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In this time of unpredictability, medical insurance provides the much needed financial stability to an individual or family.

Health insurance is a plan offered by insurance providers that is designed to protect you financially when health problems arise. On one hand, issues with health have become unavoidable thanks to changes in the environment and lifestyle over the past few decades. Leading a healthy lifestyle doesn't guarantee a healthy body these days. On the other hand, medical costs have skyrocketed, which can leave you in a dire situation if you aren't prepared. Health insurance has gained importance in today's world due to these reasons. It is a smart investment to make but requires a bit of research to ensure the plan is affordable, offers good coverage and will pay out sufficiently when needed.

Why Health Insurance is Important?

here are plenty of reasons why buying a health insurance plan is not just a good idea, but in fact, necessary. The benefits provided by such plans outweigh the cost of premiums and the exclusions that are involved.

  • Health issues can suddenly arise and catch you off guard.
  • In today's world, the chances of contracting cancer and other illnesses is high.
  • If you are not rolling in dough, chances are you will need to figure out how to fund your
         treatment.
  • Medical costs have risen substantially over the past few years.
  • A health insurance plan will take care of most of the expenses associated with treatment and
         lighten the financial burden.
  • Cashless facility offered by all insurers can help reduce out-of-pocket expenses. The patient
         can focus on recovering and be at peace knowing that the finances are taken care of.
  • The financial burden will not fall on the family of the insured person.
  • Insurance companies provides added benefits such as emergency assistance, ambulance
         cover, critical illness cover, hospital cash and so on.

    • Key Advantages & Features of Health Insurance Policies in India

    Key Advantages & Features of Health Insurance Policies in India

    The cost of healthcare in the modern days is increasing at a crazy rate while one's earnings do not seem to match up that level. A patient looking forward to availing frequent health check-ups may no longer be able to bear the expenses associated. A comprehensive health insurance comes packed with features that can assist a person in managing expenses associated with medical emergencies and also with preventive healthcare. Understanding the following features can make purchasing a medical insurance policy easy:

  • Cashless Treatment: Every medical insurance organization has tie-ups with various nursing homes and hospitals across the country called 'empanelled hospitals'. If you are admitted to one of these, you don't need to pay anything. You only need to mention your policy number and everything else will be taken care of by the hospital and your insurer. This type of plan is preferred because there is no stress of claim reimbursement and arranging documentation. However, if your expenses go beyond the sub-limits specified by the insurance cover or marked as "not covered" by the provider, then you will have to settle it directly with the hospital. Another important thing to remember is that cashless Mediclaim is not available if one gets treatment at a hospital which is not a part of the hospital network of the insurance provider.
  • Coverage of Pre and Post-Hospitalization expenses: This feature of a health insurance policy takes care of both pre and post-hospitalisation fee. It takes into account the costs incurred during a certain number of days both prior to and post hospitalization for a specified period from the date of discharge as part of the claim, provided the expenditures are related to the disease/sickness.
  • Ambulance Fee: The person is free from burden of transportation fee as it is borne by the insurer. This is an add-on benefit and you should opt for it while purchasing medical insurance.
  • No Claim Bonus: NCB (or No Claim Bonus) is a bonus provided to the insured if the no claim has been filed for any treatment in the previous policy year. The reward can be offered either as an increment in the sum assured or as a discount in the premium cost. You can avail this advantage on policy renewal.

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