Do you know that health insurance is a must for one and all? Well, health insurance is often considered as a choice whereas it is an essential. There are so many reasons why getting a health insurance is important for your well-being, including emergency financial aid that can save a lot of your time and stress that goes into arranging funds for the treatment. In this section, you would get an insight on the best plans of health insurance including various options of Health Funds, Medical Insurance and Medical Plans.
Why is health insurance important?
There are many reasons why health insurance is a must to take. Here are some of the reasons why one should enroll in a health insurance plan:
One of the major important factor is protection against unforeseen health calamities. If you have a big family, you should consider buying an insurance plan that covers everybody’s health insurance. This is better than buying separate policies for every one in the family. This secures everyone’s health including children and senior citizens.
Protection in times of medical inflation
We all are witnessing the inflation in medical costs including doctor’s consultation fee and treatment costs. This is only going to increase in future and so, to make yourself financially secure in such testing time, you must be insured.
Safeguard your money
You never know when a medical emergency may arise and it becomes difficult to arrange finances then and there. Suppose you are diagnosed with a chronic disease but the treatment cost in six figures that cannot be arranged in a short time, what will you do then? Your health insurance would come to your rescue in such cases. Your saving are safe and won’t get exhausted.
Protection against serious illnesses
If you are 40+, you are at risk of contracting many serious illnesses including diabetes, hypertension, thyroid, cholesterol, etc. for which you need to be financially sound. Having a healthy insurance covers you in consultation fees, treatment expenses, etc. But this doesn’t mean that younger adults are safe. They are also at risk of illnesses and may need an insurance plan early in life. It is said that the earlier you get an insurance cover, the better and cheaper it would cost. New insurance policies for old-age people costs hefty.
Health Benefits of Health Insurance
Let us now talk about the benefits of taking a health insurance plan.
There is a wide range of coverage of expenses that a good health insurance plan covers. You can get the best medical treatment at lowest cost as an advantage to your existing insurance plan. Here are some of the healthcare expenses that a good insurance plan covers:
In-Patient Hospitalisation Expenses- Not all insurance plans cover this but a good plan covers your hospital room rent, medicine cost, ICU expenses, boarding expenses, to name but a few.
Pre-Hospitalisation and Post-Hospitalisation Expenses: While your hospitalisation expenses are born by the company, Pre-Hospitalisation and Post-Hospitalisation are also covered which includes diagnoses, tests, consultation fees, etc.
Domiciliary Hospitalisation Expenses: These are the expenses that a patient who is receiving treatment at home incur. An insurance plan also covers these.
If you happen to receive treatment from a hospital who is tied-up with the insurance provider, you don’t have to worry about cash at all! There is cashless treatment provided and the hospital reimburse all the medical costs. In short, you don’t have to pay anything at the hospital at all except for the foods & beverages!
If you want to transfer your existing health insurance to some other insurance provider, you have that portability facility. You can get your policy transferred without any hassle. This is great as your money won’t be waste if you are dissatisfied with the services of the company.
The medical expenses are rising exponentially and there might come a time when a treatment would cost you gold and diamonds. Considering that risk, it is better that you secure yourself now and live stress-free. Medical inflation is a future risk that can be averted with a good health insurance coverage.
Do you know that the premium you pay for the health insurance plan is non-taxable. The government offers tax deductions thereby promoting health insurance.
Lifetime Renewability Benefit
You can renew your insurance policy throughout your lifetime as there are no restrictions as such to renew the existing policy.
Types of Health Insurance
There are various types of health insurance plans that one can take depending upon their requirement, coverage and expenditure. Here are all the types that you should know about:
Individual Health Insurance
This is a single-person health insurance plan that a person who wants to secure himself/herself can take. They get the compensation for all the healthcare expenses. This is feasible for people who fall sick often and want to spend less on medical bills.
Family Health Insurance
This one is for people who want to secure all the family members under one umbrella. Family health insurance policies can include children, adults and senior citizens. The premium is decided on the basis of people to be insured under the plan.
Critical Illness Insurance
If a person is ailing with a life-threatening disease that costs lump sum expenses, they can get a critical illness insurance in which you need to mention about the disease and other pre-selected health conditions. This helps in the times of emergency medical treatment without spending a hefty amount. Some examples of these critical illnesses are- cancer, kidney failure, organ transplant, brain stroke, paralysis, bypass surgery, etc.
Senior Citizen Health Insurance
This health insurance is basically for senior citizens aged above 65 years. Since they are vulnerable to chronic illnesses and immediate medical aid, getting health insured is helpful. This covers the hospitalisation cost, medical bills, diagnostic tests, etc. In some plans, full body checkup also comes under the coverage which allows the older adults to get screened at regular intervals.
Top Up Health Insurance
This insurance policy is for people who wish to claim higher amounts. In such cases, claim is made above the pre-defined limit. You can also ask for additional coverage which comes under the super top-up plan when you exhaust the limit of your existing insurance plan.
Personal Accident Insurance
The causes of road accidents are increasing which makes a person worried about themselves anbd their family members. This insurance plan is dedicated to road accident coverage and the aftermaths. Many people lose their body parts or become disabled due to the accident. Personal accident insurance policy covers them and provides a good amount to the policy holder and its family as aid.
Mediclaim is best for short-term insurance plan. One can get mediclaim against an accident or illness including surgery costs and in-person hospitalisation. Many people are opting for mediclaim due to lower premium rate and wider coverage.