According to a 2017 survey, only around 44% of the Indian population possesses proper health insurance coverage. The statistics suggest that more than half the people in the country are still living without any medical coverage.
Are you amongst the 56% of Indians who do not have valid medical insurance protection?
Medical inflation in India is at an all-time high, with hospitalization and other associated costs increasing with every passing day. Staying without Individual health insurance policy at such a time makes no sense. Still, if you want to know about the advantages of availing a health insurance plan, read on.
No Need to Pay for the Hospitalization
With proper medical cover, you do not need to pay for hospitalization when seeking treatment at nursing homes, hospitals and other medical facilities in India. Instead, the insurance provider will settle your bills incurred during the hospital stay.
Considering the substantial expense of a bed and room at some of the reputed private institutions, such reimbursement is vital.
Critical Illness Care
Some illnesses are more severe than others are. Thus, their treatment is considerably more expensive as well. Further, you cannot afford to delay treatment for these diseases, as doing so could drastically hamper your chances of survival.
To ensure immediate and proper medical aid, you must opt for a health insurance policy that includes critical illness add-on as well.
Tax Benefits
If you are paying premiums for a medical cover, you are eligible for attractive income tax rebates in compliance with Section 80D of the Income Tax Act. For instance, people below 60 years of age are liable for a maximum tax discount of Rs. 25,000 per annum due to medical insurance premium payments.
Alternatively, those aged over 60 years can file for a yearly tax discount of up to Rs. 50,000 if they pay regular premiums for a medical insurance policy.
Thus, if you want to reduce your tax burden, opting for a medical insurance policy is a wise move.
Pre and Post Hospitalization Coverage
You do not incur medical expenses only during hospitalization. Costs, such as doctor’s fees and medication, are prevalent even before and after the actual hospital admission period. Pre-hospitalization refers to the medical expenses that you incur before hospitalization occurs.
Similarly, the follow-up visits to the doctor, along with any additional therapy required after discharge falls under post-hospitalization care. If you want to avoid such financial liabilities, make sure you pick a reputed health insurance plan that offers these facilities.
Free Yearly Check-Ups
Most insurance companies in India cover medical check-up charges incurred every year. Some insurers may provide coverage for dental check-ups, while others encourage policyholders to undergo a full-body check-up every year. These medical testing can help detect underlying conditions, allowing you to seek treatment for such conditions at their initial stages.
For instance, cancer can remain undetected in the body for several years before symptoms appear. However, each day you live with cancerous cells in the body pushes you closer toward death. The sooner you seek treatment, the better it is for you in the long-term.
Support for Alternative Forms of Treatment
Today, treatment is no longer restricted to conventional medicine alone. Many patients opt for alternative remedies and therapies when looking to cure certain conditions. For instance, Ayurveda and homeopathy are just two of the most popular branches of medicine that have found many takers recently.
Reputed health insurance policies support these remedies under the AYUSH cover, allowing you to file for reimbursement even when you opt for such unorthodox forms of treatment.
AYUSH cover is very important for Senior citizens, so make sure you check and compare health insurance plans and add-ons provided with it before making a decision.
Daily Cash Payment
When you are admitted to the hospital, family members need to travel to the treatment centre every day to visit you. Further, they need to purchase food from the outside, as carrying home-cooked food may not be feasible.
Daily cash payments from your insurer can help curtail these additional costs. Plans offering such support reduce financial obligation further for you and your family.
Domiciliary Treatment Cover
In some cases, doctors may recommend taking the patient home to continue treatment, if the practitioner feels that this the best course for the long-term recovery of the patient. Although the patient is back home, he/she remains under strict medical supervision at their residence.
Health insurance policies covering domiciliary treatment reimburse the cost of medical supervision at home under such circumstances, ensuring continued support and treatment.
Now that you know why medical insurance is essential, what are you waiting for? Contact your insurance provider immediately.
However, before availing one, do not forget to look at all available options in the market. Compare the products online and pick the insurance plan that best suits your individual needs.