Health insurance is like a safety blanket for your health, protecting you and your family from potentially crippling medical expenses. Just as a map helps you navigate on a trip, health insurance helps you navigate smoothly through your journey of life.
What is a health insurance policy?
It's a contract between you and an insurance company that helps cover your medical expenses, including medicines, surgeries, consultations, room rent, and ambulance charges. It ensures you receive necessary medical care without worrying about the burden of unexpected bills.
Who should get it?
The short answer is everyone. Health insurance is essential for individuals and families alike, offering financial security for all.
8 key benefits of Health Insurance
1. Protection from rising medical bills: Medical inflation in India will increase to 11% in 2024 from 9.6% in 2023. During such a time, having health insurance can be invaluable to safeguard you and your family from the rising medical costs.
2. Hassle-free cashless treatment: Today most health policies offer cashless coverage. This brings in peace of mind during emergencies.
3. Comprehensive hospitalisation coverage: With health insurance, you can be covered for hospitalisation expenses, whether it's for an accident or illness.
4. Pre-and post-hospitalization support: Many treatments require pre and post hospitalisation that can cause financial burden on you. But the correct health insurance policy covers all these essential medical needs, easing your recovery journey.
5. Regular wellness check-ups: Not just for a treatment, your health insurance can help you stay ahead of health issues with annual wellness check-ups. This promotes proactive health management.
6. Tax Savings: Under Section 80D, there are specific tax benefits of health insurance applicable to some conditions. Thus health insurance reduces your tax burden while investing in your health and financial well-being.
7. No-claim bonus: Want to get rewarded for staying healthy? Your health insurance might just give you that. Policies offer bonus benefits for not making claims during the policy period, allowing you to increase your coverage without paying extra.
8. Rider protection: It offers additional benefits alongside your health insurance policy, making it even more valuable. For instance, consider the critical illness rider. This benefit offers coverage against specific life-threatening diseases by paying a lump sum amount, which can be used to cover these high expenses, over and above the coverage from your health insurance.
It's like having an extra safety net for your health.
4 common misconceptions about health insurance
Still debating whether to get health insurance? Here are some common myths to help you make a faster decision:
You don't need insurance if you're young & fit
False. Health issues can arise at any age, making insurance essential. Plus premiums are lower if you start early and helps accrue a no-claim bonus as well
Corporate insurance is enough
Nope. Personal health insurance ensures continuous coverage, especially when in-between jobs. Also, corporate coverage may not be sufficient.
Hospitalisation is always necessary for claims
No. Many plans cover day care procedures without hospital stays.
Pregnancy isn't covered
Some policies cover pregnancy, but it's essential to review details for coverage.
Before purchasing health insurance, consider these key points:
Verify your insurer's credentials
Calculate the coverage you need
Understand the co-payment clause
Check room restrictions for hospitalisation
Be aware of disease-specific limitations of your policy
Ensure if it offers the coverage for pre and post-hospitalisation care
Look for shorter waiting periods
Inquire about no-claim bonuses
Health insurance is an important investment in your well-being and financial security. By understanding the benefits and the common misconceptions, you can make more informed decisions about your health coverage.