What is the Benefit of Health Insurance?
Health insurance not only protects your health but also protects your financial stability. With today’s lifestyles and habits, conditions such as diabetes, high blood pressure, heart diseases, and others affect people of all ages. Moreover, rising medical costs are a significant worry. Given these factors, having a comprehensive health insurance policy is essential. It acts as a lifeline during medical emergencies.
A health insurance plan offers broad coverage for medical expenses, ensuring you’re financially ready. It assists you in accessing high-quality healthcare services without concerns about finances.
Why is Health Insurance important?
Health insurance is important in modern life, offering vital financial security during medical emergencies. It ensures access to quality healthcare without concerns about high costs. Benefits include coverage for hospitalization expenses, pre- and post-hospitalization expenses, and surgical and treatment costs. Given the escalating medical expenses in India, health insurance is paramount, shielding individuals and families from financial strain during emergencies. Thus, investing in a reliable health insurance policy is a prudent choice, offering peace of mind and financial stability in uncertain times.
Key Advantages of Health Insurance
Here are some important benefits of health insurance that you should be aware of:
Provides Coverage for Hospitalization Costs
Health insurance plans cover all medical expenses during hospitalization, including medication, doctor's fees, and nursing. They also cover costs such as room rent, ICU charges (if applicable), and diagnostic tests.
Provides Coverage for Pre- and Post-hospitalization Expenses
Health insurance policies include coverage for pre- and post-hospitalization expenses, typically spanning 30-60 days before hospitalization and 60-90 days after. This coverage extends to medical expenses during recovery. However, the duration of coverage can vary among insurers.
Provides Coverage for Daycare Procedures
Many modern treatment techniques necessitate hospitalization for just 24 hours or even less. Health insurance advantages incorporate coverage for expenses related to such daycare procedures, which require minimal hospitalization. You can verify the list of covered daycare procedures in the policy document during the purchase process.
Provides Coverage for Domiciliary Treatments
In many cases, a patient's health may not allow them to be transported to a hospital, or hospital beds may be unavailable. In such cases, doctors may advise treatment at home under their supervision. Quality health insurance policies provide coverage for these home treatments.
Provides Coverage for Alternative Treatment
Insurers also acknowledge disciplines such as Ayurveda, Yoga, Unani, Siddha, and Homeopathy (AYUSH). Coverage for AYUSH treatment is available up to the sum insured.
Provides Coverage for Annual Health Check-ups
Most health insurers provide the perk of a complimentary annual health check-up with a health insurance policy. This assists you in monitoring your health and facilitates timely medical intervention if needed.
Provides Additional Coverage for Critical Illnesses
Many health insurance providers offer critical illness cover as an additional benefit on comprehensive health insurance plans. This coverage includes protection against critical illnesses such as stroke, kidney failure, heart attack, or cancer. When purchasing the health insurance policy, you can inquire with the insurer about the list of critical illnesses covered.
Provides Cashless Treatment
You have the option to utilize cashless claim settlement. This feature of cashless health insurance allows you to receive treatment at any network hospital without making direct payments to the hospital. You need to notify the insurer 48 hours before planned admission or within 72 hours for emergency admission. After fulfilling the necessary procedures, the insurer will handle all billing directly with the network hospital.
Provides Reimbursement for Ambulance Charges
In emergencies, you might require an ambulance and incur ambulance charges. Many health insurance policies offer coverage for road ambulance charges up to Rs. 3,000 per hospitalization.
Moreover, health insurance policies also provide tax exemptions under the applicable sections of the Income Tax Act.
Conclusion
a health insurance policy provides essential financial support when needed. By evaluating these primary health insurance benefits and comparing plans, you can make a well-informed decision that guarantees you and your family access to quality healthcare while safeguarding your finances. You can select and purchase the insurance policy according to your requirements at Bajaj Finance Insurance Mall.