Advantages of Health Insurance in India
Health insurance is an agreement where the insurance company agrees to take a guarantee of compensation for medical expenses in case you, as an insured, fall ill or meet with an accident, that leads to hospitalisation.
In today’s times, health insurance has become a necessity. It is important for you and your family to be covered under a reliable health insurance policy mainly because of expensive medical care, especially in the private sector. So, a health insurance policy can prove to be savior in case of an emergency, especially if the breadwinner of the family is on the bed. It would reduce your stress in case of medical emergencies.
A health insurance policy covers expenses incurred due to doctor visits, consultation fees, cost incurred due to medical tests, hospitalisation expenses, etc. To learn about health insurance benefits in detail, read below:
Buying a policy online will help you tackle health-related issues and avail the best possible medical treatment without worrying about expenses. Mostly, health insurance plans cover you for the following healthcare expenses:
- In-Patient Hospitalisation Expenses: These are the expenses incurred during hospitalisation of at least 24 hours. Most health insurance plans cover you for in-ptient hospitalisation expenses which includes room rent, nursing, boarding expenses, cost of medicines, ICU/ICCU expenses, etc.
- Pre-Hospitalisation and Post-Hospitalisation Expenses: Pre-hospitalisation and post-hospitalisation expenses are the expenses incurred a specific number of days before and after the hospitalisation. These generally include expenses related to doctor’s visits, x-rays, medical reports, etc.
- Ambulance Expenses: Health insurance plans often cover you for ambulance expenses arising due to transportation of the patient to the nearest hospital. Generally, there is a limit on cover for ambulance expenses, which can be checked 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, sinuplasty, etc. health insurance plans cover you for a specific number of daycare procedures, as mentioned in the policy document.
- Domiciliary Hospitalisation Expenses: Domiciliary hospitalisation expenses are the expenses that incur due to treatment of an illness availed at home, which otherwise would have required hospitalisation. Most health insurance plans cover you for these expenses, the terms and conditions for which can be found in the policy document.
Generally insurance companies have tie-ups with hospitals, known as network hospitals that offer cashless treatment to the insured in case of hospitalisation. These hospitals reimburse the expenses related to treatment availed by the insured. This means, you can avail treatment at these hospitals without paying anything for the medical expenses incurred, and the insurance company will reimburse you for the same later when you make a claim. Note that the claim will be approved if it is made in accordance to the terms and conditions mentioned under the policy.
Health insurance portability allows the policyholders to transfer their existing health insurance policy to a new health insurance provider. It safeguards customers from being taken for granted by the insurance companies, thereby giving them flexibility and offering them better options in case they are not satisfied with their existing health insurance plans.
Financial Security Against Rising Medical Costs:
Considering the rising medical expenses in India, it becomes imperative to get a reliable health insurance policy on time. The policy not only offers you wide coverage, but also protects you from hospitalisation expenses in case of emergency even during inflation. It not only keeps you stress free, but also takes care of your health.
Tax Benefits Under Section 80D of the Income Tax Act, 1961:
The government promotes health 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:
No Claim Bonus:
Insurance companies offer No Claim Bonus (NCB) as a reward to the policyholders for not making any claim during the policy year. Also known as a cumulative bonus, No Claim Bonus is applicable to both individual health insurance plans as well as 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:
Lifetime renewability benefit allows the policyholder to renew their health insurance policy without any age limit or upper restriction. Especially for senior citizens and parents, the lifetime renewability benefit takes off the financial pressure in case of a medical emergency. The Insurance Regulatory and Development Authority of India (IRDAI) has given guidelines to the insurance providers to offer this benefit under the health insurance plans that they offer.
Please visit our portal https://www.policybachat.com/car-insurance to compare health insurance policies and select the best health insurance policy plan which fits all your requirements.