Know why health insurance is important

by Kanika Shelatkar Insurance Consultant

Having a health insurance plan that shields you and your family during a medical crisis is vital as healthcare is becoming expensive, especially in private hospitals. Hospitalization and treatment expenses can deplete your finances. The significance of a health plan is unquestionable. It involves several facets of healthcare treatment and other costs, which otherwise can be financially draining.

The medical insurance policy extends tax-saving benefits, along with a comprehensive health cover. Here are significant reasons to have one –

Safeguards savings:

It is a known fact that Indians depend on their savings when it comes to managing health crises. The insurance ensures your finances do not get drained due to a medical emergency. With rising healthcare costs, quality treatment has become costly. Not having a health insurance plan, can lead to massive losses. But, with a health cover, depending on the inclusions, most of the expenses are covered.

Lifestyle changes:

There is a wave of change in the lifestyle of people. This significant change in our lifestyle has made us more vulnerable to several health issues. Stressful work schedules, commuting long distances for work, poor quality of food, bad eating habits, and increased levels of pollution has exposed out health to various issues. Having medical insurance can help you with routine health and fitness check-ups. It also keeps your fitness levels up, thus, indirectly cutting down on medical expenses.

Coverage:

Medical insurance policy notonly provides coverage against hospitalization costs but also covers other expenditures that you might have to pay during, prior to, and post the course of treatment. These include diagnosis expenses, ambulance charges, doctor's consultation fees, pre and post-hospitalization expenses, room rent, vaccination, OPD expenses, day-care treatments, evacuation, etc. An insurance plan can cover these costs, which otherwise you would have to shell out from your pocket.

Treatments:

Most of the insurance plans offer cashless medical treatment, where you need not pay for the hospital and medical fees. The insurance company is responsible for settling the bills with the hospital where the treatment was taken. They have a network of hospitals where you can get treated without having to pay a single penny for the medical bills. You can avail quality medical treatment and therapy with zero stress about having to pay substantial medical bills at the hospital.

 

The entire family gets covered:

Purchasing individual health insurance policy for each member of the family can get expensive. Therefore, insurance companies recommend family floater plans where you can cover your family with a single policy. In these plans, benefits are offered together for the entire family. Most family floater policies cover individual, spouse, children and parents. A family floater insurance can save your premium amount and also provides complete coverage. These plans guarantee that all types of healthcare treatments are covered.

There are numerous reasons to have the insurance in place. There is a common quandary faced by people about the right age to buy health insurance. But there is no specific age to have one. However, if you purchase a policy at a young age, you tend to pay less. Premiums for insurance goes up with age which is because of the risks associated with old age.

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Created on Nov 27th 2019 05:23. Viewed 465 times.

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