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Are Hospital Bills Taking Away Your Savings?

By Juhi Walia
19 October 2022, 4:37 PM

We observe uncontrollable medical inflation. Modern treatments have been produced using newer technologies, and these treatments are pricey. In addition to the therapies, the medicines that are given are expensive. So, how does a regular person pay for such expenses? Is there a solution to this financial challenge?

Yes! Getting a health insurance policy is the simplest way to avoid paying hefty hospital expenses in full. You can obtain health insurance coverage that would pay for the related medical expenses without forcing you to deal with the hassle of doing so by paying an affordable premium each year.

Advantages of Health Insurance Plan

Financial Security - An insurance policy for healthcare is a reliable funding source in times of need. Your financial situation may be significantly impacted by the economic impact of severe illnesses like cancer, heart conditions, etc. A health insurance plan can provide substantial financial protection to cover the cost of receiving treatment domestically and overseas. In addition, it simplifies fast payments for increased financial flexibility and covers hospitalisation costs, diagnosis prices, ambulance and medication expenses.

A Cushion Against Inflation - Inflation is an unavoidable reality. Savings instruments may offer attractive interest rates, but they are insufficient to pay the price of medical operations combined with inflation. A practical tool that can assist you in covering potential medical expenses is health insurance. Health insurance helps you combat the consequences of inflation by covering a wide range of costs, from the cost of equipment to the cost of treatment, medications, and diagnosis.

Lifestyle Changes - Health problems are a natural byproduct of how people live. And these problems go beyond simple ailments like a cold, cough, or fever. These days, chronic illnesses like diabetes, heart disease, and renal disorders are equally prevalent. So, protecting your health with full health insurance coverage is more predominant than ever.

Cost Effectiveness When Buying Health Insurance at a Young Age - It may be more advantageous than you think to purchase insurance when you are young. You can obtain a plan at a lower cost and are more likely to be healthy while young. However, the premium cost keeps rising as you become older. It would be wise to purchase health insurance as soon as possible because the longer you wait, the more expensive the premiums become. Younger people can obtain insurance as well without having to undergo medical examinations.

Tax Benefits - Health insurance is valuable for defraying current expenses and works well in the long run to cover future costs. Section 80D allows you to deduct up to INR 1 lakh in tax from your insurance premium. The price of your insurance as well as the policies of your spouse and children are tax deductible. This may enable you to lower your overall tax obligation.

Read more - Health Insurance Tax Benefits

Comprehensive Cover - A health insurance plan covers pre-hospitalisation, post-hospitalisation, and in-patient hospitalisation costs. A health plan will also pay for other medical expenses like ambulance fees, daycare visits, organ donation costs, etc., relieving you entirely of the financial burden of a hospital stay. Therefore, a comprehensive health insurance plan will save you money if anyone becomes sick.

Coverage for the Entire Family - Individual and family floater health insurance plans exist. Unlike an individual plan, a family floater plan covers your entire family, including your spouse, kids, and parents. Therefore, if you purchase a decent family floater health plan, you are also spared the cost of your family members' medical care.

Specialised Plans - Health insurance companies have introduced specialised health insurance policies, such as critical illness, disease-specific, top-up, and super top-up plans. You can benefit from complete coverage that protects you against nearly every disease thanks to this revolution in the health insurance market, and you can do it at a lower premium rate. 

Read more - Top 10 Health Insurance Companies in India

Various Choices Enable You to Compare and Choose Right - Many health insurance plans with newer and better coverage options are available on the market. Therefore, with careful research, you may now take advantage of various cover alternatives in the currently offered plans that have completely changed the health insurance sector, including maternity health insurance cover, ayurvedic therapies cover, the ability to receive abroad treatments, etc.

To purchase a health plan, all you need to do is pay a single premium each year. This will protect you from paying astronomical hospital expenses that would otherwise deplete your savings and paycheck. When purchasing a health plan, keep in mind to examine the following items:  

  • Keeping the steady increase in medical inflation in mind, purchase an adequate level of coverage. Consider the people who will be covered when purchasing a policy and the need for a maximum amount of sum insured to meet those hefty medical expenses.
  • Choose a plan based on the available coverage alternatives rather than the cost. Instead of choosing the plan with the lowest price, make sure the scope of the plan includes the coverage you and your family members need.
  • Include everyone in your family, especially your parents, who are more likely to require medical care.
  • A broker can provide you with a variety of plan options. The broker will be able to get you unbiased feedback on the plan features and aid you in choosing the most suitable option for your needs and budget.


Don't let hospital expenses be one of the many costs that deplete your income. You can pay medical bills if you choose an excellent health insurance plan. So don't delay; purchase a health plan today to safeguard your paychecks.


1. What advantages does health insurance offer?

Plans for health insurance protect expensive medical expenses.

2. How long should I continue to pay my health insurance premiums?

The cost of paying health insurance premiums must be viewed as a lifetime commitment because, unlike term insurance or endowment plans, they do not have a set payment period.

3. Will my health insurance refund me?

Because the insurance business has already shielded the insurance premium from the covered client, the health insurance premium paid will not be reimbursed at the end of the policy term. Therefore, the only ways to recover money from health insurance are to cancel the policy or file a claim.

4. What happens to health insurance if it's not claimed?

Not claiming means being healthy in the eyes of the health insurance company. To reward you for being healthy, health insurance companies offer no claim bonus that adds to your insured sum.

5. How frequently may we claim our health insurance?

Several times till the sum insured is completely drained. The number of claims, however, has been restricted by several insurers.

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