Healthcare costs are increasing as are the kinds of illnesses that are afflicting in the present. With the increase in pollution, a stressful life, and the adulation of junk food, illnesses like diabetes, high liver and kidney issues, and heart diseases are commonplace. The risk of developing these conditions in young people is on the rise. Organ transplants, surgeries chemotherapy, and other medical procedures could leave huge holes in your budget. Medical emergencies could strike at any time, but do you have the right tools to cover the costs?
The medical field has progressed, and cutting-edge technologies have ensured that treatments and palliative care for virtually every condition are readily available today. But are they available to everyone? Unfortunately, the evidence suggests otherwise. Research conducted by The National Sample Survey Office suggests that the majority of the Indian population can’t afford medical treatment due to an insufficient amount of money. The poor are forced to drain their savings, make costly loans, or even sell their assets to cover medical expenses. The rising costs of medical treatments make the situation even more expensive.
How can we make healthcare available to all, without the risk of financial security being compromised?
What is the answer? Health Insurance. When you purchase medical insurance, your insurer assures you that it will pay for the expenses you pay for medical treatment as well as hospitalization due to injuries or illnesses. The health insurance policy will take charge of all miscellaneous expenses like medical tests, doctor consult charges, medications hospitalization costs, and even post-hospitalization medical care. The medical provider is directly paid by the insurance provider if it is tied up with the provider and the company. If there’s no tie-up, it is possible that you will be required to pay your own bill first, then the insurance company will reimburse you later.
The reasons to get the health insurance
The necessity and importance of health insurance can’t be overemphasized. Medical inflation is currently increasing across the globe. As more diseases are reported and more prevalent, the demand for healthcare services grows. Without adequate health insurance, you could have to tap your savings or take loans to cover medical emergency situations.
Lifestyle changes: Modern lifestyles, sedentary jobs as well as unhealthy eating habits, and the inability to exercise and cook healthy meals contribute to the rise in the variety and severity of diseases. Health insurance is a safety insurance plan, that provides coverage for medical emergencies and sudden health issues that result from bad lifestyle choices. Additionally, health insurance will help cover regular health checks, preventive care as well as diagnostic tests as well as surgeries, treatments, and medication to ensure that you are healthy and receive the proper medical treatment at the appropriate time, without having to worry about the cost.
Costs of medical care are rising: The increase in the cost of healthcare is overwhelming for many people. The illnesses that require specialized treatment or long-term care can cause financial stress. It can be difficult to fund the cost with your savings. Also, the need for loans could put you in a rut of high-interest debt for a long time to follow. This could impact your financial goals, such as retirement, your child’s education, or buying a house. Health insurance assures that you don’t compromise on other goals and can help you cope with increasing medical expenses.
Protection of pre- and post-hospitalisation expenses health: Insurance does not just cover hospital costs, but also pays for hospitalisation-related expenses prior to and after. It is possible to use your health insurance to cover diagnosis tests, doctor consultations as well as medications, Outpatient department (OPD) rehabilitation therapies including physiotherapy, and much more.
Benefits additional to HTML0:Your requirements for health insurance may go beyond vital health expenses such as the cost of hospitalization and medications. The cost of ambulances, regular health check-ups, vaccinations, and other similar costs can affect your financial situation. Health insurance may help you pay for these extra costs.
To safeguard the savings you have made: An unforeseen illness can reduce your savings in an extremely short time. You could be required to draw down the savings you have and invest or pay the entire monthly income to treatment including medicines, medical consultations, and many more. Health insurance is a way to safeguard your savings and give you access to medical services of the highest quality.
To protect your family members: Health insurance is essential for everyone, regardless of age or gender. Health insurance plans are able to safeguard your entire family including your children, spouse, and parents. It is possible to select an insurance plan for your family that will cover your entire family under one price. This will help protect all of your loved ones easily and easily.
What are the advantages of health insurance?
Health insurance is not only for the covered. It is possible to get coverage that covers your entire family too in the same plan. The coverage offered by group insurance may not be adequate when you have more than four members of your family, and plans for corporate insurance offered by your employer might not offer a sufficient sum insured. To ensure that you are prepared for the rising healthcare expenses Health insurance is crucial. Here are the advantages of health insurance.
Hospitalization with cashless payment: Most insurance providers have partnerships with major hospitals throughout the United States and, if you make use of medical services in any of those hospitals, the treatment will be completely cash-free.
Additional benefits: Some health insurance providers provide reimbursement for transportation via ambulance, the cost of expenses for at least 30 days prior or 60 days following hospitalization, maternity costs, as well as alternative therapy costs in your health plan.
No-claims reward: If you do not submit any claims within an entire year, at the time of renewal you could be rewarded with an incentive. For instance, a portion of the amount insured could be added to the annual amount of insurance during renewal.
Medical health checks: You can regularly monitor your health through free health screenings offered by certain companies at specially designed healthcare facilities. Your policy will help not just with treatment but also with preventing.
Family health insurance: Not just you but your immediate family members who depend on you, such as your spouse, children parents, siblings, and children are eligible for a health insurance policy. You can ensure the proper health care of your loved ones with an appropriate health insurance plan.
Benefits from tax: As per the Income Tax Act, 1961, you may be eligible to receive Tax deducts on the amount you pay for health insurance under Section 80D.
Security for your finances: With a good health insurance policy, you will be assured of quick financial assistance in the event of a need. You’re always ready to cover medical expenses and not have to tap from your savings. This ensures you are financially secure for the foreseeable future.
The benefits of health insurance that are fixed: With these plans, you will receive your money on diagnosis without needing to submit medical bills. Furthermore, the money is transferred to you and not restricted by any other expenses like room rental or hospitalization costs, for instance.
Rider protection for a variety of life-related risks: Health insurance plans offer greater financial protection for riders. You can also add a range of health riders like disability riders or childcare and maternity riders, and more, for more financial security in various circumstances.
Additional protection over health insurance offered by the employer: A lot of companies offer health insurance for their employees. While this is a wonderful advantage, such plans might not be sufficient to provide you with full financial protection. The majority of health insurance plans offered by employers offer limited insurance coverage. In many instances, it’s possible you’ll not be able to add family members to the insurance plan. Additionally, you could lose the benefits you receive if you leave or quit your job. A different plan could help you with your health insurance requirements and the needs of your relatives. The plans can be customized according to your personal requirements and preferences.
Protection against rising medical expenses: With medical inflation rising each day, it’s difficult to budget for medical emergency situations 2. Health insurance plans are an affordable option for accessing medical care in times of need. Health insurance plans can provide large insurance coverage that are able to pay for large and small medical expenses that range from routine healthcare check-ups and medications up to surgeries, hospitalization, and longer-term medicines.
What are the criteria for eligibility to obtain health insurance?
Age – While there is no age limit to purchase health insurance for either you or your spouse, it is recommended to buy health insurance as early as you can. Prices or premiums are likely to be less expensive at the age of a young person.
Disclosure of existing ailments If you suffer from medical issues such as high blood pressure or diabetes You must notify your insurance company prior to the time of your appointment.
What documents are required to obtain health insurance?
- Proof of age
- Pan Card
- Identity document
- Address evidence
- Passport size photo
Conclusion
Accidents, health issues as well as other medical problems can be difficult to manage both physically and emotionally. When the one who earns the bread is down with illness, it becomes harder for the entire family. A solid health insurance plan can ease the way through the tough times while ensuring your finances are secure. It is possible to compare plans online and then purchase the plan that best meets your needs immediately and be prepared for any eventualities.
