Benefits of Health Insurance in India

 In today’s time you should avail the benefits of Health Insurance, the cost of healthcare in the country has increased greatly due to the increasing demand for medical services. Increasing awareness of the drug and preventive measures against the disease have made medical insurance more necessary. Having health insurance comes in a medical emergency. Many individuals often have to use money from their savings in case of medical emergencies, which not only affects their financial health, but also endanger individual goals such as education and marriage. By closely analyzing his financial position and need, through a medical insurance plan, he / she can plan and finance financially against medical emergencies.

Benefits of Health Insurance
Benefits of Health Insurance

Reasons that the medical insurance policy is important as well as beneficial for us:

Medical services are expensive

The rising cost of medical treatment forms a suitable medical insurance policy. However, when it comes to medical insurance, investment decisions are fruitful when they are well informed and thoroughly researched, experts say. Therefore, a suitable medical insurance policy can provide protection against inflation.

Flexibility

Today, insurers offer a wide range of medical insurance policies with many facilities and facilities. Due to the huge variety available today, while the potential policyholder has hundreds of options available to match his medical insurance requirements, it becomes a tiring task to make the right decision. This is why experts often insist on the importance of learning about various aspects of insurance to meet someone’s insurance needs.

Cumulative bonus or no-claim bonus

For each year in which a policyholder is not claimed against a medical insurance plan, the insurer pays the bonus to the customer as an additional cover. A medical insurance plan cannot provide a desired cover in the first year, but in the following years provides a significant amount in the form of cumulative bonuses. Some insurers give this bonus as a rebate of the premium due in subsequent years, while others provide this bonus in the form of a combination of both.

Pre- and post- hospitalisation cost coverage

Today, most insurance companies also cover both pre- and post-hospitalization expenses in some medical plans. In other words, it means that not only is the cost related to the main treatment (covered by the insured or admitted to the hospital), but beyond the fees arising from those tests and consulting fees. However, there is a shortage of time to take advantage of such cover. In addition, insurers often cover transportation fees.

Riders

Medical insurance policies come in many forms. While some insurers cover preventive check-ups and doctor’s consultation fees in their medical insurance policies, others provide protection against many serious illnesses. Simply put, a ridder provides specific features under a policy except for one of the main features under certain conditions. For example, today a customer can buy a regular insurance policy and can get a rider who provides protection against a set set of serious diseases such as heart disease and cancer; Another option is to purchase an Independent Critical Illness Insurance Policy in which the insured provides a lump sum amount in the event of a diagnosis of any of the qualified diseases.

Income tax deduction

 In case of a medical insurance policy, under tax 80D of the Income Tax Act, in one year, taxable income (against the payment of premium) is Rs. This includes the premium paid towards insurance for self, spouse, children and senior citizen parents.

Cashless facility

Within a defined network of hospitals, many medical insurance providers today offer a cashless facility with their policies under certain conditions. This can be very beneficial because in an emergency, the insurer directly pays the qualified expenses for the institution, so the policyholder does not need to bear the expenses from his pocket. This very feature ensures that customers do not feel the impact of urgent cash requirement. In many cases, a third party administrator or TPA bills pay the bills directly in the hospital.

Alternative treatment

Many insurers today offer alternative treatment methods (such as Ayurveda and Homeopathy) covered in their medical insurance plans, in addition to traditional medicine. This does not restrict the insured out of his favorite methods of medical treatment, which provides greater flexibility.

Health check-ups

Apart from other facilities, many medical insurance plans provide free trial period under certain conditions. In many cases, even these check-ups are covered through a cashless mode, in which the insured does not have to bear the expenses of himself or his pocket at any given time.

Today, many health insurance plans are available in the market such as personal health insurance, family health insurance, serious illness insurance and personal accident insurance, many others. Financial experts say that health insurance is an essential part of financial planning General Insurance Company IFFCO Tokyo provides many medical insurance products such as personal health care policy, family health care policy and personal accident insurance policy.

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