Benefits of Health Insurance - Reasons to Have a Medical Insurance in India

Imagine a helping hand that can provide you with financial assistance at the time of any medical emergency. Health insurance is a tool that can help you in getting quality treatment without worrying about the budget. In simple words, it is an agreement between a health insurance company and the policyholder, where the provider agrees to offer compensation for your medical expenses. 

The continuous inflation in the medical sector has resulted in the necessity of purchasing a health plan for yourself and your family. In the event of any medical emergency, it can work as your savior, especially when the breadwinner of the family is bedridden. 

Expenses like doctor consultation fees, medical examination expenses, hospitalisation expenses, and much more are covered in a typical health plan. To know more about the benefits of health policy, continue reading. 

• Comprehensive Coverage:

You can address health-related issues and get the best medical care without being concerned about rising medical costs.  Health insurance policies often pay for the following healthcare costs: 

• In-patient Hospitalisation Expenses:

24 hours of hospitalization can lead to an increase in out-of-pocket expenses and can drain your finances as the cost of room rent, nursing expenses, and medical costs have increased. A health plan will offer coverage for in-patient hospitalization i.e. in case you require hospitalisation for more than 24 hours. 

• Pre-hospitalization and post-hospitalization expenses:

The costs incurred for a specified number of days before and after the hospitalisation are referred to as pre-hospitalization and post-hospitalization expenses. These often include costs for hospital visits, x-rays, medical records, and much more. 

• Ambulance Expenses:

Health insurance plans often cover ambulance expenses arising due to the transportation of the patient to the nearest hospital. Generally, there is a limit on cover for ambulance expenses, which you can check with the insurance company.

• Daycare Expenses:

Daycare expenses are those which do not require hospitalisation of at least 24 hours. These include chemotherapy, radiotherapy, cataract, dialysis, rhinoplasty, and more. Health plans cover you for a specific number of daycare procedures, as mentioned in the policy document.

• Domiciliary Hospitalisation Expenses:

In some cases, an individual is hospitalized at home because of a serious medical condition. Thus, the expenses incurred due to treatment at home will be covered under your health plan. You can check the terms and conditions in your policy document. 

• Cashless Treatment

In case of hospitalization, the insured can avail of cashless treatment at the network hospital of the insurance provider. The insurer will reimburse for the medical expenses incurred during the treatment. Note that the claim will be approved if it is made in accordance with the terms and conditions mentioned under the policy.  

• Portability Benefits: 

In case you are not satisfied with the services or coverage offered by your existing insurance company, you can choose to port the policy i.e. switch your insurer. In this case, you can take advantage of the portability feature of health policy. This feature allows the policyholder to transfer their existing health plan to a new health insurance provider. Hence, customers can protect themselves from being taken for granted by insurance companies. 

• Financial Security Against Rising Medical Expenses:

Considering the escalating cost of healthcare in India, it is crucial to procure a health insurance policy from a trustworthy provider as soon as possible. Besides providing mental peace, it will take care of your health by covering your hospitalisation expenses in case of emergency or otherwise. 

• Tax Benefits Under Section 80D of the Income Tax Act, 1961

In accordance with Section 80D of the Income Tax Act of 1961, the government has encouraged the purchase of health insurance by providing tax deductions on the premiums paid. Refer to the table below for more information about tax advantages under health insurance plans:

 insurance by offering tax deductions on the premium paid for them, under Section 80D of the Income Tax Act, 1961. To know more about tax benefits under health insurance plans, refer to the table below: 

Situations	Premium Paid		Deduction under Section 80D of the Income Tax Act
	Self, Family, Children	Parents
When the policyholder, as well as parents, are less than 60 years of age	Rs. 25,000	Rs. 25,000	Rs. 50,000
When the policyholder and family members are aged below 60 years with parents aged more than 60 years	Rs. 25,000	Rs. 50,000	Rs. 75,000
When the policyholder, family members, and parents are aged more than 60 years	Rs. 50,000	Rs. 50,000	Rs. 1,00,000
Members of the HUF (Hindu Undivided Family)	Rs. 25,000	Rs. 25,000	Rs. 25,000
Non-Resident Individuals	Rs. 25,000	Rs. 25,000	Rs 25,000

 

• No Claim Bonus:

No Claim Bonus (NCB) is a benefit provided by health insurance companies to policyholders in exchange for not filing any claims throughout the policy year. No Claim Bonus also referred to as a cumulative bonus, is applicable to both individual and family floater health insurance plans. However, note that there is a limit of coverage that you can extend through the No Claim Bonus.

• Lifetime Renewability Benefit:

The lifetime renewability benefit allows policyholders to renew their health insurance coverage without regard to age or higher age limits. Especially for senior citizens and parents, the lifetime renewability benefit relieves their financial stress in the case of a medical emergency. The Insurance Regulatory and Development Authority of India (IRDAI) has directed insurance companies to include this benefit in their health insurance plans.

