The Buyt Desk
Since the COVID pandemic people have started understanding the significance of having a health insurance plan. A sudden medical expense can disrupt the financial fabric of any family. The increasing medical costs and rising inflation are making people realize that they need to prepare themselves for unpredictable medical emergencies. Health insurance with clear and comprehensive coverage eases the financial load of medical payments. In this post, you’ll dig into the basics of health insurance and what cost it covers.
What is Health Insurance?
Health Insurance or Medical Insurance includes all medical expenses that happen due to any injury, accident, or illness. The medical expenses consist of pre and post-hospitalization, specialist fees, hospitalization costs, medications, surgery costs, implants, and more.
Significance of Health Insurance
In India, healthcare costs are constantly rising annually. The occurrence of the disease is becoming more common today than ever before. Health risks and worries are unpredictable life aspects. We all want to stay fit and healthy without falling sick, but it’s important to have a plan for unforeseen medical expenses. To remain financially ready for unexpected health dangers, one can opt for health insurance.
As mentioned above, a good health insurance plan includes medical costs such as treatment for accidents, inclusive of doctor fees, ambulance fees, cost of maternity for organ transplantation fees, medical tests, cost of pre and post-hospitalization, and lots more.
When you pay a nominal premium, you can get access to a considerable sum insured which you can easily use in event of medical emergencies.
Benefits of Purchasing Health Insurance Policies
Buying health insurance with comprehensive coverage provides numerous benefits in meeting individual and family health needs. Before purchasing any insurance plan in the best interest, check its features and advantages. Let’s jump ahead over the key benefits of buying a good health insurance policy.
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Financial Stability
Medical emergencies happen unexpectedly and often result in severe financial challenges. In some circumstances when the health problem is major, one may have to sell their possessions and assets to pay for treatment. In such a situation, having a health insurance plan proves highly beneficial. It helps in getting financial protection and securing long-term savings.
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Access to Good Medical Treatment
Lacking financial support makes many people compromise on their medical treatments. This problem can be resolved with an effective medical insurance plan. With this, one can select the best hospital, doctor, and treatment options.
The following things are included in the health or medical insurance policy.
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Ambulance charges
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Annual and preventive health check-ups
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Consultation fees
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Daycare procedures
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Maternity and delivery charges
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Modern treatments
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Pre and Post-hospitalization costs
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Room rent charges
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Vaccination charges for newborns
And lots more.
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Safeguard Your Family
When choosing a health or medical insurance plan, consider your family’s requirements. Given the importance of medical insurance in covering medical expenses, people with dependent family members have to give more value to this. The financial stress level of providing great quality health care access to all family members from one revenue source can’t be described.
So, better examine your needs before spending on a health insurance plan to access the optimum advantages. For example, people having aging parents who have more possibilities of illness will require enough health insurance coverage.
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Treatment Cost Management
Lifestyle diseases such as respiratory problems, diabetes, heart strokes, and heart attacks, obesity, etc. are increasing rapidly. These health problems are more common in adults and youngsters nowadays due to pollution, gadget addiction, sedentary lifestyles, poor eating habits, and pollution. Thus, it is significantly crucial to consider your health protection with comprehensive health insurance coverage.
It’s good to invest in medical insurance that consists of diagnostic tests. This will assist you in quickly finding lifestyle disorders and easily paying for medical bills, thereby reducing your stress level. You might also enroll in an effective wellness program provided by several leading insurers to better prevent or manage severe diseases.
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Saving Protection
Today, medical expenses are increasing at a great speed. Unfortunately, many people lose their life savings to meet medical emergencies. This is when the importance of medical insurance is realized. You can preserve your savings and use them for other financial emergencies or future requirements. For example, investment in a child’s education, purchasing a home, and others.
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Benefits When Existing Insurance Coverage Doesn’t Help
It is always recommended to check the T&Cs (terms and conditions) of the existing medical or health insurance plan to examine what expenses it covers and what is excluded. Some insurance policies provide just the basic protection. This would not prove beneficial when more than one member of your family gets hospitalized at the same time as mostly happened during the COVID-19 pandemic.
In that situation, you can increase the sum insured by purchasing Top-up plans. This will assist you in getting extra coverage. It will financially cover most of your medical requirements. If you are wondering how to get a higher coverage as you can’t afford it, then start buying a basic cover and then increase/built it over time as per the need.
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Tax Benefits
Future planning should not make your current income stressful. Considering the significance of health or medical insurance, the Indian government provides tax deductions for getting health insurance. Consider Section 80D of the Income Tax Act 1961 to deeply understand the tax benefits.
Why Consider Health Insurance Plan At Young Age?
Buying medical insurance when you’re young can provide numerous benefits including the following –
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The Premium of Health Insurance is computed based on the client’s present age. Young age people can pay a low Premium.
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Enrolling for health insurance at young age assures extensive coverage. It helps in better planning your finances. You can also choose an insurance plan with lifetime renewability to enjoy holistic coverage. Moreover, you can access enhanced security while working and after retirement also.
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Some insurance plans include pre-existing situations with some waiting periods. At a young age, there is less possibility of becoming ill. Hence, buying insurance with complete coverage will help a lot when you fall sick.
Types of Medical Insurance
There are different types of medical or health insurance policies. For example, top-up plans, individual health insurance, critical illness plan, corporate medical plans, family floater health insurance, and senior citizen health insurance.
Conclusion
Health insurance policies are considered mandatory risk cover. Since medical expenses are increasing every passing day, it becomes more important to have an adequate health insurance policy. There are numerous kinds of health or medical insurance policies. Pick one based on your and your family’s requirements. Carefully read the policy terms and conditions to better understand the inclusions and exclusions.
