reasons-why-health-insurance-is-a-necessity

Why You Should Have Health Insurance?

Health Insurance covers your medical expenses in case of your hospitalization due to any illness or injury.

To get the health cover, you need to pay a specific premium to the insurance company and in return, the company pays for your medical-related expenses up to the sum insured (health cover), as applicable under the policy.

Reasons to Buy Health Insurance

Take a look at top five reasons to buy health insurance for yourself & family.

Financial Cover Against Medical Expenses

A health insurance plan provides cover for your medical expenses that may trigger due to any medical emergencies. The associated medical costs such as hospitalization, medicines, ICU & OT charges, diagnosis, emergency ambulance charges, etc are being covered. So, health insurance ensures financial protection against medical care costs.

Changing Lifestyle

Considering today’s hectic day-to-day routine, work stress, and increasing physical inactivity lead to several chronic and lifestyle illnesses such as heart disease, kidney disorders, obesity, and hypertension. Due to rising instances of severe illnesses, it has become extremely important to opt for an insurance plan that helps secure your family’s health.

Rising Costs of Medical Treatment

The medical inflation is an indicator of medical treatment costs. Currently, the medical inflation is more than 10% and is rising every year. Due to the continuous rise in the cost of medical expenses, it’s becoming extremely tough for the people to afford quality medical care.

To avail medical treatment with no financial worries, you need to have an insurance that covers all your medical-related expenses. By buying this insurance coverage, you don’t ever have to think about the expenses incurred.

Coverage for Critical Illnesses

It does not matter how much you have savings, the treatment of a critical illness will eat away all your savings. For illnesses such as cancer, heart attack, kidney failure, and coronary artery surgery, you may need to take debt to meet the treatment expenses.

In addition to buying a standard health insurance policy, policyholders also have the option to purchase a critical illness insurance cover. It helps the insured members to cover the cost of treatment expenses of critical illness.

Avail Cashless Hospitalization

You have the option to avail cashless hospitalization, when get hospitalized with the network hospitals of the insurer. With cashless hospitalization, you don’t need to pay medical bills from your pocket and the insurance company will pay it off directly with the hospital.

In the event of hospitalization in a non-network hospital, the insurer will reimburse your medical expenses. In this, you firstly need to pay the medical bills, submit copy of the bills to the insurer, and then the insurance company will reimburse you for the medical expenses.

Benefits of Buying a Health Insurance Policy

Following are the key benefits that you can avail after purchasing a health insurance policy.

  • In-Patient Hospitalization: Covers medical expenses when hospitalization for more than 24 hours.
  • Pre & Post Hospitalization: Medical expenses incur before and after hospitalization are covered for a specific number of days, as mentioned in the policy document.
  • Day Care Procedures: Covers day care medical treatments/ procedures as listed in the chosen health insurance policy.
  • AYUSH Coverage: Some insurance policies come with the coverage of AYUSH treatment expenses.
  • Other Benefits: You can avail other benefits such as annual health check-up, emergency ambulance, pre-existing illnesses cover, vaccination expenses, and much more.
  • Tax Benefits: Available under section 80D of the Income Tax Act.

Over to You:

Having a comprehensive health insurance plan will cover any unexpected medical expenses. It is absolutely necessary, keeping in mind the increasing cases of lifestyle diseases and rising medical costs. You must buy a health insurance plan for your entire family that will take care of their treatment expenses.

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