10 Benefits of Buying Health Insurance In 2024
Updated On Jan 04, 2024
Table of Contents
- Advantages Of Health Insurance Plans
- What Is Health Insurance?
- Benefits Of Health Insurance Plan
- 1. Offers Financial Security
- 2. Tax Benefits
- 3. To Safeguard Your Family Members
- 4. Cashless Hospitalisations
- 5. Additional Coverage
- 6. Lifetime Protection
- 7. To Deal With Lifestyle Changes
- 8. To Be Prepared Against Rising Healthcare Expenses
- 9. Pre and Post-hospitalisation Benefits
- 10. Get Insured At The Right Age
- Conclusion
You may think that you are completely fit and are in no need of a health insurance plan. But, there is no denying that a health emergency can knock on your door at any point in time and burn a deep hole in your pocket. Therefore, to be prepared for such unwanted situations, it is essential to have a health insurance plan so that you can live a tension-free life when it comes to dealing with medical emergency expenses. Now, let’s discuss the benefits of buying a health insurance plan in the section below.
Advantages Of Health Insurance Plans
The benefits of having a health insurance plan are many. But, before discussing that let’s first understand what a health insurance plan is.
What Is Health Insurance?
Health insurance is an agreement signed between an individual and the insurance company according to which the latter promises to pay for the medical expenses of the insured. Typically, good health insurance offers coverage for most illnesses, however, this varies from insurer to insurer. Moreover, the cost of the health insurance plan also differs from one insurance company to another, so before buying health insurance, take all the determining factors into account.
Benefits Of Health Insurance Plan
Some of the notable benefits of having a health insurance plan are enumerated below:
1. Offers Financial Security
In times of a health emergency, great health insurance helps to a great extent so that you can easily deal with the medical emergency. With a health insurance plan, you need not worry about the rising costs of medical treatment, as depending on the sum insured, you will be provided with the necessary coverage.
2. Tax Benefits
A health insurance plan offers tax benefits up to Rs. 1 lakh under section 80D of the Income Tax Act, 1961. Also, note that a senior citizen health insurance plan offers a greater tax benefit as compared to other health insurance plans.
3. To Safeguard Your Family Members
Many health insurance plans such as a family floater health insurance plan provide coverage for your family members. This means that your entire family can stay protected with just one health insurance plan. To top it all, with a family health insurance plan, you can also save on additional premiums.
4. Cashless Hospitalisations
Health insurance companies have tie-ups with several network hospitals that provide cashless treatment to the policyholders. The hospital expenses are directly settled by the insurer at the network hospitals, thus saving a lot of time for the policyholders.
5. Additional Coverage
Depending on your individual needs, you can also enjoy additional coverage in your health insurance plans. This can be done by adding suitable riders to the existing health insurance plan. For instance, if you are newly married and are planning to start a family, then a maternity rider can help you cover pregnancy and newborn costs.
6. Lifetime Protection
In today’s time, many health insurance companies now provide the option of lifetime renewability. This means that you can get the same health insurance plan renewed throughout your lifetime.
7. To Deal With Lifestyle Changes
Due to lifestyle changes, different types of diseases now affect many of us. Different factors such as pollution, stress, unhealthy diet, etc are the contributing factors to such diseases. These diseases include diabetes, hypertension, heart stroke, and more. So, to deal with these diseases, it is best to have a health insurance plan and make sure to check whether the health insurance plan you are buying provides coverage against these or not.
8. To Be Prepared Against Rising Healthcare Expenses
Medical expenses are constantly rising with each passing day. So, to be prepared against such a rise and to avail quality treatment at the same time, it is best to have a health insurance plan.
9. Pre and Post-hospitalisation Benefits
As already mentioned, a health insurance plan covers hospital medical expenses. In addition, health insurance also provides pre and post-hospitalization benefits by covering ambulance expenses, medical tests, and many more.
10. Get Insured At The Right Age
As a health insurance plan has several benefits, it is best to get insured at the right age. Getting insured at an early age means that you can enjoy the benefits of a health insurance plan at an affordable premium. This is because the chances of falling ill when you are young are relatively lower.
Conclusion
Thus, owing to so many benefits that health insurance offers, it is advisable to purchase a required health insurance plan right away. For any further assistance on health insurance or the different medical plans, you can always reach out to the team of InsuranceDekho.
Also read: What Is Domiciliary Treatment In Health Care?
What Is Restoration Benefit In Health Insurance?
Disclaimer: This article is issued in the general public interest and is meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive and should research further or consult an expert in this regard.
