurance policy that provides suitable coverage, you will not have to compromise on your treatment. You can easily overcome health concerns by availing the best treatment when you have health insurance.

4. You Get to Avail Tax Benefits

You also get the tax benefits when you purchase a health insurance plan. The medical insurance premiums that are paid towards your health insurance are eligible for tax deductions as per Section 80D of the Income Tax Act, 1961. 

>> Check: 5 Questions to Ask Insurance Company Before Buying Health Insurance

5. Offers Financially Stability

You will no longer have to use your savings to take care of emergency medical expenses. When you have a health insurance policy, you get to be financially stable at the time of illness. This helps reduce financial distress during a medical exigency.

6. Critical Illness Cover

Another benefit of going for a health insurance plan is that you get critical illness cover for the treatment costs associated with life-threatening diseases.

Types of Health Insurance Plans

When a medical emergency strikes, you not only need emotional support but also financial support. This is where health insurance comes to your rescue. Thus, it is advisable to know the different types of health insurance plans available in India.

• Individual insurance plan: It is the most common type of health insurance plan. This plan only covers a single individual and takes care of her/her medical expenses incurred during hospitalisation. It also covers pre and post-hospitalisation costs. 
• Family floater insurance plan: This type of health insurance plan covers the whole family, where a single sum insured is shared by the covered members. One of the main advantages of such an insurance plan is that you need not manage separate individual policies; thus, it is more cost-effective.
• Senior citizen insurance plan: This health insurance policy is specially designed for senior citizens who are usually above the age of 60. 
• Critical illness insurance plan: This plan specifically covers diseases such as kidney ailments, heart attacks, cancer, paralysis, and many more. This plan is advisable for those who have a history of such illnesses in their family.
• Personal accident insurance plan: A personal accident insurance covers the cost of medical treatment owing to an accident. Usually, under such a policy, the scope of coverage is extended to  partial disability, total disability, and death due to accidents.
• Maternity insurance plans: This health insurance plan covers pre-natal and post-natal expenses along with the delivery and ambulance costs. Most maternity plans have a waiting period before they get active. Thus, you are advised to buy such cover as soon as you are ready for family planning.  

How to Choose the Right Health Insurance Plan in India?

There are multiple factors to consider while buying a health insurance plan. Let us discuss a few smart tips to select the best health insurance plan for you and your family:

• Coverage Amount: Choose the coverage amount byC considering the individual and families health care needs. It plays a crucial role in selecting the right health insurance plan as. Iit would help in ensuring provide a sufficient coverage amount to address these requirements adequately.
• Plan Type: Evaluate multiple plans and compare their features and benefits. This would help you select a plan that suits your healthcare preferences and budget.
• Pre-existing Conditions: If an individual has some pre-existing medical conditions, he/she would have to serve a specific amount of waiting periods before getting coverage for that disease. 
• Hospitals Network: Always opt for a health insurance plan which includes reputable hospitals and healthcare providers in your preferred city.
• Coverage Inclusions: Understanding the scope of coverage under the policy is essential details well, before purchasing it. Check for the inclusions, including in-patient coverage, critical illness coverage, outpatient services, ambulance cover costs, domiciliary hospitalisation cover prescription medications, preventive care, maternity coverage and more.
• Claim Process: An easy and transparent claim process is essential for a hassle-free experience. To enhance the efficiency of the health insurance plan, select a straightforward claim process. 
• Premiums: Consider your budget constraints and select a plan that offers a reasonable premium while still providing the necessary coverage for your healthcare requirements.

Bottom-Line

These factors easily point to the fact that having the best health insurance plan is extremely beneficial. There are many customized health insurance plans that one can buy according to the health needs of the person and their family, such as health coverage for senior citizens, maternity cover, personal accident cover, and so on.

Care Health Insurance offers comprehensive health insurance that comes with benefits like 24800+ cashless healthcare providers, With CHIL, you can get health insurance plans for family, senior citizens, maternity and new-born cover, and more.

Disclaimer: Plan features, benefits, coverage, and underwriting of claims are subject to policy terms and conditions. Please refer to the brochure, sales prospectus, and policy documents carefully.