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Till 2019, many individuals were still skeptical about purchasing a full-fledged health insurance policy. The primary reason was the lack of awareness and possession of group employee cover, followed by the inability to afford the premium's cost.
Although a health plan is a must at all times, most people purchase it just to save tax. In 2020, the need for healthcare facilities and access to quality medical/hospitalization treatment has gone for a toss. This is due to the recent on-going COVID-19 pandemic that has still not received a vaccine. (As of 15th Oct 2020, India has 7.31 million active cases of coronavirus)
Along with the situation mentioned above, our country has imposed a strict lockdown that has made many sections' livelihoods difficult. Local medical clinics have shut down to contain the disease. Social distancing and quarantine rules are not sufficient to keep the COVID-19 in control.
You are more than dependent on hospitals right now. Hospitals and nursing homes are already facing a crunch of ICUs, ventilators, and beds, coupled with overworked staff and a stressful work environment.
The only option you have in your hand is to get a comprehensive health insurance policy or a mediclaim plan for yourself and your entire family.
This is an excellent question. You must ask yourself before making the final decision to get a new healthcare plan. You must know everything about your health plan before visiting a hospital for any medical emergency or accident-related treatment. To help you understand the same, we have created a list of essential features that must be present/covered in your health insurance plan.
1. Hospitalization - This should be the primary cover. It is also the most expensive type of medical treatment. In-patient hospitalization includes instances that require total hospitalization. Daycare procedures need you to stay in the hospital for less than 24 hours. Both of these treatments can cost you a lot; make sure it is covered in your plan.
2. Pre and Post Hospitalization Bills - Many individuals undergo treatment for a prolonged period. They require regular visits to the hospital for check-ups, medical reports, blood tests, doctor's consultation, and much more. This is why you should go for a health care policy that provides pre and post-hospitalization cover for at least 30 to 60 days, respectively. An Individual's bills accumulated over time can become an expensive affair at the end of the financial year.
3. Emergency Ambulance Evacuation - Not every individual in this country lives near a hospital or nursing home. Transportation to the nearest hospital should be done in an ambulance. An ambulance has a trained paramedic who can handle difficult patients in times of an emergency. Go for a mediclaim plan that reimburses transportation to a nearby hospital, irrespective of the city you reside in. The same should be applicable in the case of emergency evacuation from a remote location.
4. Organ Donation Expenses - This is applicable if you are donating or receiving an organ. Organ donation is a noble cause, but it is costly and complicated. Most of the healthcare policies provide a cover of up to 50% of the sum insured.
5. Domiciliary Hospitalization - If you suffer from a chronic illness that requires hospitalization for a prolonged period, you can go for domiciliary hospitalization. With proper consent from your medical practitioner/surgeon, you can get hospitalized at home. Such a situation is ideal if you live far away from the local hospital or suffer from a major fracture that restricts physical movement.
6. Lifelong Renewal Option - Your health is essential, and so is your family's. Health is something that needs to be looked upon throughout your life. Therefore, go for a health insurance policy that offers the option of lifelong renewal. Some insurers allow you to renew a health plan even after the age of 65 years!
7. Restore Benefit - A medical emergency is unpredictable. There can be none, one or more within your family. It is better to be completely prepared. Go for a health policy that offers the benefit of restoring the sum insured upon exhaustion. In case you have depleted your sum insured cover amount, the insurer will automatically restore the amount at no extra cost.
8. Rider Options - It is always good to have multiple eggs in a single basket. This holds for your health insurance portfolio as well. Go for a health plan that can be attached to various rider options. Rider options or add-ons enhance the overall protection offered by your existing policy. You can look for personal accident cover, critical illness cover, disability cover, and much more at the extra premium cost.
9. No Claim Bonus and Portability - Under the portability option, you can switch from your current health insurance provider to another without compromising the existing benefits such as NCB. You can only switch during the time of policy renewal. This option is ideal if you are not happy with the customer service provided by your existing health plan.
Now that you are aware of the things available in a health insurance plan, the next step is to know why you need health insurance in today's day and age, especially in a developing nation like India.
Here are the reasons to get a healthcare plan/mediclaim policy today:
The primary reason to buy a health plan is to protect and safeguard the health of yourself and your family. It is advisable to provide your family with the best medical health possible. Go for a comprehensive family floater plan that offers a large sum insured at an affordable premium cost.
With a health insurance policy, you can easily protect your savings from the cost of emergency hospitalization. Medical treatment, as well as access to good hospitals and healthcare, is expensive. Due to the on-going pandemic, even the cost of basic medicines has risen ten folds. A healthcare policy will cover the cost of the same.
Due to the increasing stress and improper work/personal life conditions, individuals these days are more susceptible to lifestyle diseases such as diabetes, obesity, heart diseases, and much more. Lifestyle diseases can lead to further complications in the long run. It is advisable to get covered today to protect your future.
Medical inflation will burn a hole in your wallet. It is better to have a comprehensive health insurance plan as a back-up. The cost of medical treatment can be covered under a healthcare policy.
Another reason why you need health insurance is because of the tax benefit. Section 80C might not be sufficient enough to meet the deductions for income tax. Premiums paid towards a health insurance plan are eligible for tax deductions of up to Rs. 75,000 under Section 80D of the Income Tax Act, 1961.
In Simple Words,
Health insurance is indeed crucial in today's day and age. It would be best if you made it a part of your financial portfolio. If you think that you need a new health plan, you have come to the right place. Buy your first health plan today! Get complete details on what is covered/not covered online on Coverfox.