Here’s a quick read on how having a medical insurance policy can save you in critical situations!
Having a Mediclaim policy that protects you and your family is crucial as medical care is becoming expensive, especially in the private sector. Hospitalisation and modern treatments can burn a hole in your pocket and drain your savings. It may become even tough if the breadwinner of the family is hospitalised. You can avoid this financial hassle by buying a medical insurance for yourself and your loved ones by paying just a small premium, which would reduce your stress in case of medical emergencies.
A good mediclaim policy would usually cover expenses incurred towards all treatment related expenses like doctor’s consultation fees, expenses for medical tests, ambulance charges, surgery, hospitalisation expenses, and even pre and post-hospitalisation expenses to a certain extent.
The importance of mediclaim insurance is undisputed. It includes several aspects of medical treatment and other considerations which can otherwise eat up your savings. Here are a few reasons why you should have one:
Protects savings: Having a health insurance policy protects your savings from getting drained due to medical treatments. Medical emergencies are unpredictable, and with rising healthcare costs, quality management can get very expensive. Without medical insurance, there can be a rapid loss of savings. With a medical cover, depending upon the inclusions, majority of the costs are covered. This reduces the amount spent out of your pocket.
Coverage provided: A medical insurance not only provides coverage against hospitalisation costs, but also covers other medical costs that may be incurred during, before, and after the course of treatment. These include doctor's consultation fees, ambulance charges, diagnosis test fees, operation theatre charges, room rent, pre and post-hospitalisation charges, daycare treatments that do not require hospitalisation, vaccinations, domiciliary hospitalisation, evacuation, etc. With rising competition, health insurance plan are evolving to include more coverage to the policies.
Quality treatment: Most medical insurance plans provide cashless treatment, where you don't have to spend money on paying hospital bills. The insurance provider directly settles the bills with the hospital. In such a case, there is a network of hospitals where you can get treatment without having to pay the medical bills. This helps the policyholder to get quality medical treatment without the hassle of paying for treatment expenses at the hospitals.
Provides coverage for the family: Buying individual medical insurance policies is expensive. Therefore, most insurance companies offer family floater plans where benefits are clubbed together for the entire family. The most common family floaters include individual, spouse, children, and parents. These family floater plans reduce premium costs and also provides additional coverage. Such plans ensure that all types of medical treatments in the family are covered.
Lifestyle changes: There is a massive shift in the lifestyle of people. With increase in the number of sedentary workers, there are higher chances for lifestyle-related diseases such as cardiac problems, diabetes, etc. There are plenty of reasons to have a medical insurance plan in place. Commuting, lousy eating habits, hectic work schedules, quality of food, and the rising levels of pollution have resulted in an increased risk of developing health problems.
Income tax benefit: Payment made towards medical insurance premiums are eligible for tax deductions under Section 80D of the Income Tax Act, 1961. Individuals can claim tax deduction up to Rs. 50,000 for self, spouse, children and parents in a financial year. If parents are senior citizen, then this amount becomes Rs. 75,000.
Essential coverage to consider while buying medical insurance
When you are buying medical insurance, opting for critical illness cover is also suggested as well. A critical illness cover pays a fixed sum once you are diagnosed with a critical illness that is covered by the policy. You can opt for a critical illness cover as a standalone insurance plan, or you can buy it as an add-on rider when you buy your regular health insurance plan. Critical illness cover acts as a valuable addition to your base plan in case you are diagnosed with any of the severe illnesses mentioned in the policy document. While you can use your regular or family health insurance plan to cover your hospitalisation bills, the lump sum amount that you get from the critical illness cover can help you meet other essential expenses associated with your critical illness.
Best health insurance plans in 2023
Here is an exhaustive list of the best health insurance policies offered by the top health insurance companies in India.
Star Health and Allied Insurance
Reliance General Insurance
Life Insurance Corporation of India
Royal Sundaram Health Insurance
Lifeline Supreme Plan
Lifeline Elite Plan
Individual Privilege Plan
Universal Sompo Individual Basic Plan
Universal Sompo Individual Essential Plan
Edelweiss General Insurance
Religare Health Insurance
Iffco Tokio General Insurance
Swasthya Kavach Policy Wider Plan
Health Protector Plan
Individual Medishield Plan
New India Assurance Health Insurance
ManipalCigna Health Insurance
Manipal Cigna ProHealth Policy
ProHealth Select Plan
ProHealth Cash Plan
Lifestyle Protection – Critical/Accident Care
Niva Bupa Health Insurance
Heartbeat Gold Plan
Heartbeat Platinum Plan
Heartbeat Silver Plan
Raheja QBE Health Insurance
Health QuBE Super Saver Plan
The standalone health insurance companies operating in India are:
Advancement in medical technology in recent years has made it possible to cure diseases and ailments that were once considered incurable. However, the expenses associated with them are quite high, making it difficult for middle-class families to afford them.
According to various studies, medical inflation is expected to rise in the coming future, which in turn would mean healthcare costs will also see a steep rise. In order to avoid this, insurance companies have designed several health insurance plans which are available at affordable costs. This makes availing proper healthcare facilities affordable and accessible for all.
Q. How does having a health insurance policy help?
Ans: A health insurance policy helps you by offering coverage against rising medical expenses. All your expenses related to your health are covered up to a specific sum insured.
Q. What is the importance of health insurance?
Ans: With health insurance, you get the following benefits which makes it imperative that you purchase the policy.
- Affordable health insurance cover that helps you take care of medical expenses
- Cover for entire family including siblings and in laws
- Coverage for pre and post hospitalization expenses
- Tax benefits under section 80D