1. Home
2. Blogs

One policy, benefits galore: Why health insurance is a must-have

• 
• 
• 
• 0
• 0

We go for morning walks, hit the gym, practice yoga, eat a balanced diet, and what not to stay healthy. Still, the fear of contracting a disease looms large. From a mosquito bite to a fatal accident while driving can not only affect our physical and emotional health, but the towering medical bills can hit our finances badly too. With age, our immunity weakens, and metabolism gets slower. To make matters worse, we have become more vulnerable to infections in this ongoing pandemic. All this has taught us well, why health insurance is important.

1. What does health insurance cover?

• Cashless treatment at one of the network hospitals of the insurer, i.e. if hospitalised, you don’t have to pay for the treatment. The insurer will take care of it.
• You get reimbursed for pre-hospitalisation expenses up to 60 days of admission and post-discharge expenses till 180 days.
• If you wish to opt for alternative therapies like Ayurveda, Unaani, Homeopathy, etc. even they are covered.
• In cases of prolonged hospitalisation, the policy may offer recovery benefits for the financial losses you may suffer.
• Organ donor expenses and mental healthcare also come under its ambit.

It is important to note here that health insurance cover is likely to have some exclusions like it doesn’t cover injuries that happened during adventure sports, in any attempt to hurt oneself, or caused due to participation in any war or defence operations. Treatment for any sexually transmitted diseases or cosmetic surgery does not come under the health insurance coverage as well.

2. Benefits of having health insurance

The coronavirus outbreak has made medical insurance a non-negotiable entity. If you are not sure about its usefulness, here is a list of benefits a health insurance coverage can provide.

• With technological advancements, quality healthcare has become costlier. A brief stay at a hospital can run into few lakhs. From consultation fees of doctors to surgeries and medicines, a medical emergency can wreck your financial stability achieved over decades. However, a health insurance cover will protect you from such financial loss.
• Lot of options to choose from. You can opt for an individual or the family floater plan. Similarly, you can opt for one plan that covers critical illnesses, or one made specifically for senior citizens. You also get to choose the premium that fits the budget, the mode of the payment and instalment plans.  
• Provides a sense of security. Once you are covered by health insurance, you can have peace of mind. During any medical crisis, you and family members can focus on availing the best medical services without worrying about mounting medical bills.
• Some health policies also offer annual check-ups. When an ailment is detected in early stages, it can be cured quickly.    
• In cases where the health insurance coverage provided by your employer is insufficient, your individual or family floater plan will come in handy. The insurances offered by companies usually cover only a few basic diseases and a small sum assured, which can leave you in the lurch when you would need adequate insurance cover the most. Also, if the company shuts shop or you resign, you are left uninsured unless you have your own separate insurance policy.      
• The icing on the cake is that buying health insurance helps you reduce your income tax. Instead of looking around for plans to invest money to save on tax, you should invest in a health policy.  

3. What is a medical necessity? Is that different from a covered service?

Medical necessity is a medical procedure either required for doctor's diagnosis, or recommended by a doctor in order to prevent or treat an illness or injury. Any treatment or test that does not seem reasonable may not be covered by the health insurance policy. Therefore, it is important for the policyholder to be aware of what services and procedures are allowed as part of the policy.

Simply put, you will not be reimbursed for any treatment that your health plan does not recognise as ‘medically necessary’. The examples range from plastic surgery to treatment for weight loss. For any confusion, you should contact your health insurance provider to check for any exclusions or sub-limits.

Conclusion

With advanced medical facilities, the overall life expectancy has certainly increased, but we have not become immune to a host of diseases. If hospitalisation is required, health insurance can take away a lot of your worries during emergencies and cover you against escalating medical bills. Therefore, having a health plan is a no-brainer.   

Disclaimer:The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

---

• 
• 
• 
•