Health should be a high priority for everyone. But not all of us take good care of it. Even if you do, thinking beyond making healthy lifestyle choices is necessary. Despite having the best diet and activity, some ailments may come unannounced. If you are not prepared, they can leave you in financial distress. You can buy health insurance to avoid this. In this article, we examine the various advantages of health insurance.
Benefits of Health Insurance
Insurance companies provide financial assurance with their medical insurance policies. The following are the benefits of health insurance in India.
Extensive coverage
Medical emergencies can occur in any form. They give rise to a range of expenses. Health insurance comprehensively covers the costs. You get broad coverage for day-care procedures, ambulance charges, hospitalisation expenses, etc. You can also purchase critical illness plans that offer lump sum coverage for long-term treatment. However, you must ride out the waiting period before filing claims.
Cashless hospitalisation
Medical conditions are both financially and emotionally draining. Going through a lengthy documentation process or paying bills is the last thing you want to do in such circumstances. Fortunately, this process becomes smooth with the cashless facility, which is one of the most critical advantages of health insurance. You can leverage this benefit by seeking treatment at one of the hospitals within the insurer’s network.
Reimbursement facilities
If your preferred hospital is not included in the insurance provider’s network, you can seek treatment elsewhere and file a reimbursement claim. All you need to do is inform the insurer about your intention to file the claim. Once you are discharged from the hospital, you must submit all original bills, along with copies of diagnoses, treatment suggestions, etc. The insurer evaluates the documents and typically reimburses you within 21 days.
Customisation benefits
Another excellent benefit of health insurance is that you can customise your policy to suit your needs. Insurers let you choose what you should include in your policy based on your requirements. They also allow you to add riders to your existing policy to ensure comprehensive coverage. However, additional riders generally result in higher premium costs. You must perform a cost-to-benefit analysis to get maximum coverage for the right amount.
Tax concession
You must pay annual premiums to enjoy the benefits of health insurance. If you have significant coverage needs, it may increase your insurance costs. However, you can get relief through tax exemptions the government offers on health insurance investments. Under Section 80D, you can avail of annual deductions of ₹25,000 to ₹100,000 based on the premium payers’ and insured parties’ age.
Final note: You should invest in health care plans when you are young to leverage the maximum advantages of health insurance at low costs. If you seek convenient insurance at an affordable price, check out Vi’s hospicare insurance packs. Vi has tied up with Aditya Birla Health insurance to offer a ₹1000/day insurance benefit for a monthly recharge of just ₹51. The policy remains active until your Vi Hospicare pack is valid.
Enjoy paperless insurance with Vi hospicare insurance packs. Recharge your Vi plan today.
