All you need to know about health insurance
Medical insurance is no longer a luxury, but an absolute essential. Here are a few details regarding health insurance that you should be aware of.
Although medical expenses are part of everyday life, unfortunately, they cost a lot more than other regular expenses such as food, transport, etc. If you do not have sufficient funds set aside for emergencies, arranging for money at the last minute can be difficult. If you are a senior citizen, especially, the cost of medical expenses can be overwhelming, regardless of existing savings.
The best way to manage costs related to medical emergencies and healthcare is by opting for health insurance. It offers security against various diseases and ailments and the treatment involved. There are usually two types of health insurance coverage:
- You pay the bills on your own, and the insurance company reimburses them.
- The insurance company pays the bills.
Here’s a look at the features and benefits of health insurance.
- High insurance sum
A health insurance usually offers up to Rs.10 lakh cover for all medical and health-related needs of your family. This provides a safety net in the eventuality that you need immediate and expensive medical attention.
- Easy processing
You can get a health insurance today within 45 minutes of applying so that you are equipped to handle all medical costs at the earliest. The entire process is hassle-free, quick, and customer-friendly.
- Convenient premiums
The premiums for health insurance start at a nominal sum, so you can ensure the safety and protection of your family at the most affordable rates.
- No cash needed
Some health insurance providers offer cashless facilities so that you can rest assured that you will get quick service at the hospitals that are affiliated with the insurance provider.
- Single cover for individual families
Your health insurance can cover your entire family for up to Rs.10 lakh, with no changes in premium for members who are up to 60 years of age.
- Multiple day care procedures
Some medical procedures like appendectomy may not require 24-hour hospitalisation, your health insurance will also cover the cost of such medical procedures. Most health insurance providers cover more than 130 day care procedures.
- Helpful add-on benefits
With the right health insurance, you can avail of features such as pre- and post-hospitalisation expenses being covered for 60 days and 90 days, respectively. This means that the health insurance provider pays for all pre-operation or pre-treatment expenses, as well as those incurred after the procedure. Additionally, you can also get as much as 25% off on expenses for Ayurvedic treatments such as panchkarma and shirodhara, at registered hospitals.
- Organ donation coverage
Some health insurance providers offer you suitable coverage for organ donation, up to the sum insured, in order to provide complete healthcare protection.
- Tax advantages
Your health insurance can also offer tax benefits against the premium paid, under Section 80D of the Income Tax Act. This helps you save money without compromising on the protection of your family.
Health insurance offers you a chance to cope with medical conditions and ailments so that they don’t hamper your quality of life or drain your finances. If you are scouting for the best health insurance in India, you can learn more here.