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5 Main Reasons Why A Medical Insurance Policy Is Important

Updated On Jul 02, 2021

When you look around, you see the growing uncertainties in life and the increased rate of pollution, which adversely affects your health. When you think about your health in the longer run, you may observe that there is a high probability of health deterioration with the increase in age. And, if you think of seeking treatments in private hospitals, it is evident that you will have to drain a good amount of your wealth as the inflation in the health sector is rising rapidly. To curb all the above-mentioned problems, there are numerous medical insurance policies that incur your medical expenses in case of an emergency, ensuring you quality treatment at an affordable price. 

There are a plethora of plans to choose from which have been curated and designed specifically to meet the demands of different groups of people living in the society. Various add-on covers are also made available to the policyholders to enhance the existing medical insurance policy and avail more benefits. You can customize the policy to make sure that all your requirements are met like pre-existing disorders, critical diseases, daycare procedures, etc. 

5 Main Reasons Why A Medical Insurance Policy Is Important

Importance of A Medical Insurance Policy

A medical insurance policy is a contract between the policyholder and the insurer, abiding by which the insurer takes care of the medical claims and expenses in case of an emergency. Let us look at some of the significant reasons to have a medical insurance policy: 

1. Change In Lifestyle

Due to a major change in the work environment and daily lifestyle, a large proportion of individuals are suffering from critical disorders dealing with their lungs, heart, kidneys, eyes, etc. Above the age of 45 years, most people are likely to contract one of the numerous disorders, which might require immediate attention or medical help. In such cases, you might end up spending a large sum of your financial savings in obtaining quality services thus resulting in the loss of monetary savings. In order to deal with such a situation, you must get a medical insurance policy at an affordable price, so that it can deal with your medical expenses in the future. 

2. Protect Your Savings

As discussed above, the growing inflation in the health care sector has resulted in the draining of people’s financial savings. To save yourself from such financial instability you must shield your future health with a good and suitable medical insurance policy. It covers pre and post-hospitalization expenses, daycare expenses, medical treatment costs, and much more.

3. Quality Coverage

A medical insurance policy not only provides wide coverage but also ensures that the applicant receives quality treatment without worrying about the expenses. It pays for the room rents, road ambulance charges, medicinal expenses, hospitalization expenses, and domiciliary expenses. If you seek medical treatment in one of the insurer’s linked network hospitals then cashless claims are made to clear off the bills without involving the policyholder, which makes the whole experience smooth and hassle-free. 

4. Cover Your Entire Family

Under medical insurance policies, you can cover your entire family. There are family floater plans that provide coverage for all the members of the family at a single premium rate. Your family can include yourself, your spouse, children, and dependent parents. Under such plans you can avail yourself of a lot of benefits for individual members of your family, securing them under a single plan. When you want to secure the future health of all your loved ones, buying a separate policy for each one of them can cost you a fortune, therefore you can buy a single-family floater plan for them.  

5. Rising Inflation

With the developments around, you can notice a steep rise in the costs of incurring quality treatment at a private hospital. Paying for these expenses can lead you to financial instability. Therefore, to save your money for exhaustion, you must invest in an affordable medical insurance policy. 


The benefits of having a medical insurance policy also include tax deductions under section 80D of the Income Tax Act, cashless treatments, lifetime renewability of policies, and much more. You must go through the policy-related documents carefully to understand the inclusion and exclusions in your policy. 

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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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