Here’s How Health Insurance Impacts Your Life for Good
Updated On Apr 22, 2021
A health insurance policy is yet another document for most unless conditions force us to use it. We are not aware of how investing in a health insurance plan affects our lives for the better. Uncertainty is part and parcel of our well-being and a health insurance policy plays a critical role in allowing us to lead a peaceful lifestyle. This supports us against any medical emergency that could strike suddenly.
The Impact of Health Insurance on Your Life
Good medical treatment in India today is very costly and beyond the control of average citizens. You would have to shell out large sums of money from your savings during a big ailment to cover the cost of treatment. This is where health insurance comes into effect. A good health insurance plan will compensate you for the medical services availed during the period of the policy. Here are some ways health insurance can impact your life for good.
1. Budgeting: The primary aim of purchasing a health plan is to ensure that in the time of need you have enough funds to cover your medical care, which transforms into efficient financial preparation. Insurance providers sell a number of policies and premiums that meet the capacity of everyone to pay.
2. Flexibility: At the time of purchase or renewal, the insurers permit customisation of the health insurance policy to suit the increasing healthcare needs. For example, you can pot for a ‘family floater plan’. This health insurance plan covers the whole family. One of the biggest benefits of the family floater cover is that because it is a single policy, you need to pay premiums on this policy only once.
3. Life-Long Protection: The majority of insurance plans come with an upper cap on the individual's age-limit. This can imply leaving you unprotected at an age when you require the most. Nevertheless, some insurance companies offer policies with a ‘lifetime renewability’ feature.
4. Cashless Hospitalisation: Facing problems in arranging cash to pay off your hospital bills and collecting the refund later eliminates your fears, but does not entirely prevent them. Health insurance companies provide cashless hospitalisation services for your peace of mind. Here, you only need to register your case and policy number at your preferred network-hospital insurance helpdesk, and the rest will be taken care of.
5. Recovery Benefit: The completion of the hospitalisation/treatment course does not always indicate the full recovery of your health. In the post-hospitalisation period, the right health insurance would still help you. Here, the company offers extended financial assistance to finance your everyday expenses before you are fit to resume your daily lifestyle.
6. Tax Benefit: Another reason for choosing a health insurance policy is the tax benefits under section 80D of the IT Act, 1961 (India) which gives him/her a suitable tax deduction/exemption.
Health provides you and your family members with financial protection if there is a medical emergency involving you or some other protected family member. Each type of health insurance coverage has a number of different advantages and drawbacks, and it is often best to obtain detailed information about them before opting for one.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.