Importance of Buying a Proper Health Insurance Policy Today

The time has come when your salary alone may not be enough to cope with the ever-growing cost of livelihood, especially when it comes to healthcare. Like every other basic necessity, health expenses have also become exceptionally high in India in recent times. And in order to protect your savings and financial health from an unexpected medical emergency, proper health insurance for you and your family has become one of the fundamental requirements of life today.

Why Buy a Health Insurance Policy?

A health insurance plan is the primary protection that you can provide your family. Here are some of the important factors that make health insurance policies indispensable in today’s date and time:

 

  • It ensures the medical security of your family is maintained without hassles.
  • It helps cope with the increasing medical expenses that you may have to bear from time to time.
  • A health insurance policy allows you to avail the best possible medical treatment without having to worry about the costs you will have to bear.
  • A good health insurance can help you and your family avail cashless medical facilities at the network hospitals of the insurer in case of an emergency.
  • Most policies also cover several day care treatments that do not require overnight hospitalization.
  • A health insurance policy can also help take care of pre- and post-hospitalization expenses for a pre-determined period of time.

 

The most important reason for investing in a proper health plan for your entire family is so you can live a tension-free life and even in case of a medical emergency, you can concentrate on getting better instead of having to worry about your finances.

Benefits of Health Insurance

A health insurance plan has many benefits to offer in terms of coverage and facilities. Moreover, you can also save tax on your health insurance expenses. Below are some of the key advantages of having a proper health insurance policy in place:

 

  • It provides a wide range of coverage benefits to help meet your medical expense requirements. Health insurance companies have designed various plans to meet the varied requirements of their customers. You can buy both individual and family floater health insurance as per your need.
  • For an individual insurance seeker, an individual health plan can provide extensive coverage, whereas family floater health plans are specially designed to offer coverage for each member of your family under one master plan. You do not require a separate policy for each member of your family. In fact, some health insurance providers also allow you to incorporate your parents into the same family health plan to maximize convenience.
  • Health policies also provide free health check-up facilities once or twice a year, after a pre-determined period has passed, depending upon the insurance company.
  • Maternity expense coverage can also be availed under health insurance policies.
  • Your health plan can also cover domiciliary care facilities for special cases where the patient needs supervision at home and cannot be transferred to a hospital.
  • Apart from the above-mentioned advantages of the right health insurance policy, you can avail tax benefits for the premium of your healthcare plan under Section 80D of the Income Tax Act.

 

How to Choose the Right Health Insurance Plan for Your Family?

Choosing the right kind of health insurance policy is the most crucial step towards ensuring your family’s wellbeing. The right insurance policy can be chosen on the basis of the following two factors:

 

  • If you are a salaried employee, you may not require an extensive health plan for you and your family, because most employers offer group health plans for their employees along with their family. If this is the case, then you need to estimate the gap between the required insurance coverage and the coverage being provided by your employer and then choose a health insurance top-up plan accordingly.
  • Individuals who are self-employed or do not get health insurance from their employers should opt for a comprehensive health plan for them and their family members. Family floater health plans will be the best option for such individuals. Family floater plans are more like a giant umbrella that ensures medical coverage for each and every member of your family. However, if you have an older person in your family who requires more medical attention, you can consider getting a separate individual plan for them to ensure maximum benefits.

 

Today, health insurance is a very important part of everyone’s life. A health emergency should not drain your savings or put you into debt. Make sure you assess your needs and invest in the right plan for you and your family.