Benefits of Health Insurance in India

"Health is Wealth" –is an absolutely right saying. A rise in the levels of pollution, sedentary lifestyle habits, and a lot of other factors can have an adverse impact on your health. Various critical diseases and health conditions are a common scenario these days. The medical costs associated with the treatment of these diseases are also increasing quite rapidly. So, it is inevitable to invest in health insurance plans for the safeguard of your finances against the expensive medical bills.

Health Insurance Benefits

Cover Against the Health-related Ailments

By having a health insurance policy, you can be well-prepared to handle medical issues. You can avail the best medical treatment without any worries about the high expenses.

Based on your health insurance policy, you can obtain the below-listed coverage.

• Pre-Hospitalisation and Post-Hospitalisation Coverage – By health insurance plans, you can easily avail of the benefits of coverage for the pre-hospitalisation and post-hospitalisation expenses for a certain number of days.
• Cashless Hospitalisation – By health insurance plan, you can avail the benefit of cashless hospitalisation in the network hospitals with which your insurance provider must have collaborated.
• Room Rent – You can avail the benefit of coverage for your hospital room rent which is mostly included in the cover provided by your insurance provider.
• Ambulance Cover – If you are having a health insurance policy, then it would help in providing cover for the ambulance expenses which were incurred while transporting you to the hospital.
• Domiciliary Treatment – If domiciliary treatment is covered under your medical insurance, then any treatment occurring at your home under the supervision of medical professionals would be covered.
• Expenses Related to Organ Donor – By having a health insurance policy, you can stay away from the stress arising due to the expenses related to the organ transplantation procedure. This feature can be included in your base insurance policy as an add-on if it is not included in the main features of the policy.
• AYUSH Cover - If you have medical insurance, you can avail of the advantages of alternate treatment procedures which include Ayurvedic, Yunani, Siddha, and Homeopathy treatment without any hassles.
• Daily Hospital Cash Allowance – This is an additional benefit of the health insurance policy by which expenses such as food, travel, etc. during hospitalisation are taken care of.
• Maternity Benefit and Newborn Care – Maternity health insurance benefit cover is usually included as an add-on into your health insurance plan. This includes coverage for the cost of child delivery, cost of termination if necessary, expenses incurred in the treatment of your newborn up to 90 days, etc.

Financial Security

As said earlier, the cost of medical facilities has been soaring high. These high costs can deplete your savings and create a hole in your pocket. In such a scenario, health insurance can act as one of the greatest solutions to be safe from the huge unprecedented expenditure. Moreover, by purchasing a health insurance policy online you can obtain health insurance coverage at a nominal price without any inconvenience.

Additional Benefits If You are Young

If you are planning to purchase your health insurance plan at an early age, you would be able to obtain additional benefits. Since the probabilities of falling sick are quite less when you are young, you pose as comparatively less risk than other policyholders who are either middle-aged or old. Moreover, the chances of rejection of policy are quite low if you are young. Also, you will not have to face the problem of a waiting period if you are purchasing your policy earlier. 

Beneficial Above the Employer Cover

Your employers must be providing a group health insurance policy to you for financial cover during medical emergencies. However, it might happen that the benefits offered by the group health insurance policy do not meet your requirements. Or, your group health insurance policy cover would end up once you leave or change your job. So, in such a case a personal health insurance plan would be an additional benefit.

Tax Saving

According to the provisions of Section 80D of the Income-tax Act, 1961 you can enjoy the below-mentioned tax benefits on the purchase of a health insurance policy.

• You can avail tax deduction of up to INR 25,000 on the premium paid for self, your spouse, and children.
• You can avail of tax deduction of up to INR 50,000 on the premium paid for self, spouse, children, and parents who are below the age of 60 years.
• If you are paying a premium for self, your spouse, your children with the eldest member being below 60 years of age, and your senior citizen parents then you can avail tax deduction of up to INR 75,000.
• If you are paying a premium for self, your spouse, your children with the eldest member being above 60 years of age, and your senior citizen parents then you can avail of a tax deduction of up to INR 1,00,000.

Good Health with Annual Check-ups

Medical emergencies always come unexpectedly. It is quite necessary to opt for an all-around health check-up for at least once within a year. By this, you would be aware of any health problems which you might be having and are unaware of. Most of the health insurance providers would cover the expenses associated with this annual medical check-up. This is usually in the form of a complimentary benefit provided by the insurance providers when your policy is being renewed. 

No Claim Bonus

If you are not making any claim during your previous policy year, then your health insurance provider would offer you a benefit in the form Of NCB. This No Claim Bonus can be in the form of an increased sum insured or a discount on your insurance premium.

Conclusion

So, these are the major benefits of having a health insurance policy in India. You must keep in mind these benefits while selecting the health insurance policy for yourself and your family.