Benefits of Health Insurance In India
Health Insurance
In recent years, health issues have become an increasingly
pressing concern. Every person is likely to undergo an expensive medical
procedure at least once in their lifetime. The goal of health insurance is to
provide financial assistance in the event of a medical emergency. If you intend
to purchase such a policy, you should be aware of the advantages of health
insurance.
What are the Benefits of Health Insurance?
This article provides a comprehensive list of the benefits
that a health insurance policy provides to assist you in making your next
purchase.
Coverage For Pre- and Post-hospitalization:
In addition to the cost of hospitalization, medical
insurance benefits include pre- and post-treatment expenses, such as diagnosis
fees and costs for tests ordered by a medical professional.
Post-hospitalization cover, on the other hand, provides financial assistance
for expenses incurred following treatment. The cost of required medications can
be high at times, and in these cases, post-treatment coverage comes in handy.
Generally, health insurance policies cover pre-treatment expenses for 30 days
and post-treatment expenses for 60 days.
Medical Cost Protection:
People are deeply concerned about the rapidly rising costs
of healthcare. According to research, paying for healthcare out of pocket is
one of the leading causes of poverty. Under such circumstances, the advantages
of health insurance have become extremely valuable.
Ambulance Charges for Patient Transportation:
Ambulance expenses are also covered under health insurance policies. In this case, any ambulance transportation costs are covered by the health insurance policy. Because these fees are so high, particularly in metropolitan areas, it is best to have the safety net of a health insurance policy that covers such costs.
Health insurance plans are purchased to provide financial
security in the event of an unanticipated medical emergency. Paying medical
bills at this time can be difficult, as can reimbursing them. Choose a policy
that allows you to make cashless claims. The treatment cost is directly paid by
the insurance company to the hospital under a cashless health insurance plan,
requiring no significant cash flow from your end.
Lifetime Renewal:
The lifetime renewability benefit in medical insurance
allows policyholders to renew their health insurance plan at any age. This is
useful if you have a family floater plan and the oldest member reaches the
upper age limit. In most cases, the coverage would expire, but with the
lifetime renewability benefit of health insurance, you can enjoy continuous
renewal for the rest of your life. Furthermore, for senior citizens, lifetime
renewability alleviates the financial strain of a medical emergency through the
continuous renewal of their insurance coverage.
Renewal Bonus Cumulative:
Not every policy tenure has claims made by the policyholder.
In these cases, the insurance company passes on the benefit of not filing a
claim by increasing the sum assured on your policy at renewal. This increase in
sum assured is known as cumulative bonus and ranges from 10% to 100% of the sum
assured. It is a lesser-known benefit of health insurance plans.
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