In today’s world, diseases and illnesses are becoming very unpredictable, and people are becoming unexpectedly sick. Such unforeseen situations create possibilities of your family or loved ones needing expensive treatment or life-long care. And that is where healthcare insurance comes into the picture. But before we move on to the why, it is essential to understand what is health insurance in India.
What is Health Insurance in India?
Healthcare insurance is an agreement between the insurer and the insurance company. In this agreement, the insurance company agrees to pay the amount of the hospitalisation bills if the insurer falls ill or has an accident.
Healthcare insurance has many benefits; therefore, buying a health policy for family is important. In most cases, the insurance companies have links with hospitals across India to provide cashless medical facilities to the insurer. In cases where the insurance company is not listed in the hospital’s insurance network, the insurer can pay the medical bills and get the reimbursement done later with their insurance company
Why do you need Health Insurance?
Now that you know what is health insurance in India, it is essential to understand why you need it in the first place. So here are some of the reasons for buying medical insurance.
Enough Savings for Paying Medical Bills
One of the things people always look for is a top healthcare provider to take care of their illnesses. In the event of an unexpected illness, it is difficult to manage finances and medical expenses together. If you do not have health insurance coverage, you will eventually use all your savings. In most cases, savings are limited, and costs are higher; therefore, buying a policy is the wisest decision.
Healthcare Expenses are Rising
Medical expenses are at an all-time high and are expected to rise even further. With so much uncertainty, being safe from disease or illness is next to impossible. Therefore, if you have a health plan, you will be relaxed and not stressed about the rising medical costs.
Treatment Includes Numerous Things
When we talk about medical expenses, it does not mean only treatment expenses. Instead, it is much more and includes doctor’s fees, tests, diagnosis, post-operative care, hospitalisation expenses, etc. In the case of insurance coverage, all these things and more are covered and taken care of, leaving you to take care of your loved ones.
What are the Benefits of Healthcare Insurance?
People always feel that they do not always need insurance support to take care of their health, so why go for it? Here are some benefits and the importance of purchasing an insurance plan for yourself and your family.
Rider and Top-ups
Many health policies offer riders and top-up plans on your standard health policy. Such policies assist in better personalising your health plans. For instance, you can add critical illness coverage that will provide coverage against life-threatening diseases. Additionally, there are other top-ups that one can get and secure their future.
Cashless Treatment
With the help of medical insurance, you can get cashless treatment at a hospital or medical facility of your choice anywhere in India. First, you need to check whether the hospital is listed in the list of network hospitals, and you will get a cashless treatment facility there.
Hospitalisation Coverage
In the event of hospitalisation, most insurance companies offer pre and post-hospitalisation coverage to the insured person.
No Claim Bonus (NCB)
You will not always need an insurance plan, and it is true. But that does not stop or limit the unforeseen conditions. For example, if you have yet to use your insurance amount in a particular year, most insurance companies offer NCB options to their customers. In addition, the NCB option makes you eligible for a bonus amount next year.
Tax Benefits
Healthcare insurance comes with a premium amount that the insurer must pay monthly, quarterly, or yearly. However, the premium paid is deductible under 80D of the Indian Income Tax Act.
Medical insurance in India is no longer a luxury but a necessity. With the high rate of illnesses, it is always better to be safe and protected financially and medically. With the support of insurance plans from companies such as Niva Bupa, you can get the best treatment possible without worrying about its expenditure. You can explore their various health plans for families and individuals.
