11 reasons to buy a health insurance policy if you haven’t already

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11 reasons to buy a health insurance policy if you haven’t already (Image: Shutterstock)

New Delhi : A health insurance policy is an insurance product specifically designed to provide financial assistance for expenses incurred in the event of hospitalization or serious illness. It is a contract between an insurance company and the insured, in which the insurer undertakes to pay the medical expenses of the insured. Health insurance in India can cover medical expenses including hospitalization expenses, surgeries, treatment expenses or any other medical costs.

The best health insurance policy in India can provide you with sufficient coverage in case of medical emergency. With medical inflation rising and hospitalization costs rising, getting hospitalized could mean losing all of your hard-earned savings. Purchasing a health insurance policy can be a good way to afford quality medical care in an emergency.

11 reasons to buy a health insurance policy

A health insurance policy can take care of all medical expenses so you and your family don’t have to worry about finances. It also comes with many benefits such as hospital care, pre-existing disease coverage, pre and post hospitalization expenses, etc.

1. Fighting medical inflation

A health insurance policy can help pay for medical expenses incurred during a medical emergency or planned hospitalization. With health insurance in India, you can afford quality medical facilities and meet rising medical costs.

2. Full coverage

Having a health insurance policy can allow you to get the best medical care in an emergency without burning your pockets. In other words, the best health insurance policy can give you full coverage against medical expenses. It can cover your hospitalization costs, custodial procedures, home expenses, and ambulance costs, among other expenses.

3. Covers serious illnesses

Most insurance companies in India offer critical illness cover, either as an add-on or as a standalone health insurance policy. Health insurance with critical illness cover covers life-threatening illnesses such as kidney failure, cancer, organ transplant, stroke, etc. However, it is essential to check the list of critical illnesses covered by the policy before buying it.

4. Cashless Hospitalization

Under a health insurance policy, you can get cashless treatment at any of the network hospitals covered by your insurance company’s plan. It is a feature where you have to pay the medical bills out of pocket. Instead, the insurance company will settle the expenses directly with the network hospital on your behalf. Make sure your preferred hospitals are on the list of network hospitals provided by the insurer.

5. Pre and post hospitalization expenses

Health insurance in India covers expenses you may incur for an illness before being hospitalized and expenses incurred for follow-up treatment after discharge. Pre-hospitalization and post-hospitalization costs are covered for a fixed number of days specified in the policy document.

6. Coverage for pre-existing conditions

The best health insurance policy also covers pre-existing conditions. It can be claimed at the end of the waiting period. You must file a claim for expenses incurred for the treatment of any pre-existing illness or condition.

7. Day care

This policy also offers a certain number of days during day care. These are the treatments that require hospitalization for less than 24 hours.

8. Medical check-ups

A health insurance policy also provides free medical examinations for policyholders. Most insurance companies regularly offer this service. This may depend on the terms and conditions of the policy.

9. ambulance cover

Your health insurance policy may also cover ambulance services used by the patient to get to the hospital.

ten. Peace of mind

Medical emergencies can be emotionally and financially stressful. However, a health insurance policy can protect you from financial stress and give you peace of mind.

11. Fiscal advantages

The premium paid for a health insurance policy qualifies for tax deductions under Section 80D of the Indian Income Tax Act 1961.

While buying health insurance in India, you need to go through the policy documents carefully. It is essential to pay attention to inclusions, exclusions, face amount and elimination period. Make sure you gather all the documents required for health insurance before you take out your health insurance.

With the increase in cases of lifestyle-related illnesses, purchasing a health insurance policy is fundamental. But with so many options available on the market, finding the one that gives you the maximum return can be difficult. Consider buying a health insurance policy from a trusted brand like Max Life Insurance. They offer health insurance with affordable premiums, comprehensive coverage, and many benefits.

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