What Does A Health Insurance Cover?

Health Insurance Cover

There is an old saying- health is wealth. No one can deny the correctness of this saying. These days, everyone is having a hectic and tight work schedule. If we won’t take care of our health and lifestyle then it might make you sick. But, unexpected medical urgencies can come to you at any time without giving prior notice. These sudden medical urgencies not only hit your health but also your monthly budget and savings. Have you ever thought about how much you will have to pay for treatment and hospitalization expenses? Therefore, you need to prepare yourself financially for medical emergencies by buying a health insurance cover. There are several benefits of health insurance that you will get. 

The main objective of health insurance is to cover the ambulance charges, hospitalization pre & post-treatment and many more. There is the availability of different kinds of health insurance policies such as individual health insurance, group health insurance, family health insurance and many more. So, you can choose the insurance that suits your requirements. 

Family health insurance plan: In this kind of health insurance, a couple and their children can get insured. Many insurance companies are that provide complete family cover including parents. This means that in a single policy you can cover your spouse, two dependent children, and your parents. Family health insurance is again categorized as medical insurance and critical illness insurance.

Individual health insurance plan: From the name itself, it is clear that it will cover only an individual. In this kind of health insurance, the sum insured will cover only one individual who is insured. Only the policyholder will get cover against various illnesses with cashless hospitalization.

Let’s have some of the major benefits of health insurance that one can get in a well detailed manner:

Coverage against serious illnesses: One of the best benefits that the policyholder will get is the coverage against some critical illness insurance. There are several life threatening health conditions treatment of which can make your pocket empty. Health insurance will keep you protected financially during the treatment of kidney failure, heart stroke, and many other illnesses. But, you need to check your list of the policy in which health issues are included in it. Once you diagnosed with such serious health problems, you will receive a lump sum amount for meeting treatment costs and other financial needs.

Cashless Claim: During the unexpected medical urgency, you can avail of the benefit of a cashless claim with a health insurance. Now, you are not needed to arrange cash for the medical costs. Cashless hospitalization means that the insurance company will pay the medical treatment expenses of the insured person direct to the hospital. The hospitalization expenses and other medical costs are settled between the insurance company and the hospital. You just need to show your insurance card to the hospital authorization. But, it is important that you are hospitalized in any of the insurer’s hospitals. 

Tax Benefits: If we are talking about the benefits of health insurance then we cannot overlook the tax advantages. As per Section 80D of the Income Tax Act, the premium paid for the health insurance is eligible for deduction. If the individual or spouse of the insured person is 60 years old or more then the deduction available is Rs 50,000.

Financial protection against medical expenses: The main reason for which people buy health insurance is to get the best treatment without worrying about finances. No matter how big the hospital is, you will be given complete financial support with health insurance. The best thing is that you will also get protection against high medical costs of tests, daily expenses, medicines, hospitalization expenses, domiciliary expenses, and many others. Apart from financial strength, you and your family get complete peace of mind and they can concentrate on health & recovery.

Affordable premiums

One of the most common benefits of health insurance is that premium payable for the health insurance plan is low. Thus, you don’t have to manage your budget for paying the premiums.

An added feature of new members 

With the family floater medical plans, you will get the convenience and benefit of adding the new born babies in the plan. The policy holder can easily avail coverage for the child from the middle of the policy term. This will depend on the terms and conditions of the health policy that you need to know before buying it. If there is a provision in your insurance plan then you just have to make a request to the insurance company to add the new member. For this, you will also have to add some amount to the premium. 

So, choose your health insurance plan accordingly to meet your medical costs.