tHEN fForA health insurance plan offers protection against medical and surgical costs incurred because of mishaps, illnesses, or other injuries within a given time frame. If an insured person is found to have a sickness or suffers an accident, the insurance company will, subject to the conditions of the plan, pay for the treatment.
Additional perks include pre-and post-hospitalization fees, cashless hospitalisation, and more for the insured. A health insurance plan may be a lifesaver in a medical emergency because it covers the majority of costs while also providing several other advantages. It is beneficial with inflation and skyrocketing healthcare prices burning a hole in your wallet.
Why is Health Insurance critical?
Health insurance is now a necessary component of financial preparation, and you will understand its importance in the unfortunate occurrence of a medical emergency. You can customise your insurance plan as per your preference to have a safety net long after you retire.
Health Insurance Plan Benefits for family safety
Financial Safety: Health insurance coverage provides financial safety in unfavourable circumstances. It guards against the unpredictability of medical emergencies depleting your savings.
Any unexpected illness might deplete all of your money and affect you more than you think because of the cost of quality medical care and the escalating cost of healthcare. You can purchase health insurance and avoid all of this by paying a monthly premium, relieving you of any financial responsibility in a medical emergency.
Critical Sickness: Regardless of age, gender, or social standing, anyone can develop a critical illness at any point in their lives. Medical care for treating such life-threatening disorders has grown significantly in recent years. Therefore, insurers now offer necessary illness insurance as a rider or a separate plan to protect your money from excessive hospitalisation charges and medical bills. Cancer, heart attack, stroke, and kidney failure are just a few of the significant severe illnesses that parents health insurance covers.
Cashless Hospitalization: Insurance firms provide a cashless claim facility and good coverage at reasonable premiums. you have a cashless cover, you won’t need to bring large sums of money when getting treatment in a network hospital. You receive a list of the network hospitals the insurer is associate with when you purchase the health plan.
Family Coverage: A health insurance plan covers your family members’ medical expenditures and your own, all for a single monthly premium. You can protect everyone in your family—your husband, kids, parents, and others—from any health concerns. A family health insurance policy assures you and your family will have access to quality healthcare in the event of a medical emergency by offering comprehensive health coverage at a reasonable cost.
Blanket Cover under Group insurance: Today, most corporations understand the importance of health insurance. Usually, the company offers a group health plan to all its employees. However, since the group plan covers so many people, it might not be sufficient to meet the needs of heavy hospital expenses.
Rider Choices: The health insurance needs might vary depending on your requirement. tFor instance people who are more exposed to a hazardous environment or have a history of medical disorders might need specific health coverage. For extra benefits, you could add riders to the policy.
A critical sickness rider and an accidental death benefit are some frequently taken riders. You can choose an appropriate rider to increase the value of health insurance.
Other Benefits: A health insurance plan has several additional advantages, like free annual physicals, lifetime renewal, alternative therapies, and more.
Tax benefits: Under section 80D of the Income Tax Act, the premium for health insurance can be written off as a tax deduction and qualify for the benefit of up to Rs 60,000.
How do I pick the best health insurance plan?
If you choose the appropriate plan at the right time, the advantages of health insurance can be extremely valuable. No set policy offers everyone the required health insurance advantages. Here are a few things to consider when choosing a plan to maximise health insurance benefits.
Analyse the coverage you require about the chosen insurance duration. If you choose wisely, you can enjoy the advantages of health insurance for a long time with a reasonable premium.
Customise your policy
The cost of living fluctuates throughout time. Select a plan that enables you to add riders over time to alter the health insurance features. Depending on the conditions of the policy, there can also be a provision to increase the sum assured gradually.
Check the age limit for renewal
The advantages of health insurance include later policy renewal. Family Health insurance policy can often be renewed until 65, although some may even have options for perpetual renewal.
Check the claim settlement ratio
It refers to the proportion of claims successfully handled out of the claims submitted to the insurer. To make an educated decision, compare the offered medical insurance benefits to the insurer’s claim settlement ratio.
Check policy terms
Nobody likes to be caught off-guard when submitting a claim for settlement. It is advisable to go over various policy terms such as the waiting period, minimum deduction etc.
The fact that a health insurance plan gives you peace of mind will only hold if you choose the policy wisely.