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Importance of Health Insurance Plans

The current COVID-19 pandemic has made us all realise that medical emergencies are unpredictable and can lead to financial distress that is certainly not easy to handle. As the number of cases go high and no news of successful vaccines yet, people have started realising the importance of health insurance plans. 

In times of rising medical cost, access to good medical facilities may also require a great amount of efforts. So, getting a reliable health insurance policy for yourself and your family can provide the added protection you require in difficult times. 

Let us dig in more to understand the importance of health insurance in today’s times.   

Importance of Health Insurance

Apart from the obvious health insurance cover that health insurance plans offer to you and your loved ones, they are extremely helpful when it comes to fighting medical treatment inflation. Some other reasons to buy health insurance policy are given below:

  • To Fight Lifestyle Diseases: Critical illnesses like obesity, heart disease, diabetes, respiratory problems, are prevalent especially amongst older people. Whereas, the younger generation is more likely to be affected with lifestyle diseases. The reasons may be sedentary lifestyle, pollution, stress, mobile addiction, etc. While unhealthy lifestyle habits may increase the financial distress as well, having a health insurance policy makes it less worrisome for you by taking care of all the medical expenses associated with these illnesses. 
  • To Protect Your Family: When searching for an ideal health insurance policy, one can get his/her entire family covered under a single sum insured instead of purchasing separate health insurance plans for everyone. This gives you the benefit of adding your ageing parents, as well as dependent children under a single policy. Comprehensive family floater health insurance policies provide all-round coverage to your family. 
  • To Protect Your Savings: Not only adverse health conditions can put you in distress, but the expenses associated with their treatment too can worsen the mental condition. If you get a health insurance policy that manages your medical expenditure without reducing your savings, then you will not be required to worry about anything. You can avail cashless or even reimbursement treatment in case of emergency without having to run around to manage funds. Not only do health insurance plans save your hard earned money, but also provide you tax benefits, which only increase your savings. 
  • Get Insured Early to Avail Greater Benefits: Getting insured at an early age offers you several benefits. This is because when you are young, you are less prone to illnesses as compared to when in young age, therefore you can avail health insurance plans at lower rates. Also, you can avail of extensive coverage options. Most health insurance plans come with waiting periods for pre-existing diseases, which will be completed in your young age only if you buy the policy timely. This way, you can avail the policy benefits when in the later stage of life.  

Now that you know why you need health insurance plans, let us discuss the benefits that you can enjoy with them apart from the basic medical cover. 

Benefits of Health Insurance Plans

Listed below are a few common benefits of health insurance plans: 

  • Cashless Treatment: Every insurance company has tie-up with hospitals where the insured can avail treatment without paying even a single penny. These hospitals are known as network hospitals. The benefit of cashless treatment keeps the insured at ease. 
  • Pre-Hospitalisation And Post Hospitalisation Expenses: Depending on the insurance policy purchased, you will be covered for pre-hospitalisation and post-hospitalisation expenses for a specific number of days. 
  • No Claim Bonus (NCB): No Claim Bonus is the element paid to the insured if he/she does not file any claim during a policy year. 
  • Medical Check-Up: Many health insurance companies cover the insured for annual health check-ups. Sometimes, it is based on the previous No Claim Bonuses.
  • Tax Benefits: Premiums paid for health insurance policies are subject to tax benefits under Section 80D of the Income Tax Act, 1961. 

Takeaway!

In today’s facts-paced lifestyle, health insurance is an essential requirement. It is essential to safeguard yourself and your loved ones against any unforeseen event that has the potential to leave you financially handicapped. So don't underestimate the importance of health insurance in India.

There are several health insurance policies in the market that offer comprehensive coverage for you and your loved ones at an affordable premium. So, research well and choose the best health insurance policy as per your requirements.  

Stay healthy, stay insured!

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.

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