Benefits of health insurance in India- No one is planning to get sick or end up in the emergency room. However, one can be drawn to the financial aspects of it. The medical costs associated with treating certain diseases can burn your pocket hole fast.
To create a safety net for your finances against costly medical bills, you should invest in the right health insurance plan for maximum benefits. Such plans provide coverage for all hospitalization expenses, thus protecting your finances for future benefits
If you are still hesitant to invest in a health insurance policy or you feel that it is absolutely not necessary, then this post will make you aware of the importance and benefits of health insurance plans.
Importance of health insurance
The current pandemic has taught us that medical imperatives are quite unpredictable and can lead to significant financial upheaval. High medical expenses and bank-breaking hospitalization fees can prove to be a massive blow to finance, especially in the private sector. Hence, getting the best health insurance plan can provide you with all-round protection at the most crucial time.
Suppose, Anita is a school teacher who earns around Rs 30,000 per month and does not believe in the benefits of health insurance plan. She met with an accident and broke her leg, which landed her in an emergency room. The cost of repairing his broken leg (leading to the surgery) soared between Rs 1-2 lakh, which dramatically depleted his savings.
Had he had a health insurance plan, it would have provided him with maximum health coverage, thus keeping him financially secure from high and unforeseen costs.
Key Benefits of Choosing the Right Health Insurance Policy in India 2022
As the cost of medical treatment skyrockets day by day, the right insurance policy will provide protection against loud and unexpected financial upheavals. If you want to avoid paying exorbitantly expensive medical bills or spend on expensive medicines, then choosing the right health insurance policy in India is of utmost importance to sustain your savings.
One of the major benefits of health insurance is that it covers almost all hospitalization expenses.
- Accidental Hospitalization: If the insured person met with the accident, he can claim his own expenses due to hospitalization.
- ICU Room Rent: It provides coverage for the rent of living in an ICU (Intensive Care Unit) room.
- Sickness-related hospitalization: If the insured is hospitalized due to any illness or disease, he can claim hospitalization expenses.
- Organ Donor Expenses: If the insured is the recipient of an organ, then the expenses related to the treatment as well as the surgery are covered.
- Home Remedies: All expenses will be covered if the insured needs to get treatment at home under medical supervision.
- Pre and post hospitalization- Pre and post discharge expenses are well covered under health insurance (up to the TNCs of the policy).
- Income Tax Benefits Buying the right health insurance plan also gives you income tax benefits. As per Section 80D of the Income Tax Act, 1961, individuals can claim a tax deduction of up to Rs 1 lakh. Hence, it leads to fewer deductions in income tax bills and wider benefits for the future.
Cost for day care procedure
With technological advancements in the healthcare sector, surgeries and treatments that in the past required several days to complete can now be completed within 24 hours. Therefore, the right health insurance policy can help you cover the costs of certain treatments, such as ear operations, nasal treatments, etc. that do not require more than a day of hospitalization.
The right policy will also provide you the benefit of free check-ups so that you can be aware of any health conditions (if present). However, it varies from one health policy to another.
If you have started planning to buy health insurance earlier, you can get better benefits as compared to others (older aged) like higher coverage at lower premiums, longer policy term, less chance of facing waiting period , among others. Young minds need to understand that early starts can bring a stable future.
Today, health insurance companies offer the pleasure of cashless hospitalization. Here, the insured need not pay out of his own pocket. All the expenses are borne by the respective insurance company.
In addition to the above, an effective health insurance policy will happily cover expenses arising out of ambulance transportation, alternative treatment (AYUSH) and also provide NCB and daily hospital cash allowance to the insured.