MAINTAIN YOUR HEALTH TO BUILD YOUR WEALTH

To be financially stable is everyone’s dream. However, with rising medical costs, treatment for illnesses can easily eat into your savings. Arranging funds during a medical emergency can also be a daunting task. A health insurance policy can protect you from the financial strain caused due to a medical emergency

What is Health Insurance ?

Health insurance is a type of insurance coverage that typically pays for medical, surgical, prescription drug and sometimes dental expenses incurred by the insured. Health insurance can reimburse the insured for expenses incurred from illness or injury, or pay the care provider directly. It is often included in employer benefit packages as a means of enticing quality employees, with premiums partially covered by the employer but often also deducted from employee paychecks. The cost of health insurance premiums is deductible to the payer, and the benefits received are tax-free, with certain exceptions for S Corporation Employees.

What is the need of Health Insurance ?

Medicare or medical costs are rising year on year. As a matter of fact, inflation in medicare is higher than inflation in food and other articles. While inflation in food and clothing is in single digits, medicare costs usually escalate in double digits.

For an individual who hasn’t saved that much money, arranging for funds at the eleventh hour can be a task. This is particularly daunting for seniors, given that most ailments strike at an advanced age.

One way to provide for health-related / medical emergencies is by taking health insurance. Health insurance offers considerable flexibility in terms of disease / ailment coverage. For instance, certain health insurance plans cover as many as 30 critical illnesses and over 80 surgical procedures. The insurance plan disburses the payment towards surgery/illness regardless of actual medical expenses. The policy continues even after the benefit payment on selected illnesses.

With health insurance, you are assured of a more secure future both health-wise and money-wise. This makes health insurance policies critical for individuals, especially if they are responsible for the financial well-being of the family

The Importance of Health Insurance

To fight lifestyle diseases

Lifestyle diseases are on the rise, especially among people under the age of 45. Illnesses like diabetes, obesity etc. While following precautionary measures can help combat and manage these diseases , an unfortunate incident can be challenging to cope with , financially .

To Safeguard Your Family

When scouting for an ideal health insurance plan, you can choose to secure your entire family under the same policy rather than buying separate policies

To protect your savings

While an unforeseen illness can lead to mental anguish and stress, there is another side to dealing with health conditions that can leave you drained – the expenses. By buying a suitable health insurance policy, you can better manage your medical expenditure without dipping into your saving.

To deal with medical inflation

As medical technology improves and diseases increase, the cost for treatment rises as well. And it is important to understand that medical expenses are not limited to only hospitals. The costs for doctor's consultation, diagnosis tests, ambulance charges,t, etc. are also continually increasing

Benefits of having a health Insurance

Having A health Insurance not only bring health and financial Security but comes with other features like:-

Cashless Treatment

It allows the insured to get the required treatment in network hospitals without paying a single penny during hospitalization (up to the sum insured limit). The insurance company pays on your behalf and allows you to focus on your treatment.

Pre & post Hospitalization Expense

The expenses prior to hospitalization and after discharge from the hospital (up to a specific period) are covered by health insurance policy only if the expenses are associated with the illness subject to terms and conditions of the insurance policy.

Tax Benefits

On buying a health insurance policy, you will be liable to receive tax advantages for the premiums paid under Section 80D of the Income Tax Act, 1961.

Daily Hospital Cash

This benefit is very useful during hospitalization as this will provide daily cash to a certain limit to take care of the additional expenses in the hospital like food, traveling, etc. Usually, the benefit amount is up to Rs. 2,000 per day but it may vary in case of accidents and ICU procedures.

Free Health Check-Ups

To motivate the policyholders towards a healthy lifestyle, insurance companies offer free occasional medical check-ups. Depending on the company and the type of policy, you will be eligible for a master health check-up.

No Claim Bonus (NCB)

It is a discount that you will receive from the insurer for every claimless year. NCB comes as a discount on the payable premium at the time of the renewing policy or whenever you want to increase the Sum Insured amount. At the time of renewal, you must check for No Claim Bonus benefit.

Thinks to keep in Mind while Buying Health insurance Policy ?

To choose the best health insurance plan, there are a few factors that should be kept in mind before finalizing your decision. They are as follows:

Coverage Provided: It is vital to check all the facilities and the coverage provided so as to fulfil the requirements of the treatment. Compare policies and make a checklist for your needs and choose the best plan accordingly.
Sum Insured Amount The principal point to be noticed while buying medical insurance is the Sum Insured offered by the insurer to the insured. If you or your family members are suffering from any specific disease, you might have a fair idea of the amount to be chosen for future health costs.
Your Requirement : It is very vital to know the corpus required for you to get cover for yourself and your family which must include the critical illness and other expenses
Options For Cashless Claim : If the insurance company has tie-ups with network hospitals, it will provide a cashless claim facility. It proves to be useful during emergency hospitalization when it's hard to arrange for funds.

Documents Required when buying a Health Insurance Policy ?

Age Proof: Any one of Birth Certificate, 10th or 12th mark sheet, Driving License, Passport, Voter ID, etc.
Identity proof Driving License, Passport, Voter ID, PAN Card, Aadhar Card, which proves one’s citizenship.
Address Proof : Electricity Bill, Telephone Bill, Ration Card, Driving License, Passport, should clearly mention the permanent address.
Medical Check-up : Some plans required a medical check-up usually for elder people above the age of 45 years

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