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Why Health Insurance?

By  ,  Onlymyhealth editorial team
Jan 29, 2013
4.8 / 5(4 Ratings)

Looking at the sky mounting expenses now a day’s, health insurance is a must. A simple appointment with your doctor is capable of shelling big bucks from your pocket, it is then that health insurance comes in handy.


Convoluted medical treatment expenses combined along with modern sedentary lifestyle patterns could binge into your savings which for all obvious reasons is meant for your future. For peaceful, secure and healthy lives of you and your family, it is always advisable to buy a well suited health insurance plan. Right from the food we consume to the air we inhale to our daily stressful activities, having a right health insurance plan is imperative.


At some time or the other, we all have met people who wonder that if they buy a Health insurance policy, it is certain for them to get ill. However, let us face the fact. We all need a health insurance plan in order to cover a small appendix operation cost which is more than Rs. 25,000, when compared to the year 2000, when it was close to just about Rs. 10,000. The cost of any sort of treatment is likely to shoot, without giving a prior notice to general public in advance.


Benefits of a health insurance plan


The benefits of a health insurance policy are multi fold. It not only aids you in getting a suitable treatment keeping your pocket under watch, but it also covers the signs of financial instabilities in the event of long, delayed illnesses.


Benefits of a health insurance policy depend on two factors- the coverage it provides and the policy you choose. Let’s explore some of the basic advantages that major health policies provide.


1.    It aids in rendering a safe future by paying a fraction as your medical care costs, which is called as the premium. Depending upon the kind of policy you have opted for, it at times can cover the whole chunk of your medical costs.

2.    It helps in dealing with huge amount of monetary losses and danger of financial breakdown in the cases of costly medications and post-illness care.

3.    It unquestionably gives you a sense of security.

4.    Depending upon the type of widely available policy that you opt for, it aids in covering pre-hospitalization to post-hospitalization bills, for the period of 30 days and 60 days respectively.

5.    It helps in providing a financial security to the family members.

6.    It also takes care of custodial bills and disability.

7.    One can also benefit from the tax benefits on the premium paid under section 80D of the Income Tax Act.

8.    Depending upon the type of policy you claim for, one can also avail discounts on insurance premium which is available on family packages.

9.    The premiums are considerably available at much cheaper costs for younger people.

10.    Domiciliary hospitalization can also be covered.

Defining Domiciliary Hospitalization


Domiciliary hospitalization accounts to the kind of hospitalization where a patient is treated at home, when he or she is not in a condition to be shifted to the hospital. It is also relevant in other cases, when a patient has no available accommodation in the specialized hospital throughout the course of his or her treatment.


How health insurance works  


In order to buy a health insurance, an individual or a group needs to pay an annual fee to the company. This annual fee is also known as ‘premium’. One chooses the sum total of the ...

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