Nobody can ignore the importance of being healthy in life. It keeps you happy, energetic and lets you use your maximum potential. But the current lifestyle is making things difficult for even health conscious people. Unhealthy food habits, hectic lifestyle, night shifts and the current environmental condition is making people more vulnerable towards diseases. In addition to the increasing number of health related issues, the increasing cost of health care is also burning deep holes in the pocket and is making health care service a financial burden for you.
Nowadays, even a simple surgery in a hospital can cost up to Rs.1 lakh. But all these obstacles of healthcare services can be overcome with an appropriate health insurance policy.
A health insurance policy covers your financial loss incurred for taking medical facilities. The varied benefits of health insurance policy have pushed it’s perception of just a cover for hospitalization to a product which offers a bundle of benefits. There are various health care plans in the market and with proper analysis of your need and situation, you can choose the best health insurance policy.
So let’s look at the various benefits and coverage offered by health insurance, which can help you to get the best medical facility without a huge financial loss.
Day Care Treatment
Due to the advancement in technology, many treatments and surgeries can now be done in less than 24 hours and such treatment and surgeries are known as day care procedure. A health insurance policy provides cover for the mentioned day care treatment. The list of day care treatment is clearly mentioned in the policy brochure.
A health insurance policy gives cover for both inpatient hospitalization and outpatient hospitalization. If your treatment doesn’t require 24 hours of hospitalization and is even missing from the list of day care procedure then it is called as outpatient hospitalization. All the expense incurred as an outpatient hospitalization is covered under a health insurance policy. The best example of outpatient hospitalization is dental treatment.
If your treatment requires hospitalization of more than 24 hours, then it is called as an inpatient hospitalization. All the expenses incurred during inpatient hospitalization are covered under a health insurance policy.
If treatment is taken at home on the advice of the doctor because of the inability of the patient to go to the hospital or unavailability of bed in hospital, then such kind of treatment is called as domiciliary treatment and health insurance policy provides cover for such type of treatment. The allowance and limit for such treatment varies according to the policy.
Daily Cash Allowance
In addition to the hospitalization expense, a health insurance policy provides cover for your daily expenses at the hospital like food, refreshment, etc. This cover comes under the daily cash allowance and the amount given under the allowance can be availed without any proof or bill.
No Claim Bonus
If you don’t make any claim for a particular period during your policy term, then you receive no claim bonus in the form of increased sum assured or decreased premium.
All the premiums paid for buying or keeping a health policy active are tax deductible under section 80D of Income Tax Act,1961. The buyer can get a tax deduction or the premiums paid for self, spouse, parents and children.
Other than the above mentioned benefits and cover, a health insurance policy provides cover for ambulance expense, a second opinion from a doctor, etc. A health policy also allows lifetime renewability so that you can be covered as long as you want.
Now let us look at some of the key points which you need to keep in mind for buying the best health insurance policy.
- Analyze your needs and situation before buying the policy
- Compare different health insurance policies on the online platform
- Look for a company which offers easy claim settlement process
- Go through the customer’s review and insurance expert’s blog for choosing the best health insurance company
- Use the online premium calculator to compare different health insurance policies on the basis of premium amount
- Go through the fine prints of the policy
- Choose the most cost effective health insurance policy without compromising on the benefits
- Check the network hospitals of the insurance company for the ease of availing healthcare services in case of emergency.
By going through the above mentioned coverage and benefits, you must have understood the importance of health care plans in the current era. A health insurance policy has become a necessity for everybody and the widening benefits of health insurance have made the deal of insurance, more profitable for you. So analyze, compare and choose the best health insurance policy in 2017.