Benefits of Owning Health Insurance In 2021

A health insurance policy is an essential part of our life and is one of the wisest investments to be made by an earning individual. It is usually advised to purchase health insurance as early as possible to get comprehensive and affordable health insurance covers for yourself and your family. A basic health insurance cover comes with a set of features like hospitalization charges, ambulance costs, room rents, medication cost, free healthcare checkups, etc. There are several types of health insurance plans in the market to cater the needs of different groups of people in the society.

The ongoing coronavirus pandemic has made a large population to realise that health is an important factor which needs to be insured with suitable health insurance policy for compensating against the medical expenses incurred due to unforeseen medical hospitalizations. It not only looks after your medical dues but also provides quality treatment at the private hospitals. There is a wide choice of health insurance plans in the market to let the customers customize their plans according to their requirements.

Some Benefits of Having A Health Insurance Policy

A health insurance policy comes packed with a lot of benefits and features for its customers at an affordable price. Let us look at some of these benefits in detail that are availed by the policyholders:

• Wide Coverage

Health insurance plans come with a comprehensive coverage which includes pre and post-hospitalization, domiciliary expenses, inpatient costs, healthcare checkups, ambulance costs, modern surgery charges, etc. More benefits can be added to the cover using the add-on or top-up cover facilities.

• Investment Opportunity

You can invest your money in a health insurance policy and get long-term benefits at an affordable price. Some health insurance plans come with inbuilt unit linked investment policy which allows you to invest in money market products with guaranteed flow of income for a certain period of time.

• Financial Protection

It provides you and your family financial support against the high medical expenses incurred due to hospitalization in case of an emergency. If you have a suitable health insurance cover, you don’t have to pay for your medical dues from the savings and burn a hole in your pocket.

• Tax Deductions

All the taxpayers who are also the policyholders of a health insurance policy are eligible for tax deduction benefits on their premium payments under the Section 80D of Income Tax Act.

• Lifetime Protection

Health insurance covers come with a lifetime renewability option where the policyholder can get their existing policy renewed at the time of expiry without much effort and with the same set of benefits. The premium might differ depending on the age of the applicant.

• Cumulative Bonus

Almost all the health insurance plans come with no claim bonus benefit under which they get a bonus on their sum assured for every claim free year in a policy tenure. Other bonuses and discounts are also provided to the policyholders depending on the type of plan chosen.

• Instant Coverage

Health insurance policies provide instant coverage to their customers except in the case of a pre-existing disease. COVID-19 specific health insurance policy comes with a waiting period of 15 days after which it can be claimed by the policyholders.

• Cashless Claim Benefits

You can get cashless claims on your medical treatments when admitted in one of the network hospitals of the insurer. Under such claims, the medical dues are cleared to the hospital by the insurer directly without any hassles.

• Change In Lifestyle

The health of an individual is unpredictable and with the increase in age, the risk of getting contracted to a critical illness also increases thus, leading to increase in medical expenses. Health insurance policy acts as a saviour in such cases and helps you safeguard your savings.

Conclusion

A health insurance policy has gained a lot of importance in the last few years as the global pandemic has made people helpless in their medical treatments and related expenditures. You must carefully look into the fine print of the policy-related documents to understand about the inclusions and exclusions of your cover as it will help you avoid any hassle at the time of claiming process.

Also Read: Mediclaim Policy: Features, Benefits and Coverage

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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.