Penning down a list of things that you want from life is easy, not just for you but for many. But you find yourself in a fix when asked to prioritize them. With limited income and a never-ending list of expenses, the investible surplus left behind is minuscule. As you try to distribute this available amount, investing on your health should not be missed out. For all you know, your necessary hospital bills can leave a deep hole in your savings pocket!
Speaking of health insurance, the first question that pops up on your mind is, “Why do I need one?”. Well, a simple answer to this is it covers a part or almost the entire expense of a person that he/she may incur when faced with a medical emergency.
Why should you invest in health insurance?
Due to abrupt inflation, the best of healthcare has turned into an expensive affair. Prolonged hospitalizations usually require lakhs of rupees that can prove to be quite a deal for a person earning a moderate living. It is here that health insurances come in handy.
A health insurance plan is a yearly insurance policy which means it is renewed every year. The policy covers hospitalisation due to accidental injury, and sickness, though in certain cases there are waiting for periods and exclusions, which are mentioned specifically in the policy plan. There are two ways to claim health insurance:
• Reimbursement
• Cashless
The benefits of a health insurance
Apart from covering the important medical cost, your insurance offers several other benefits as well:
Get rid of hospitalization charges – You can always avail cashless health insurance at hospitals in the network of the insurance company. The insurance company takes care of the costs incurred, relieving you from the burden of having to arrange for money immediately.
Cover for critical illness – As a pre-defined benefit, insurance companies allow a specific amount for critical illnesses like kidney failure, cancer, stroke etc. Irrespective of the medical bills, a major portion of it is settled through his/her health insurance plan.
Avail tax benefits – You can take care of unplanned medical expenses without having to dig into your savings. By paying health insurance premiums, you can avail several tax benefits in the long run.
Benefit during the period of recovery – Certain health insurances provide daily allowances during one’s hospitalisation period. In other cases, you are given a lump sum amount if the stay exceeds a few days.
Relevant awareness about health insurance policies is on the rise in urban India. With people becoming more aware of its necessities, it has moved on to become a priority in the financial plans of an individual.
Speaking of health insurance, the first question that pops up on your mind is, “Why do I need one?”. Well, a simple answer to this is it covers a part or almost the entire expense of a person that he/she may incur when faced with a medical emergency.
Why should you invest in health insurance?
Due to abrupt inflation, the best of healthcare has turned into an expensive affair. Prolonged hospitalizations usually require lakhs of rupees that can prove to be quite a deal for a person earning a moderate living. It is here that health insurances come in handy.
A health insurance plan is a yearly insurance policy which means it is renewed every year. The policy covers hospitalisation due to accidental injury, and sickness, though in certain cases there are waiting for periods and exclusions, which are mentioned specifically in the policy plan. There are two ways to claim health insurance:
• Reimbursement
• Cashless
The benefits of a health insurance
Apart from covering the important medical cost, your insurance offers several other benefits as well:
Get rid of hospitalization charges – You can always avail cashless health insurance at hospitals in the network of the insurance company. The insurance company takes care of the costs incurred, relieving you from the burden of having to arrange for money immediately.
Cover for critical illness – As a pre-defined benefit, insurance companies allow a specific amount for critical illnesses like kidney failure, cancer, stroke etc. Irrespective of the medical bills, a major portion of it is settled through his/her health insurance plan.
Avail tax benefits – You can take care of unplanned medical expenses without having to dig into your savings. By paying health insurance premiums, you can avail several tax benefits in the long run.
Benefit during the period of recovery – Certain health insurances provide daily allowances during one’s hospitalisation period. In other cases, you are given a lump sum amount if the stay exceeds a few days.
Relevant awareness about health insurance policies is on the rise in urban India. With people becoming more aware of its necessities, it has moved on to become a priority in the financial plans of an individual.
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