The most important form of wealth that one can achieve is good health. There is nothing in this world that is more important than health. However, health can behave in a volatile way for anyone, anytime. Increasing pollution in the environment, bad eating habits, busy lifestyle and lack of attention to one’s health has created a lot of health issues in recent times. We can see many people who have not crossed even 30’s, getting a heart attack. There are many government hospitals to help people with health and medical facilities, which provides basic and advance health checkups at nominal rates. Also, some people always go for private hospitalization due to the services and convenience they provide. However, since the rate of the new disease has grown up, so has the cost of medical and healthcare due to improvements in technology and increasing private hospitals that provide many facilities that are not present in government hospitals. However, not all can avail the facilities of private hospitalization due to the high cost. This is where Health Insurance comes in.
Health Insurance is very similar to a life insurance policy, where you pay the premium for you and your family annually. If you or your family member are unfortunately admitted to the hospital, Health Insurance will cover all your medical expenses, including medicines and pre-post medical test. There are different kinds of medical policies available in the market that are either cashless or the total bill amount is refunded to the patient. If you have been hospitalized in a private hospital ever, you know the number of expenses one can incur in just a day. The overall cost can go more than Rs 50,000 – 100,000 or more for a normal case. Where in an emergency or critical care, the cost can rise at an unbelievable figure. To make sure that your family gets the best of medical treatment when required without burning a hole in your pocket, one must opt for a Health Insurance. Health Insurance not only saves you from big expenses on medical but also covers additional expenses such as Doctor’s fee, hospitalization charges, medicines, ambulance, medical test and after recovery charges for the next 30 days as well. It not only covers the medical expenses of your family but also provide an individual with a tax rebate. There are many benefits of opting for Health Insurance. Let’s see some of the benefits below.
- Cover all medical expenses while hospitalized: When you or your family members are admitted in the hospital, you never know how much time will it take. No matter the time, the expenses for the hospital keeps rising every moment. The more facilities for the patient, the higher will be the bill. Health Insurance makes sure that you do not have to deal with those expenses through your pocket. Paying a small premium yearly can make all the medical expenses, totally free of cost. Therefore, it is advised to buy Health insurance for all your family members, so that you can spend your savings on their happiness instead of medical expenses.
- Covers pre and post hospitalization expenses: It’s not just the medical expenses in the hospital, but pre-medical examination and post medical treatment and medicines are also covered in Health Insurance. We all know how expensive medical test can be. It can range from a few hundred to thousands of rupees depending on the type of test. Also, post-hospitalization expenses include medicines for a long time. In the Health Insurance offered currently by many companies, pre-medical and post-recovery expenses of up to 30 days are also covered.
- Tax Benefits: Apart from these, opting for a Health Insurance can also provide you a tax benefit on Income tax. Health insurance premium comes under the Income-tax law 80D
- No mandatory health Checkups: Earlier, Health Insurance would require people to get a health check-up done. If it did not turn out ok, the health insurance was canceled. However, in the age of digital e-commerce stores, you can simply buy health insurance online without the need for any health check-up.
- Types of Health Insurance: There are different types of health insurance on offer by man companies. Single person Health insurance allows an individual to take a Health insurance policy for himself. Family Health Insurance policy allows one to take the policy for self and spouse, along with children. Accidental Health insurance is very important for those who commute on vehicles a lot. In case of an accident, total medical expenses are covered under this policy. Senior Citizen Health Insurance is specifically designed for people above the age of 60. These policies cover some additional diseases or conditions that are very common with people of older age. Maternity Health Insurance is used by pregnant women to cover their expenses related to childbirth.
These are some of the different types of Health Insurance policies available in the market with their benefits. It is recommended to opt for any type of medical insurance as medical emergencies could occur anytime, anywhere. The claim process for Health Insurance would depend whether you have taken a cashless policy or a policy where you pay first and then the refund for expenses is made alter directly to your account. Cashless policies make more sense as you simply need to provide your Health Insurance details and all the facilities will be provided, without you having to spend a single penny.
You can find different types of Health Insurance online and offline, that are offered by both private institutions and government institution. Depending on your requirement, you can opt any. Make sure that you read all the terms and conditions properly as sometimes, there have been cases where the Health Insurance companies have rejected the claim. Therefore, make sure to identify the situations where Health Insurance will not cover your expenses. One will always hope that such is never needs, but one should have one to avoid any unwanted medical emergencies