Why is health insurance important?

With the rising costs of medical care, particularly in private sector it has become important for anyone to have health insurance coverage as it can help in paying off large medical bills. This can not only help you to take good care of yourself but also of your family. It is now a well known fact that hospitalization and operative costs can actually break your bank in a severe way, making it difficult to manage your finances in a proper way. Things can become particularly difficult if the main earning member of the family gets hospitalized. However, such things can be easily avoided when you have a health insurance package that can reduce your stress levels. When you have a good health insurance package, you can manage your medical emergencies by simply paying a small payment as annual premium. The health insurance can help in managing consultation fees, ambulance charges, costs for diagnostic tests, hospitalization payments as well as post-hospitalization and recovery costs.

 

How Can I Buy

The best way to find an appropriate medical insurance is to explore the packages that are offered by some of the leading insurance providers. It is always a good idea to discuss your specific needs with the insurance provider as they can direct you to the best plans. You need to remember that there are various types of plans such as maternity health insurance plans and surgery health insurance plans and you must go through the payment plans and other details before opting for a specific health insurance plan.

 

Features

The features included in a health insurance policy depend on the type of package that you opt for. However, here are some of the common features of a health insurance policy in India.

  • Pre Hospitalization expenses
  • Post Hospitalization expenses
  • Reimbursement for hospitalization for any kind of disease, injury or surgery
  • Reimbursement for all kinds of domiciliary hospitalization expenses resulting from hospitalization

 

Benefits

There are numerous benefits of opting for a health insurance. Some of them are listed below.

  • One of the best things about getting a health insurance policy is that it allows you to benefit from cashless treatments. The company that manages your insurance policy is going to work together with the hospital networks to handle your medical bills.
  • The ambulance transportation charges can also be covered by your insurance policy.
  • Your insurance policy can also cover all your pre as well as post hospitalization charges for a definite period based on the specific insurance plans that you get.
  • The insurance policy that you opt for can also present you with coverage for your health checkups. In many cases, you can get free health checkups that are settled based on the previous NCBs.
  • You can get No Claim Bonus or NCB when you choose a good insurance policy. It is a bonus that you get when you do not file any insurance claim for any kind of treatment within the previous year.
  • The insurance policy can also provide coverage for room expenses based on the premium that is associated with your policy.
  • The premium that is paid for the health insurance plan is tax deductible based on 80D of Income Tax Act.

 

Eligibility

One thing that you need to evaluate is your eligibility for a specific insurance plan. In India, anyone who is under the age of 45 years is not required to undergo any kind of mandatory health checkup procedure while trying to get a policy of health insurance. Nevertheless, a person is needed to disclose any kind of pre-existing health conditions like hypertension or diabetes. Due to this reason, it is advised that you should ideally go for a health insurance policy when you are young as this can keep the premium amount low.

 

Example With Family Floater Premium

One of the best options of health insurance plans that offer coverage for your whole family is the Family Floater Premium. The Family Floater Premium can provide with coverage for all members in the family. The insured amount of money is fixed is used up when any of the family members makes acclaim by availing the medical services. Apart from the policy holder, the people that can be covered by this plan include the parents, spouse as well as children.