India is one of the most populated countries in the world, it is also home to many ailments and lifestyle diseases. But, thanks to the advancement in medical sciences, there is treatment available for these conditions. However, even though these diseases are treatable, their treatment is expensive, making quality healthcare inaccessible to those who do not have a health insurance policy.
If you think your employer’s insurance cover will be enough to pay for your treatment, you are grossly mistaken. That is the reason you need to invest in a health insurance in India to avoid the risks of medical emergencies that can suck your savings dry and leave a gaping hole in your bank balance.
In this article, we will talk about health insurance importance and the reasons why you need to have a health insurance policy. Let us talk about it in detail.
Reasons to Invest in a Health Insurance Plan
India is an emerging economy, making professional lives high-paced and stressful for many Indians. As a result, young Indians are no strangers to lifestyle diseases, such as obesity and diabetes. These conditions are also a precursor to much bigger health problems that can be life-threatening and also cost a fortune to treat.
Despite its importance, a very small percentage of the population has health insurance in India. Did you know that most people in our country either sell their assets or take loans to pay for medical bills? If you don’t want to spend a lifetime paying off your medical debt and want to secure yourself against such contingencies, then you need to take comprehensive cover of a health insurance policy. If you are wondering what a health insurance plan is or how it works, don’t hesitate to contact a professional who can explain to you the technicalities of a policy. But here, we will tell you about the benefits of a health insurance plan and why you need to invest in one. Read on to know more.
- Protects Your Financial Assets
Imagine being diagnosed with a serious illness, such as cancer. The tests and doctor’s consultation itself will cost you a lot of money. The treatment of cancer and such ailments is so expensive that it is unaffordable for most people. But if you have a health insurance policy, you can stop worrying about these medical bills and focus on recovery as your insurance cover will take care of everything from pre-hospitalization to post care. Therefore, you can protect your savings and make sure that you have access to quality treatment when you need it the most!
No need to compromise on your health due to lack of funds. With the best health insurance in India, you will have the assurance that the best treatment is available for you.
2. Wide Range of Plans
Since the Indian insurance market is largely untapped, insurance providers try to lure customers by offering them a wide range of options and features in their health insurance policy. However, with so many options, it can also be confusing to choose the right one for yourself. That is why you need to use health insurance calculators that will show you features and benefits with regards to costs. You can use this data to make an objective decision and buy the one that gives you maximum benefit for the most affordable price.
Assess the plans offered by different insurers based on coverage and benefits. Some of the coverage will include day care procedures, pre and post hospitalization, shorter waiting period, no co-payment clause, sub-limits, etc. You need to weigh all these benefits against one
another to choose the one that adequately covers your and your family’s medical needs.
3. Check Out Indemnity Insurance Plans
These policies will pay for your treatment in full against actual bills produced by you. Unlike most insurance plans, you will be able to avail complete coverage multiple times throughout the policy term. Some expenses covered by indemnity plans include doctors’ consultation fee, hospital room rent, pre and post hospitalization, medicines, etc.
4. Lump-Sum Benefit Policies
These plans pay complete sum assured in case of medical emergency. For instance, if you have taken critical illness along with your health insurance and you are diagnosed with one of the illnesses mentioned in your policy document, then you would be eligible to claim the complete amount. These plans are designed to help you meet expenses like follow up treatments, pay for
physiotherapy, home modifications required due to illness, etc.
5. Cashless Treatment
Most insurance companies have a wide list of hospitals in their network that allow you to avail cashless treatment facility. You can simply take the patient to one of these hospitals for treatment without worrying about medical bills.
6. Tax Benefits
When you buy a health insurance policy, you are eligible for tax deductions u/s 80D of the income tax act.
Since healthcare emergencies can occur anytime, it is advisable to invest in a policy today so that you can protect your future against such unforeseen circumstances.
