Buy a Health Insurance Policy, No Questions Asked!

About 95 percent of middle class Indians do not have adequate health cover, according to survey findings by BigDecisons.com in November 2015. Although individuals have become more health conscious in general, owing to increasing health issues, that is not quite enough. Life is unpredictable and therefore you must be prepared to face any eventuality. One of the best ways to do so is to buy an adequate health insurance plan.

Advantages of Getting Yourself Medically Insured

Given below are four points as to why you should get medical insurance today.

1. Cover Against Critical Illnesses – Treatment for critical illness, such as stroke, kidney failure or cancer, can practically wipe out your bank account, unless of course you are insured. Health insurance policies in India pay for hospitalization and surgery costs in general. There might also be additional benefits, such as daily hospital allowances, pre and post hospitalization costs and more.
2. Availability of Better Medical Facilities – Getting yourself insured not only gives you peace of mind but also opens up a host of better medical facilities that were previously unaffordable to you. Insurance companies also have a “network” of hospitals. A “network” is the list of hospitals with which health insurance companies have an agreement. You can avail “cashless treatment” in hospitals on the network list. In other words, you need not worry about the cash payments in the event of an emergency. The insurance company transfers the said amount directly to the hospital. In some cases, cashless treatments are approved in as less as 30 minutes.
3. Savings Remain Intact – In case of a grave medical emergency, you need not dip into your savings, which can then be used for other purposes. You can also take a joint policy that covers the entire family. Although the premiums are higher for these than individual policies, they help you save more in the long-run.
4. Tax Benefit – You can avail tax benefits on of up to Rs. 1,50,000 under section 80D of the Income Tax Act in a financial year on the premium payments towards the policy.

Disadvantages of Not Having Medical Cover

If you are still not convinced about getting yourself the best health insurance in India, here are some disadvantages of not having one.

1. You will have to bear the brunt of rising healthcare costs on your own and you might well drain your savings paying for treatment for critical illnesses.
2. You might not be able to avail the best medical facilities even when you need one due to shortage of funds.

You might question what happens to your policy upon maturity, especially in case of no claims. Health insurance companies in India provide a no-claims bonus upon renewal. A no-claims bonus could either be a discount on the premium or additional cover that is a certain percentage of the sum assured.