Most of us strive to build up a reserve, invest, and reach certain economic objectives—a house, a child’s marriage, etc. But with healthcare costs constantly going up, such savings are easily chewed up by medical exigencies. This is why a medical insurance policy plays a vital role at this time. It is imperative to recognise the importance of having a health insurance plan and the characteristics of specific plans to protect one’s financial health.
Critical Qualities Of Health Insurance
- Cashless Treatment: When you seek care at a network hospital, your insurer covers the treatment costs directly. Presenting the insurer’s medical card enables this service.
- Pre-existing Disease Waiting Period: Pre-existing conditions are subject to a waiting period, often up to a year before claims for their treatment can be made.
- Annual Premium: This is the amount paid yearly to the insurer for coverage, which varies based on the provider and plan chosen.
- No Claim Bonus: If no claims are made during a year, a bonus is applied, increasing the coverage limit for the following year.
- Inclusions And Exclusions: Inclusions cover services and illnesses, while exclusions are not. Opt for plans with minimal exclusions.
Importance Of Health Insurance
- Financial Stability: Health insurance provides crucial financial security. Medical emergencies can force you to deplete savings or investments. Individual and family health insurance plans protect you from such financial strain. Additionally, the tax advantages contribute to overall economic stability.
- Changing Lifestyle: Busy lives take a toll on health, so prioritise routine medical check-ups. With cashless care, you’ll have confidence in quality medical care for you and your family. Certain jobs increase the risk of medical conditions, so critical illness and personal accident insurance are considered.
- Rising Healthcare Costs: Inflation greatly impacts healthcare delivery costs. Hospitalisation costs increase daily, so health insurance is now essential. Critical illness and personal accident policies help with major ailments and injuries.
- Variety of Choices: It is also necessary to know that health insurance is not only individual plans. There are many, namely, family health insurance, personal accident insurance, critical illness insurance, child plan, and senior citizen plan. Many tools are available online, and with the help of a premium calculator, it becomes easy to compare and renew the health insurance policy in India.
- Unique Benefits: Health insurance provides consumers with necessary protection with a marvellous approach. Most plans cover services two months before and after hospital admission, including accommodation and ambulance transport. Self-funded procedures are possible through insurance contracts and medical networks without cash. The premium paid is also a deduction from total income under Section 80D of the Income Tax Act.
Considerations Before Purchasing Health Insurance
It’s critical to assess your health insurance premium before buying a policy. Premiums vary significantly depending on the provider and plan type. Lower premiums don’t mean better healthcare coverage, so compare plans thoroughly.
Purchasing health insurance protects your finances and ensures medical care access amid rising costs. Various plans meet individual and family needs, so compare options to make an informed decision. Prioritise health insurance to safeguard your health and financial stability in medical emergencies.