Understanding Health Insurance

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.

Written by: Chanchal Sengar Updated at: 2019-09-02 18:18

Health Insurance is a must these days where every second, a new disease is discovered. These medical bills and doctor fees would burn a hole on your pocket if your health isn't insured with a good insurance policy. This is a one-time investment which would take care of all your medical expenses whenever you get ill or meet with an accident. Here is everything you should know about health insurance.

Benefits of health insurance

Our lives cannot be predicted; hence health insurance helps to make it secure and protected from handling mammoth financial hammering. It not only helps you in dealing with severe emergencies effectively, but it also beneficial in dealing with disability and custodial needs.
Health insurance as a concept is new in India, however it is catching up speedily. Its responsiveness has been massive in the last couple of years. This is due to the response to the series of qualms, worries and suspicions people have observed in current times such as terror attacks and so on.
In brief, a health insurance is a contract signed between an individual and an insurance company.
One must note in advance, the amount and type of health care expenses that will be covered under a health plan. Based on the terms and condition of a health insurance policy, it covers major and at times all part of medical expenses which includes medications, nursing expenses and doctor’s consultation charges. Treatment can be obtained from any authorized hospital or medical organization across India.
Health insurance in India can be purchased in two available formats: individual and group plans. In an individual policy, he or she is himself or herself the owner of the policy, whereas in group policy, the guarantor or the sponsor purchases the policy and the beneficiaries covered under it are labeled as its members.

Also read: 5 Reasons Why Health Insurance Is A Must For Youngsters

The need of health or medical insurance

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. You must choose a health insurance policy wisely to save on premiums.

Also read: Indoor Air Can Be Worse Than It Is Outdoors: Toxic VOCs And Its Effects On Health

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.

Read more on Miscellaneous


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