health insurance
Health & Fitness

Top 5 reasons why you should get a health insurance

Health insurance is a document that creates a contract between the insurer and the person making sure that the insurer will pay the healthcare costs and the person pay premiums in return. The healthcare costs include medical bills, hospital bills, prescription drugs, and dental expenses. Health insurance provides reimbursement to the person with the insurance or can directly pay the healthcare provider. 

The question is who needs health insurance? The answer to this question is everyone. Health insurance gives you a sense of relief from the stress of any medical bill expenditure. It includes the costs of surgeries and minor treatments. It also includes the costs of surgeries and treatment of major diseases. So, the bills that are out of your pocket can even be covered by having health insurance. Thus, it keeps you covered from incurring medical bills and stays financially secure. Most workplaces usually offer health insurance as a part of employee benefits. But, if health insurance is not provided by your workplace, then you can buy health insurance from a healthcare marketplace.    

Benefits of Insurance 

Healthcare insurance gives you protection from unnecessary financial stress due to treatments and bills. There are numerous benefits of getting a health insurance Benefits plan:

Comprehensive Coverage 

Health insurance will provide wholesome coverage for related issues and give you the chance to experience the best possible medical treatment without giving much thought to medical treatment costs. Majorly, health insurances cater to healthcare expenses: 

  • In- Hospitalization expenses: includes the costs of all the things during hospitalization for a minimum of 24 hours. This includes the costs of room rent, boarding expenses, nursing, boarding expenses, ICU expenses, medication expenses, and treatments. 
  • Pre- Hospitalization and Post Hospitalization expenses: includes the costs a few days before and after the hospitalization. It mostly consists of doctor’s visits, medical reports, check-ups, x-rays, etc.  
  • Ambulance expenses: ambulance is really expensive and necessary to save the lives of the patients. Thus, this cost must be covered by the insurance. Always check that this cost is covered by the insurance. 
  • Daycare expenses: these are the expenses that do not include hospitalization but include therapies like chemotherapy, radiotherapy, dialysis, cataract, etc. different health insurance provide a different number of daycare procedures. 
  • Domiciliary hospitalization expenses: these are the expenses that occur due to treatment of an illness availed at home. Although, most health insurance providers do not cover these expenses. 

Financial Security 

Your health matters the most for staying active. There are various factors like physical inactivity, excess stress, workload, poor diet, stress causing factors that can affect health. Thus, you might have to face physical and mental health issues in the future. A health insurance benefits plan covers the expenses such as in-hospitalization, pre-hospitalization, post-hospitalization bills, and expenses thus reducing the stress on your wallets. This lifts the risk of spending a ton of money in hospitals in an emergency thus offering you financial security.     

Cashless claim service 

Most of the service providers nowadays offer you cashless claim services. Thus, you will be able to get treatment from the best hospitals across the country with this feature. You just have to be admitted at one of the network hospitals to which your health insurance provider has a tie-up. After informing the TPA (third party administrator) and the insurer about getting admitted, they will have a conversation with the hospital staff and directly settle the bill. In order to obtain a cashless claim, the treatment cost should lie in the coverage amount.  

Tax benefits 

If you are living in India, then you can receive tax benefits as per Section 80D of the Income Tax Act. You can get tax benefits if your parents are above 60 years. Thus, you can save money by paying for health insurance. 

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Coverage of critical diseases 

Critical illness cover is provided as an add-on option by a health insurance provider because basic health insurance is not enough to cover the costs of critical illness cost. With this add-on option, you will get a lump sum for the detection of diseases like heart stroke, cancer, kidney failure, bone marrow transplant, etc. 

Final Note: 

With health insurance, you get long-term insurance from health costs. It secures you financially and makes you free from spending your precious life savings on hospital bills. Most of the service providers nowadays offer you cashless claim services. Thus, you will be able to get treatment from the best hospitals across the country with this feature. Not just that, health insurance also provides you with tax benefits.

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