Importance and Benefits of Health Insurance Plan in India
It is said, 'Health is Wealth' and rightly so, maintaining a healthy lifestyle is vital for a happy living. Over the years, in the purview of the sedentary lifestyle that people are living, the number of people suffering from lifestyle-related diseases are on the rise. Additionally, the cost of medical expenses is continuously on the rise, which makes it difficult for people to get the best treatment. In such circumstances, investing in health insurance is important and this is the best way to get financial protection against treatment expenses.
Health insurance helps an individual in more than one way. A comprehensive policy pays for not only the hospitalisation expenses, but also post-treatment care. Besides, the health insurance policy also covers ambulance charges. If you are still not sure whether a health insurance policy is a worthy investment, knowing the benefits of the policy will help you make an informed buying decision.
Easy to Buy
To get an insurance policy, you no longer need to stand in a queue or visit the insurance office. Today, most insurance companies in India offer online services, and you can buy, renew, check the status of the claim online. Also, when you buy a health insurance policy online, you can compare the different plans and buy the one that best suits your need and has an affordable premium.
With every passing day, insurance companies are becoming more inclusive and including every category of coverage into the policies. These integrated policies are going beyond offering coverage for an individual, and they provide cover for all the family under a single plan.
With the changes introduced by the IRDAI, the renewal age for health insurance policies can be extended to provide coverage. Today, many health insurance companies offer special plans for senior citizens, and they don't have a cap on the age limit.
Cumulative Bonus is the reward that insurance companies offer you when you do not raise any claim request in a policy year. It is like the no-claim bonus in car insurance and the benefits that you can reap varies from insurer to insurer. Some insurance companies offer a discount on the premium, while others offer an increase in the sum assured. Typically, most insurance companies offer a hike of 5% to 50% in the sum assured.
Few insurance companies have also started taking claim requests for an outpatient department or OPD claims. The concept of this claim settlement is still very new, and very few companies are offering it currently.
One of the most crucial features of a health insurance policy is the cashless facility. The cashless facility helps you to get the best treatment without spending a single Rupee for it. You have to show the cashless card provided by the insurance company at the hospital, and the insurer will directly settle the bill with the hospital. However, you must know that you can benefit from the cashless treatment feature only if you seek treatment from one of the network hospitals of the insurer.
If you are not satisfied with the services rendered by your current insurance provider, you can transfer or port it to another insurance provider. Changing companies generally do not have any impact on your no claim bonus.
If you have purchased a health insurance plan, you can avail tax benefits under Section 80D; the deduction is applicable on the premium you pay for the policy. You can get a maximum deduction of ₹25,000 if you bought a policy that covers you and your spouse and children.
If you have brought a policy for your parents who are senior citizens, the maximum deduction is ₹30,000.
The maximum deduction you can get from a health insurance policy is ₹60,000
With so many benefits of health insurance policy, it is wise to have a comprehensive health plan in your insurance portfolio and get protection against all medical emergencies.