A health insurance policy provides financial compensation for medical expenses if the insured person falls ill or suffers injury due to an accident that will need hospitalisation. Most insurance companies have a tie-up with several hospitals across India to provide cashless facility to the insured members. The hospitals associated with the insurance company are called network hospitals. Typically, names of the network hospitals in your city are mentioned in the policy document. You can also find a comprehensive list of hospitals on the insurance company’s website.
Medical care is one of the most significant expenses that you must be prepared for. If you are the breadwinner of the family, and if you suffer from any illness that requires you to be hospitalised, it can be difficult for the family members to take care of the expenses. At such times, having a good health insurance plan can secure you and your family with financial protection. All it takes is, paying a minimum annual premium, and it will reduce all your stress of facing the medical emergency. A mediclaim policy can cover you against expenses made for medical tests, ambulance charges, consultation fees, hospitalisation and post-hospitalisation expenses. Besides these reasons and tax benefits under section 80D, there are many reasons why buying health insurance is a necessity, read further to know more about it.
Protection of savings
Medical emergencies do not come with prior notice. Also, it is usually expensive and can cost you all your savings. It is therefore vital to take a good health insurance plan so that you don’t have to spend from your savings as it covers the majority of the hospital expenses.
The insurance policy provides coverage not only against hospitalisation charges, but it also covers post-hospitalisation expenses. That is all the expenses like consultation fees, medical tests, diagnosis test fees, ambulance fees, vaccination, evacuation, room rent, etc. is covered if you select a policy that provides cover for all the mentioned expenses and more.
Superior quality of treatment
Nowadays, most of the mediclaim policies are cashless. This means there is a list of network hospitals with which the insurance company has a contract that allows settling the insured person’s hospitalisation fee directly with the insurance company. This way, you can get quality treatment and not worry about the expenses.
Family coverage benefit
Health insurance policy is necessary for all, but it is not feasible to buy individual policies for each one. Most of the insurance companies offer family floater plans that provide coverage to all family members under a single policy. The two main floaters are one that floater for policyholder, spouse and kids and another floater for parents. This way, you can be ensured about the whole family’s medical expenses being covered and enjoy additional coverage at a reduced premium rate.
A good insurance company can provide you with regular health checkups. Depending on your previous No Claim Benefits, a lot of insurance companies offer free health checkups.
For any person looking out for protecting his/her family and savings, it is necessary to have a health insurance plan. You can easily research and compare different insurance plans available as you can find all the information available online.