Benefits of Health Insurance

The ongoing COVID-19 epidemic has made the entire globe sit up and take notice that medical problems are unexpected and can strike at any time, resulting in a difficult-to-manage financial crisis. People have realised the value of having a trustworthy health insurance coverage as the COVID-19 illness has spread swiftly throughout the world, providing much-needed protection in difficult times.

Health insurance is a form of insurance coverage that pays for the insured's medical or surgical expenditures. The primary goal of health insurance is to safeguard your money from being wiped out in the event of a medical emergency during the policy's term. A widespread misconception is that health insurance policies only cover hospitalisation costs. However, this is not the case. Some of the finest health insurance policies also cover other costs and provide additional benefits. To understand more about benefits of health insurance, read on.

Benefits Of Purchasing Health Insurance In 2021

Following are the benefits of purchasing health insurance in 2021 -

1. Medical Expenses Insurance

An individual may become ill quickly as a result of a hurried lifestyle, pollution, changing weather, or other factors. Purchasing a suitable health insurance plan might assist you in addressing such health-related difficulties by providing adequate coverage. Following are examples of common coverage features provided by health insurance plans -

• Expenses for In-Patient Hospitalisation - In-patient hospitalisation is when you receive treatment while being admitted to a hospital for at least 24 hours. These costs, which include doctor's fees, nursing charges, anaesthetic, and so on, are covered by health insurance policies.

• Pre-Hospitalisation And Post-Hospitalisation Expenditures - Pre-hospitalisation and post-hospitalisation expenses are costs incurred before and after you are admitted to the hospital for the same illness. These costs include doctor's visits, medical tests, recommended medications, and charges for doctor follow-ups, among other things.

• Organ Donor Expenditures - Health insurance policies protect you from medical expenses incurred as a result of organ donation. Typically, health insurance companies include coverage for expenditures linked to organ harvesting as a standard provision. Others, on the other hand, may provide it as a bonus.

• Daycare Expenses - Daycare treatments are medical procedures that do not necessitate a 24-hour stay in the hospital. For example, ophthalmology, sinusitis, ear surgery, orthopaedics, cataract surgery, and so on. Specific childcare treatments are covered by health insurance policies, as you can see in the policy document.

• Alternative Treatment - Treatments taken under the AYUSH health insurance cover of medications, such as Ayurveda, Unani, Sidha, Homoeopathy, and Yoga, are covered by insurance companies.

• Expenses for domiciliary hospitalisation - Domiciliary treatments are those given at home under medical supervision. In general, insurance companies reimburse such expenditures, but the number of days for which the benefit is accessible is limited.

• Daily Hospital Cash Allowance - Many insurance companies include coverage for non-medical expenditures such as food, travel, and other expenses in their health insurance policies. However, there may be a limit to how much money you may save by using these services.

2. Critical Illness Cover

Critical illness insurance is available as a solo policy or as an add-on benefit from insurance providers. The critical illness insurance covers the policyholder against life-threatening conditions such as bone marrow transplant, renal failure, coma, cancer, stroke, and so on. On diagnosis of any of the catastrophic conditions specified, these policies provide a lump sum payment. The funds can be used to cover treatment-related costs, debts (if any), everyday living expenditures, or other financial commitments.

3. Cashless Claim Benefit

Many insurance firms provide no-fee claim services. This means you won't have to spend anything out of pocket if you're admitted to the hospital, as long as your health insurance coverage covers the treatment. If you have a cashless mediclaim coverage, it is a good idea to use it for cashless treatment since it is more convenient. To qualify for the benefit, you must be admitted to a network hospital, notify your insurance carrier of your hospitalisation, complete a pre-authorization form at the hospital, and get treatment after your claim is granted.

Endnotes

Whether an individual has already had a procedure for a heart condition or is arranging enough coverage for life's uncertainties, there are a variety of possibilities. Most policies will include a waiting period and, in the case of fixed benefit policies, a survival term before benefits begin. Individuals who are insured can also get tax breaks on their premiums.

Do read - Why is Top-up Health Insurance plan important?

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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.