Why Should You Invest in Health Insurance in 2023
Nobody can ignore the importance of being healthy in life. It keeps you happy, and energetic and lets you use your maximum potential. But the current lifestyle is making things difficult for even health-conscious people. Unhealthy food habits, hectic lifestyle, night shifts, and the current environmental condition is making people more vulnerable to diseases. In addition to the increasing number of health-related issues, the increasing cost of health care is also burning deep holes in the pocket and is making health care service a financial burden for you. Health Insurance is a basic need of every person.
Nowadays, even a simple surgery in a hospital can cost up to Rs.1 lakh. However all these obstacles to healthcare services can be overcome with an appropriate health insurance policy.
Reason of Investing in Health Policy
- Daycare Treatment
- Hospitalization Expenses
- Domiciliary Treatment
- Daily Cash Allowance
- No Claim Bonus
- Tax Benefit
A health insurance policy covers your financial loss incurred for taking medical facilities. The varied benefits of health insurance policy have pushed its perception of just a cover for hospitalization to a product that offers a bundle of benefits. There are various health care plans in the market and with proper analysis of your need and situation, you can choose the best health insurance policy.
So let’s look at the various benefits and coverage offered by health insurance, which can help you to get the best medical facility without a huge financial loss.
Table Content
Day Care Treatment in Health Insurance
Due to the advancement in technology, many treatments and surgeries can now be done in less than 24 hours and such treatments and surgeries are known as daycare procedures. A health insurance policy provides cover for the mentioned daycare treatment. The list of daycare treatments is clearly mentioned in the policy brochure, most of the company offers you a long-time daycare treatment option.
Hospitalization Expenses
A health insurance policy gives cover for both inpatient hospitalization and outpatient hospitalization. If your treatment doesn’t require 24 hours of hospitalization and is even missing from the list of daycare procedures then it is called outpatient hospitalization. All the expense incurred as an outpatient hospitalization is covered under a health insurance policy. The best example of outpatient hospitalization is dental treatment.
If your treatment requires hospitalization of more than 24 hours, then it is called an inpatient hospitalization. All the expenses incurred during inpatient hospitalization are covered under a health insurance policy. Hospitalization is a basic coverage of health policy and every health policy offered you hospitalization benefits. Under this coverage, your health policy will cover all the expenses. Like as, medical expenses, room rent bills, and hospital bills.
Hospitalization benefit is the basic need of an insured person, being hospitalized means you are in trouble and no one knows that how much will you take to recover, and for fast recovery you need to stay in hospital. In such a scenario, hospitalization is the best service that a patient needs most and from now on every insurance company offers you a cashless hospitalization option that makes things easy and simple for you.
Domiciliary treatment in Health Insurance
If treatment is taken at home on the advice of the doctor because of the inability of the patient to go to the hospital or unavailability of bed in hospital, then such kind of treatment is called domiciliary treatment and health insurance policy provides cover for such type of treatment. The allowance and limit for such treatment vary according to the policy.
In recent years, Covid-19 and its different variants kept us in the fear of death, and to be honest, no one wants to die, and that’s why every country was shut down for a while. India was locked twice, just because of Covid-19, and during an outbreak, we all know that there was not a single bed available for patients in the hospital. In such a scenario, if you are able to take treatment in your own house, it’s quite good for you, and your insurance company will pay you the whole expenses.
Daily Cash Allowance
In addition to the hospitalization expense, a health insurance policy provides cover for your daily expenses at the hospital like food, refreshment, etc. This cover comes under the daily cash allowance and the amount given under the allowance can be availed without any proof or bill.
No Claim Bonus
If you don’t make any claim for a particular period during your policy term, then you receive no claim bonus in the form of an increased sum assured or decreased premium. Getting ‘no claim bonus’ means you are living a healthy life, and it’ll benefit you with certain benefits. For as – it has a notable impact on the premium and some of the insurance companies already mentioned with their plan brochure, that how much percent will increase year by year if you’re not claiming.
Tax Benefit
All the premiums paid for buying or keeping a health policy active are tax-deductible under section 80D of the Income Tax Act,1961. The buyer can get a tax deduction or the premiums paid for self, spouse, parents, and children. Well, insurance policies are not only for saving tax, but yes with the help of an insurance policy, you can save your tax approx up to Rs 40,000. Tax saving benefit is count as a last and one of the least benefit.
Miscellaneous Benefits Health Insurance
Apart from the above-mentioned benefits and cover, a health insurance policy provides cover for ambulance expenses, a second opinion from a doctor, and there is many more benefits are available. A health policy also allows lifetime renewability so that you can be covered for as long as you want.
Now let us look at some of the key points which you need to keep in mind for buying the best health policy.
- Analyze your needs and situation before buying the policy
- Compare different health policies on the online platform
- Look for a company that offers an easy claim settlement process
- Go through the customer’s review and insurance expert’s blog for choosing the best health insurance company
- Use the online premium calculator to compare different health policies on the basis of the premium amount
- Go through the fine prints of the policy
- Choose the most cost-effective health insurance policy without compromising on the benefits
- Check the network hospitals of the insurance company for the ease of availing healthcare services in case of emergency.
By going through the above-mentioned coverage and benefits, you must have understood the importance of health care plans in the current era. A health insurance policy has become a necessity for everybody and the widening benefits of health insurance have made the deal of insurance, more profitable for you. To analyze, compare and choose the best health insurance policy in 2017.
