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WHAT IS HEALTH INSURANCE
Health Insurance is a contract between the insurance company and the insured customer in which the insurance company provides health insurance claims in the form of reimbursement or cashless of the hospital bills of the insured and in return the customer would be paying a considerable amount known as “Health insurance premium”
Health insurance policies can be purchased online from the portal.
Health insurance is one of the most important in our life, everyone should know about how it works and what it is, Is it good or bad making a purchase.
Health insurance policies are no longer just a convenience they will cover you from financial losses.
While you might be working hard to achieve the financial goals that you've set for yourself and your family, an unexpected health problem could impact your journey downwards.
If you are the sole worker in the family, the financial stress could be immense even if someone in your family suffers from a medical emergency.
The rising cost of private medical care in the country is so high, that hospitalization can give you a heart attack too it will impact your financial health too. Purchasing a health insurance policy is a smart way to keep your finances protected. When you buy health insurance policy, you get into an agreement with the insurance provider wherein the insurer agrees to compensate the medical expenses.
Why Health Insurance is Important?
Health Insurance is important because
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Lifestyle-related ailments are common these days
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Healthcare is becoming increasingly expensive
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It is difficult for a family to quickly arrange for huge amounts of money required for treatment
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Most of the savings of a family are in the form of fixed assets, which cannot be liquidated quickly
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For instance, most insurers now offer individual policy and family floater plans. You get to protect yourself with an individual plan, but with a family floater plan, you can ensure the health of your entire family.
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Health Insurance Benefits
Health insurance is a major necessity for the healthy life of an individual. Below are the benefits of having a health insurance policy
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Comprehensive Coverage: Buying a policy online will help you tackle health-related issues and avail the best possible medical treatment without worrying about expenses. Most of the health insurance plans cover healthcare expenses such as In-Patient Hospitalisation Expenses, Pre-Hospitalisation and Post-Hospitalisation Expenses, Ambulance Expenses, Daycare Expenses, Domiciliary Hospitalisation Expenses, etc.
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Cashless Treatment: Generally insurance companies have tie-ups with hospitals, known as network hospitals that offer cashless treatment to the insured in case of hospitalization. These hospitals reimburse the expenses related to treatment availed by the insured. This means, you can avail of treatment at these hospitals without paying anything for the medical expenses incurred, and the insurance company will reimburse you for the same later when you make a claim. Note that the claim will be approved if it is made in accordance with the terms and conditions mentioned under the policy.
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Portability Benefits: Health insurance portability allows the policyholders to transfer their existing health insurance policy to a new health insurance provider. It safeguards customers from being taken for granted by the insurance companies, thereby giving them flexibility and offering them better options in case they are not satisfied with their existing health insurance plans.
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Financial Security Against Rising Medical Costs: Considering the rising medical expenses in India, it becomes imperative to get a reliable health insurance policy on time. The policy not only offers you wide coverage but also protects you from hospitalization expenses in case of emergency even during inflation. It not only keeps you stress-free but also takes care of your health.
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Tax Benefits: The government promotes health insurance by offering tax deductions on the premium paid for them, under Section 80D of the Income Tax Act, 1961.
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Lifetime Renewability Benefit: Lifetime renewability benefit allows the policyholder to renew their health insurance policy without any age limit or upper restriction. Especially for senior citizens and parents, the lifetime renewability benefit takes off the financial pressure in case of a medical emergency. The Insurance Regulatory and Development Authority of India (IRDAI) has given guidelines to the insurance providers to offer this benefit under the health insurance plans that they offer.