Why Is Health Insurance Essential For You?
Adopting a healthy lifestyle is important, and getting a health insurance for yourself and your family is also of equal importance. This is due to the fact that health problems usually come uninformed and their consequences can be physical, emotional and financial as well. Getting a medical insurance cover assures that you, at the very least, are secured on the financial frontif a medical emergency was to arise.
Health insurance in India, even in the present day, remains largely neglected. While everyone wants to avoid getting ill, it is best to be prepared for the financial consequence of illnesses. Due to the rise in the incidence of diseases at a younger age and the rising cost of medical care, it is imperative for everyone to get a health insurance plan.
What is Health Insurance?
Health insurance, also referred to as medical insurance, provides protection from the financial consequences of a medical treatment originating from a medical condition or an accident covered under the policy. In most cases, a health insurance plan will cover the hospitalization and treatment expenses. This will include pre and post hospitalization, ambulance charges, day care costs etc. Depending on your requirements, you can either purchase a personal health insurance or a family health insurance plan.
A health insurance policy will either provide cashless treatment, or will reimburse the insured for medical expenses arising from disease or illness that leads to hospitalization and is covered under the policy. Cashless treatment is available at network hospitals listed by the insurance provider. Another benefit of having health insurance is the availability of tax exemption under Section 80D of the Income Tax Act, 1961.
Importance of Health Insurance in India
A fast-paced life coupled with bad eating habits and the lack of physical activity has led to rise in incidence of diseases at a young age. These are just a few of the factors that can cause a medical emergency. If you and your family aren’t covered under a health insurance policy, a medical problem that leads to hospitalization can cause problems. Moreover, India ranks among the lowest in human life index, and good quality medical care is beyond the reach of most Indians. This makes important for everyone to have a health insurance policy in place that provides cover for hospitalization costs, medication and lab tests costs, and critical illnesses too.
Benefits of Having Medical Insurance
There are number of benefits that a medical or a health insurance plan provides. Here are a few of the benefits that make health insurance an essential cover:-
- Financial Security
Everyone wants to achieve a healthy and financially secure life. While achieving financial security is often linked with saving enough for the future, getting insured is equally important. If you, and for that matter your family, isn’t covered under any medical policy, then a medical emergency can leave you with strained finances as you will have to pay for medical care out of your own pocket. Health insurance helps you by providing financial backing for medical emergencies, allowing you to utilize the savings in a better manner. Additionally, you also get tax relief in the form of exemption under Section 80D of the Income Tax Act, 1961 for the premium you pay on medical insurance.
- Changing Lifestyle
Our lifestyle has undergone a rapid change. Not only are we travelling a lot, we also sit for long hours at work, don’t have the time to take care of our health, and often neglect small but obvious niggles that are signs of health issues. Eventually, all this leads to serious health problems. Therefore,health insurance is a necessity; it provides cover against a range of medical treatments, and allows you to get medical care at the best healthcare facilities.
- Rising Costs Medical Care
The cost of good quality health care is rising steadily with inflation. In fact, it has reached a point where it has become out of reach for many. To ensure that you remain protected from the rising cost of healthcare, you need to geta personal health insurance policy or family health insurance, depending on your requirements.
- Early Disease Incidence
Lifestyle changes and bad eating habits are just two of the factors that are increasing the early incidence of a range health disorders. Health insurance allows you avail annual health check-ups for free. This helps in early detection of critical illnesses and stopping them from developing into a serious problem.
Factors to consider while Buying Health Insurance
Since there are various health insurance policies available in the market, choosing the best medical insurance plan can be difficult. Therefore, comparing health insurance plans should be the first step in buying medical insurance. Here are few other things that you should consider when buying medical insurance:-
- Policy Terms and Conditions
It is important that you read the policy terms and conditions, and understand the policy coverage. This will ensure that you know whether or not the policy meets your requirements. Keep reviewing your health plan as you age. Choose a health policy that provides comprehensive cover and has various benefits like hospitalization, transportation, critical illnesses, etc. Alsoread up on the exclusions and make yourself familiar with them.
- Check the Claim Process
Check the insurance provider’s settlement process and claim settlement ratio to gauge its efficiency of claim settlement.
- Network Hospitals
Check the list of network hospitals to see if your preferred list of doctors and hospitals are included or not. Choose a policy that has a wide network of hospital coverage, both inside and outside of the country.
- Lifetime Renewal
Opt for a policy that provides lifetime renewal options.
- Free Medical Check-up
Choose a policy that offers free annual medical check-ups.
The importance of buying a health insurancepolicy is well illustrated. Ensure that you have adequate health cover for yourself and your family to stay financially equipped for medical emergencies.