No one plans to get sick or end up in an emergency room. However, one can be prepared for its financial aspects. Medical costs associated with the treatment of some diseases can burn your pocket holes rapidly.
To create a safety net for your finances against expensive medical bills, you should invest in the right health insurance plan for maximum benefits. Such plans provide coverage for all hospitalization expenses, thus safeguarding your finances for future benefits.
If you are still hesitant to invest in a health insurance policy or you think that it is not at all necessary, then this post will make you aware of the importance and benefits of health insurance plans.
Importance of Health Insurance
The current pandemic has taught us that medical exigencies are quite unpredictable and can cause significant financial upheaval. The high medical expenses and bank-breaking hospitalization charges can prove extensively strenuous in terms of finances, especially in the private sector. Therefore, getting the best health insurance plan can provide you with all-round protection in the most needed times.
Let’s say, Anita is a school teacher earning around Rs. 30,000 per month and she doesn’t believe in the benefits of a health insurance plan. She met with an accident and broke her leg, which landed her in an emergency room. The cost of fixing her broken leg (leading to surgery) rose between Rs.1-2 lakhs, which dramatically drained out her savings.
If she would have had a health insurance plan, then it would have provided her with maximum health coverage, thus keeping her financially safe from high and unexpected costs.
Key Benefits of Choosing The Right Health Insurance Policy In India 2021
1. Financial Safety
As the cost of medical treatments is sky-rocketing day by day, the right insurance policy will offer all-around protection from strenuous and unexpected financial upheaval. If you wish to avoid paying highly expensive medical bills or spending on expensive medicines, then choosing the right health insurance policy in India is of utmost importance to keep your savings intact.
2. Hospitalization Expenses
One of the key health insurance benefits is that it covers almost all hospitalization expenses.
- Accidental hospitalization: In case the insured person had met with an accident, he can claim his expenses arising out of hospitalization.
- ICU room rent: It provides coverage for the rent of being in ICU (Intensive Care Unit) room.
- Illness related hospitalization: In case the insured person is hospitalized due to an illness or disease, he can claim the expenses arising out of hospitalization.
- Organ donor expenses: If the insured person is a recipient of an organ, the expenses related to the treatment as well as surgery are covered.
- Domiciliary treatment: If the insured person is required to take treatment at home under medical supervision, all the expenses will be covered.
- Pre and post-hospitalization- Expenses before treatment and after discharge are well covered under health insurance (up to policy’s TnCs).
3. Income Tax Benefits
Buying the right health insurance plan also provides you with income tax benefits. According to Section 80D of the Income Tax Act, 1961, individuals can claim tax deductions up to Rs. 1 lakh. Therefore, it leads to less deduction in income tax bills and extensive profits for the future.
4. Cost For Day Care Procedures
With technological advancements in the healthcare sector, surgeries and treatments that required several days to complete in the past now could be completed within 24 hours. Therefore, the right health insurance policy can assist you in covering the costs for some treatments, such as ear operations, nasal treatments, etc. that don’t require more than a day of hospitalization.
5. Complimentary Checkups
The right policy will also provide you with the benefit of free check-ups so that you could be aware of any health condition (if present). However, this varies from one health policy to another.
6. Lucrative Deals
In case you have started planning to purchase health insurance early, you can receive better benefits than other people (aged older) such as higher coverage at lower premiums, longer policy tenure, fewer chances of facing the waiting period, among others. Young minds need to understand that an early start can bring a stable future.
7. Cashless Treatments
Today, health insurance companies provide the joy of cashless hospitalization. Over here, the insured doesn’t need to pay from his pocket. All the expenses are borne by the respective insurance company.
8. Other takeaways
Apart from the above, an effective health insurance policy will gladly cover expenses arising out of ambulance transportation, alternative treatments (AYUSH) and also provide NCB and daily hospital cash allowance to the insured.
How To Buy Health Insurance From PolicyX.com?
PolicyX.com provides you with a health insurance plan that can offer multifaceted protection to your finances and health. We, being one of the leading IRDAI approved online insurance web aggregators in India, lend you a helping hand in your most needed hours. Now that you are cognizant of the health insurance benefits, you must know the process of buying a health insurance policy from PolicyX.com. Here are a few steps to do so:
- Fill the form ‘Get Quotes From Top Insurers’ on the top of this page.
- Once done, click on ‘Continue’. Enter more information and tap on ‘Proceed’.
- Out of all the health insurance plans, go with the one that best suits your needs.
- Choose the sum insured, add-ons (if needed), and check the premium details.
- Pay the premium and the policy will be sent to your registered mail id.
In case you land into any trouble, don't hesitate to call us at 1800-4200-269.
Your health is your wealth. Don’t take any chances against it. Keep the importance and the benefits of health insurance in your mind and select the right one based on your needs and requirements.