Reasons To Buy Health Insurance Plan

Unexpected medical emergencies can happen at any time, causing a financial crisis that can be challenging to manage. Additionally, with the increase in healthcare expenditure, accessibility to good healthcare facilities and hospitalisation expenses can cause a drill in the pockets of a middle-class person. From this point on, getting a health insurance plan for yourself and your family can provide you with the necessary protection when you need it most. A health insurance plan shows to be really helpful in order to combat the inflation in medical care, in addition to providing financial security and trust.

Highlighted below are reasons why you should consider purchasing a health insurance policy:

• To Protect Yourself And Your Family:

While purchasing a health insurance plan, you can choose to buy a family floater plan that will cover you and your family members under the single insurance plan. In order to ensure that your dependent children and ageing parents receive the best care possible without you worrying about the cost in case of any medical emergency, you should think about buying a health plan for them. Make sure to conduct thorough research, take an expert's advice, and get a plan that offers comprehensive coverage.

• Cope-up With Medical Inflation:

The healthcare treatment cost is rising day by day due to an increase in the number of diseases and improvements in medical technology. The cost of healthcare is not just limited to hospitalisation; it also includes ambulance costs, diagnostic test prices, medication costs, room rental costs, operating room costs, and more all of which are rising quickly. And if you are not fully prepared, these charges may strain your financial situation.  In order to deal with the burden of medical inflation at the time of selecting high-quality treatment without worrying about the costs, you might consider purchasing an affordable health insurance premium each year.

• Safeguard Savings:

When you are fighting against a serious illness, it not only leaves you mentally distressed but also leaves you financially drained. However, by purchasing a suitable health insurance plan, you can deal with your expenses in a more rational way without disturbing your savings. Other than this, some insurance companies also offer cashless treatment, so you are not required to worry about reimbursement. You can now spend your savings as you had intended, including, paying for a home, your children's education, and retirement plans. Also, with a health plan, you can easily avail tax benefits, which can further increase your savings.

• Checking Insufficient Insurance Coverage:

You need to confirm what benefits your current insurance plan is providing you if you are already covered by a health insurance plan (provided, for instance, by your employer). The majority of the time, it also offers basic coverage and in case your insurance plan is not providing you coverage against any possible threats like any serious illness or disease, then it can prove to be inadequate. Additionally, with the increase in medical procedures and treatments, having an insurance plan with a high sum assured might assist you in financially covering all of your medical requirements. However, you can start with less coverage and progressively increase the amount if you are unable to purchase a higher coverage plan.

• To Fight Against Serious Illnesses: 

There has been an increase in lifestyle diseases among people under the age of 45. Severe diseases such as respiratory problems, heart diseases, diabetes, and obesity, all of which were once common amongst older people are now commonly found in younger individuals as well. Some of the major factors that result in such critical illnesses include stress, sedentary lifestyle, population, gadget addiction, unhealthy eating habits and unbalanced lives of people.

• Go For A Health Insurance Plan Early:

When you decide to purchase a health insurance plan early in life, you can avail various advantages. Buying a health insurance plan in your early years of life would mean availing plans at a lower cost when you are still young and healthy, and which would continue even as you grow old. Additionally, you will have access to alternatives for more comprehensive coverage. There are several health insurance plans that require you to wait before receiving benefits for any pre-existing conditions. The waiting time will end when you are still young and healthy, which will be advantageous if you get sick later in life.

How To Buy Health Insurance At InsuranceDekho?

Now that you know the benefits of buying health insurance, you must also know the process of buying it online as well as offline at InsuranceDekho.

Here are a few easy steps that you must follow to buy health insurance online at InsuranceDekho within a few minutes:

Step 1: Visit www.insurancedekho.com Then select the ‘Health’ tab.

Step 2: Choose your Gender and then enter your other personal details like your Name and Mobile Number. On entering these details, you will receive an OTP, kindly enter that.

Step 3: Select the time when you want to purchase the policy. Click on the ‘View Instant Quotes’ button to proceed.

Step 4: Choose family members you want to add (if any) to your plan along with yourself. 

Step 5: Select the age of the chosen family members and then click on the ‘Continue’ button.

Step 6: Fill in your Email ID and City. Then click on the ‘Submit and View Quotes’ button. You will see several health insurance quotes displayed on your screen as per your selections. Select the one from them that suits your requirements in the best manner.

Step 7: Select the policy period of the shortlisted health insurance policy and enter the required details. Then make the payment via a secured payment gateway.  

You can also buy health insurance in offline mode for which you will be required to share your requirements with the customer care executives at InusranceDekho on the toll-free number 7551-196-989.

Conclusion

The benefits of health insurance purchases in 2023 are vast. If you want to save yourself from financial instability, especially when you are mentally and physically exhausted, buy a policy online today! 

Therefore, don't wait any longer to make the most of your money by selecting optimal health insurance coverage in India at a reasonable price.

Also Read: 

Health Insurance Plans For Salaried People

Easy Ways to Pay premium for National Health Insurance Policy Online