With the ever-increasing cost of medical treatment and the impact of modern lifestyles on our health, it’s becoming more important than ever to know what is health insurance in India and invest in one.
Not only can it provide you with financial protection against high medical bills, but it can also offer peace of mind in knowing that you’ll be able to receive the best possible medical care without any added strain on your finances. If you’re looking for more comprehensive coverage, you can consider adding a top up health insurance plan to your existing policy.
In this article, we’ll explore the benefits of having a health plan and how it can help you safeguard your physical and financial health.
The Benefits of Having a Healthcare Plan
A. Coverage against Medical Expenses
One of the primary benefits of having a health plan is the coverage it provides against medical expenses. Medical costs associated with the treatment of various diseases are increasing rapidly, and investing in an insurance plan is necessary to safeguard your finances against high medical bills. Here are four sub-points that highlight the importance of coverage against medical expenses:
Hospitalisation expenses: Medical plans cover the cost of hospitalisation, including room charges, nursing charges, and doctor’s fees. This means that you can receive the best medical care without any financial strain.
Daycare procedures: Some medical procedures may not require overnight hospitalisation, but they can still be expensive. Insurance plans cover these daycare procedures, such as chemotherapy, radiation therapy, and dialysis.
Domiciliary expenses: If you are unable to go to a hospital due to certain medical conditions, you may need treatment at home. Healthcare plans cover domiciliary expenses, including nursing charges and the cost of medical equipment.
Ambulance charges: In case of an emergency, you may need an ambulance to transport you to a hospital. Medical plans cover the cost of ambulance services, ensuring that you receive timely medical attention without any financial burden.
In addition to your regular plan, you can also opt for a top up health insurance plan to provide additional coverage for high-cost medical treatments.
B. Coverage against Critical Illnesses
Financial support: A critical illness can result in high medical bills and, in some cases, the inability to work. Having coverage against critical illnesses provides financial support to help cover medical costs, as well as other financial obligations such as mortgage payments or daily expenses.
Lump sum payout: Upon diagnosis of a critical illness listed in the policy, the insured is entitled to a lump sum payout. This payout can be used to cover treatment costs, as well as other expenses related to the illness.
Predetermined list: It is important to note that critical illness policies cover only specific illnesses listed under the policy. Make sure to read through the predetermined list of illnesses covered by the policy and choose one that suits your specific needs.
C. Cashless Claim Benefit
No financial burden: Under the cashless claim facility, your insurer directly settles the hospitalisation expenses with the network hospital. This means you do not have to bear any financial burden during your hospital stay.
Hassle-free claim process: The cashless claim process is relatively simple and hassle-free. All you need to do is fill out a pre-authorisation form and show your healthcare insurance card to the hospital authorities. They will verify your details and submit the claim to your insurer for settlement.
Access to quality healthcare: With the cashless claim facility, you can avail of quality healthcare services without worrying about the cost. You can choose from a wide range of network hospitals that offer state-of-the-art facilities and experienced medical professionals.
Round-the-clock assistance: Most insurance providers offer round-the-clock assistance for cashless claims. You can reach out to their customer support team in case of any queries or issues during the claim process. They will guide you through the process and ensure a seamless experience.
D. Tax Benefits:
Deduction for Self and Family: You can claim a deduction of up to ₹25,000 on the premiums paid for yourself and your family.
Deduction for Senior Citizens: If you or your spouse is a senior citizen (60 years or above), the deduction limit increases to ₹50,000.
Deduction for Parents: You can claim an additional deduction of up to ₹25,000 for the insurance of your parents. If your parents are senior citizens, the deduction limit increases to ₹50,000.
Deduction for Preventive Health Check-ups: You can also claim a deduction of up to ₹5,000 for preventive health check-ups for yourself and your family. This is included in the above deduction limits and not in addition to them.
Overall, investing in a health plan is a wise decision, but it can be overwhelming to choose which is the best health insurance policy for your needs. Take control of your health and finances today by exploring the different healthcare plans available to you. Remember, If you want to enhance your coverage, you can explore different options, such as critical illness policies or top up health insurance plans.
Pro tip: Are you looking for a healthcare plan that won’t break the bank? Consider a low premium health insurance plan that provides comprehensive coverage at an affordable price.
