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Health insurance is medical coverage provided by an insurance company that looks after the financial expenses arising from medical issues. It helps you cover expenditures, including consultation fees with the doctor, surgery expenses, hospitalization costs, expenses for medication, etc. As an insured person, you will either have to pay the bills out of your pocket, which your insurer will reimburse later, or the insurer will directly settle all expenses with the hospital.
Good health is essential to living a carefree and fulfilling life. While everyone wants to live a healthy life, medical emergencies can happen anytime to anyone. No matter how fit you are, one thing you can never predict is health issues and illnesses. Health issues can develop into huge bills and burn a hole in your pocket. However, under such circumstances, one thing proves highly beneficial: health insurance plans!
In this blog, we will help you understand the basics of health insurance, including its needs, benefits, and types.
No matter how careful you are, falling ill is something that is inevitable. Therefore, it is advised to be prepared for unexpected medical emergencies. Instead of stressing over the medical expenditure, you should focus on investing in a health insurance plan that will ensure financial stability during medical emergencies.
Let us consider an example - a person suffering from a critical illness has to be on extensive prescription of medication. Each medicine may cost in the range of thousands. Assuming the treatment can last from months to years, these expenses alone can amount to a large sum of money. In addition, there are tests, consultation fees, hospital fees, etc. Thus, one illness alone can drain your entire savings. Therefore, it is best to buy health insurance as early as possible. That way, you ensure the well-being and comfort of your family and yourself in the long run.
Health insurance is not just a financial product but a crucial tool that provides you and your family with essential protection and peace of mind. Here are some compelling reasons that make health insurance necessary:
One of the primary reasons for having health insurance is financial protection. Healthcare costs are rising rapidly; a single medical emergency or hospitalization can lead to significant expenses. Health insurance ensures you do not have to deplete your savings or take on crippling debt to cover medical bills.
Health insurance lets you access a network of hospitals, doctors, and healthcare providers. It means you can receive timely medical care and treatment without worrying about the cost, ensuring you get the best possible treatment.
Health plans often include options for family coverage, ensuring that your spouse, children, and dependent parents are protected. Family floater plans provide comprehensive coverage for the entire family under a single policy.
Getting health insurance is beneficial for everyone. It is better to have it at a younger and healthier age; the older you get, your premium amount increases. Mentioned below are some of the eligibility criteria for applying for a health insurance plan:
The minimum age for kids to get health insurance is between 16 to 18 years. For adults, it ranges from 18 to 65 years. In some cases, it may even go up to 70 years or beyond, depending on the insurer and plan you choose.
Some health insurance plans have income-based eligibility criteria. It can be crucial for government-sponsored health schemes or plans designed for individuals and families with limited sources of income.
Insurance companies often ask for your medical history when you apply for a health policy. Pre-existing medical conditions may affect your eligibility or premium rates. Some insurers may provide coverage for pre-existing conditions after a waiting period.
The availability of different insurance plans makes it convenient to select one that suits your needs. Here are some of the most popular types of health insurance in India:
Covers an individual’s medical expenses. It is ideal if you want personalized coverage.
A single policy that covers your entire family, including spouse, children, and sometimes parents. It is cost-effective and convenient.
Tailored for senior citizens, this policy addresses health concerns for individuals above the age of 60.
Offered by employers to their employees. It is an excellent employee benefit and often includes maternity and dental coverage.
Specialized plan that covers life-threatening diseases like cancer, heart attacks, and organ transplants. It provides a lump sum amount to cover treatment costs.
Covers financial expenses that occur during any accidental event resulting in partial or full disability of the policyholder
The benefits of health insurance makes it a must-have for anyone looking for a medical emergency backup. The advantages are endless; however, the most important ones include:
Having healthcare insurance offers cashless treatment at the network hospitals of the insurance company. You can also avail reimbursement from the insurance company if you are getting treated at a hospital of your choice instead of a network hospital.
As per the Income Tax Act (ITA) 1961, Section 80D offers tax benefits for premiums paid for health insurance policies. The maximum deduction, for instance, is ₹25,000 if you only pay insurance premiums for yourself and your partner.
A health plan makes you eligible for several coverage benefits, including hospitalization and medicine costs, diagnostic bills, treatments and surgeries.
It is one of the most satisfactory benefits of a health insurance plan. Assurance of a secured future makes it a must-have option. It also brings the benefit of having a steady financial reserve to tackle uncertainties.
Choosing suitable medical insurance is challenging but crucial if you want to be adequately prepared for any unexpected medical expenses. Consider these factors when selecting a health insurance policy:
Balance your budget with the coverage you need. A lower premium might seem tempting, but it only covers some of your medical expenses.
Check if your preferred hospitals are in the insurer’s network. Going out of network could lead to higher expenses.
Read the fine print. Every policy has exclusions – specific treatments or conditions that are not covered. Be aware of what is not included.
Understand the claim process thoroughly. Know how to file a claim, the documents needed, and the settlement turnaround time.
Some policies offer a bonus for every year you do not make a claim. It is a great incentive to stay healthy.
Remember, health insurance is not just a financial investment but an investment in your well-being and peace of mind. It is your shield against unpredictable health issues. It ensures that medical bills do not wipe out your hard-earned savings. So, research, choose the right policy for you and your family, and rest easy, knowing you have a safety net.