Health insurance is essentially an agreement between two parties. The agreement is that in the event that you end up being hospitalized due to illness or injury, the insurance company will take full responsibility of paying for the medical expenses to the extent of your coverage. It acts as a much-needed support for many at a trying time. Here are all the reasons that you should make health insurance a crucial part of your financial planning.
For this reason and more, health insurance has turned from an optional purchase to an absolute necessity. Moreover, medical insurance is a prudent investment that helps save money in the long run. Since, it is important for your and your family’s health to be financially covered, a reliable health insurance policy, be it individual cover or family health insurance, it is a smart choice. With rising medical costs, especially in the private sector, everyone needs a way to be able to afford medical care. This way can be a health insurance policy. Here are all the reasons that you should buy a health insurance policy:
1. Complete Coverage
Health insurance policies can help people avoid experiencing costly medical treatments and procedures. Aside from providing coverage for various healthcare expenses, these plans also help lower your healthcare costs. This way, you can get the best possible treatment without having to worry about expenses. Most importantly, the policy covers almost every expense you would have in a medical emergency.
2. In-Patient Hospitalization
Most health insurance plans cover the expenses of in-patient hospitalization. This kind of hospitalization is the type where a patient is hospitalized for at least 24 hours. Apart from all the medical needs, the hospital would charge some expenses for simply being admitted. These expenses include accommodation, food, medicine, and nursing costs. A health policy covers these expenses as well. * Standard T&C Apply
3. Pre-Hospitalization and Post-Hospitalization
Hospital bills are not the only medical expenses you would have to bear. Before your medical emergency requires you to be admitted in the hospital, you might have to bear some expenses too. These expenses are known as pre-hospitalization expenses. Not only Individual Health cover but family health insurance also covers you for the pre-hospitalization expenses carried out a specific number of days before hospitalization. Similarly, any expenses you would have bear after hospitalization are known as post-hospitalization expenses. They are covered by health insurance as well. These expenses usually include doctor’s visits, X-rays, medical reports, etc. * Standard T&C Apply
4. Domiciliary Hospitalization
In India, home healthcare is the most common method of treating an illness. This kind of medical care is known as domiciliary hospitalization. The expense for this kind of medical treatment would be different from what it would be in a hospital. However, these expenses are also covered under a health insurance policy. Health insurance for senior citizens generally have these terms and conditions that you need to fulfil to get this coverage. You can find these conditions inside of the policy document. * Standard T&C Apply
5. Cashless Treatment
Usually, an insurance company will have tie-ups with hospitals that provide cashless treatment to the insured. Essentially, you can show up at the hospital and receive treatment without paying a single penny. The insurance provider will handle all the expenses directly with the hospital.
This is why you need to ensure a health insurance policy form part of your financial portfolio. Also keep in mind that insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.