September 27, 2023

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Health Insurance In India: Benefits, Types & Considerations

Health Insurance: Mechanism, benefits, types. All you need to know

Current lifestyle choices have increased the risk of developing a number of diseases, including diabetes, high blood pressure, heart disease, and other conditions, in people of all ages. This is in addition to the rising cost of healthcare. In such a circumstance, having a comprehensive health insurance policy comes as a saviour.

A health insurance plan offers comprehensive protection against medical-related costs. It assists you in maintaining financial readiness for any medical emergency. Make sure you choose the right plan after you compare health insurance plans.

Advantages of health insurance 

Here are a few typical advantages of health insurance that you should be aware of. 

  1. Pays for medical expenses 

Hospitalization, pre- and post-hospitalization, daycare, and home healthcare costs are all covered by health insurance. You can also take advantage of financial assistance for costs associated with diagnoses and medically advised tests. *

  1. Makes preventive care accessible 

One of the numerous advantages of health insurance is that some plans include free physicals. They facilitate your access to general medical care or preventative treatment, keeping you in good health. In fact, this advantage of health insurance is one you should absolutely scout for since it can help you stay healthier for longer. *

  1. Provides supplemental coverage for serious illnesses 

While a comprehensive health insurance plan covers a variety of illnesses, you could need an additional or special cover to get coverage for severe illnesses like cancer, heart disease, kidney failure, or stroke. In these circumstances, the premiums may vary, but these insurance provide a lot of finance to assist you in paying the significant costs associated with treatment. *

  1. Makes sure alternative treatments are funded 

Today, alternative therapies that were previously not routinely reimbursed by insurance are being used to treat many illnesses. The practices of Ayurveda, Yoga, Unani, Siddha, and homoeopathy are now accepted by insurers. For care received at facilities that specialise in these alternative therapy modalities, you may be covered. *

  1. Provides a benefit for cashless claims. 

Most insurance providers provide cashless services at the hospitals in their network. You won’t need to worry about having access to immediate finances for treatment if you are admitted to one of the network hospitals because your insurer will take care of that. Simply notify the insurer 48 hours before a scheduled admission or within 72 hours in the event of an emergency admission to make use of this feature. After all the requirements are completed, the insurance will immediately pay all costs to the network hospital. *

  1. Pays ambulance expenses 

You might need to hire an ambulance and pay ambulance fees in the event of an emergency. Many people are unaware that these fees can be expensive depending on the city you live in. For instance, in Bangalore, the price may reach Rs. 5,000 or even more. However, if you have the correct insurance plan that covers ambulance costs, you can get compensated for this fee. *

  1. Offers a home-based therapy option 

Treatment received at home is covered by health insurance as well. However, this can only be done for a short period of time and under medical supervision. In some situations, health insurance plans could also place a cap on the amount of money they will pay for such a treatment. *

Simply put, health insurance coverage provides you with the necessary financial support when you need it. To take full use of the benefits offered, thoroughly read the terms and conditions before purchasing health insurance coverage. In accordance with the pertinent portions of the Income Tax Act, these health insurance policies also give tax exemptions. **

A health insurance premium calculator is a tool you may use online to determine the amount of coverage required based on your needs.

* Standard T&C Apply

** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.